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The Public Investment Fund announced the signing of a memorandum of understanding with Talaat Moustafa Group Saudi for Real Estate Development on June 7, 2026. The agreement focuses on cooperating to establish mixed-use real estate projects at PIF developments and associated schemes throughout the Kingdom. The partnership draws on TMG’s more than 50 years of experience in integrated communities and the fund’s investment expertise.
According to the announcement, the collaboration will unlock opportunities in residential, commercial, hospitality and retail sectors in addition to integrated urban developments. It will accelerate project execution timelines and support value creation for PIF-backed schemes. The projects will enhance quality of life while promoting sustainable urban growth consistent with Saudi Vision 2030 goals.
TMG Holding noted that discussions are currently underway with PIF regarding potential projects in Riyadh, Jeddah, Madinah and Makkah. The Egyptian developer recently signed an agreement with Sela, a PIF subsidiary, to launch a platform for developing and managing live entertainment and event experiences in Egypt. These ties build on an existing arrangement between TMG Saudi and the National Housing Company to jointly develop more than 27,000 residential units.
TMG topped the list of best-selling developers in 2025 with contracted sales of around EGP 1.56 trillion, the group reported. The company has established a strong track record in delivering large-scale, mixed-use communities in Egypt that combine multiple asset classes. This background positions the firm to contribute effectively to PIF’s real estate portfolio in Saudi Arabia.
Construction Week reported that the MoU builds on TMG’s existing $8.4 billion Banan City development in the Kingdom. PIF continues to direct substantial resources toward real estate as part of its mandate to support economic diversification and Vision 2030 targets, according to official PIF documentation. The fund’s giga-projects have created a pipeline for such mixed-use initiatives.
The Public Investment Fund has emphasised that the memorandum will help maximise long-term value realisation across its developments. TMG Saudi operates as a unit of Talaat Moustafa Group Holding, which maintains a focus on master-planned urban environments. Further cooperation between the entities is anticipated following the initial framework agreement.
