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Talaat Moustafa Group Saudi for Real Estate Development signed a memorandum of understanding with the Public Investment Fund to explore opportunities for mixed-use real estate projects across Saudi Arabia, the company said in a statement. The agreement combines TMG’s more than 50 years of experience delivering integrated communities with PIF’s investment resources and project ecosystem. It targets prospects in residential, commercial, hospitality and retail sectors together with larger urban developments. The partnership also seeks to accelerate delivery timelines and generate lasting value in PIF-supported schemes.
According to the announcement, the memorandum will support enhanced quality of life and sustainable urban growth in line with national priorities. Saudi Vision 2030’s real estate sector strategy sets a target GDP contribution of 316.16 billion riyals by 2030. The same strategy projects the addition of 456,000 job opportunities by the end of the decade and aims for 85 percent land and property registration by 2029.
TMG noted that initial discussions focus on potential projects in Riyadh, Jeddah, Madinah and Makkah. The developer already advances its Banan project in northeast Riyadh, a 10-million-square-meter development that will contain more than 27,000 residential units for over 120,000 residents. Banan incorporates healthcare, educational and commercial facilities inside a gated community that features smart technologies and sustainable planning, according to the company’s website.
Mordor Intelligence data places the Saudi real estate market at 79.09 billion dollars in 2026 with a projected compound annual growth rate of 7.58 percent through 2031. PIF initiatives have delivered more than 4,500 residential units toward a goal of 190,000 by 2030, a sector report indicated. These programs form part of wider giga-projects that advance the kingdom’s economic diversification under Vision 2030.
The company recently concluded an agreement with Sela, a PIF subsidiary, to create a platform for developing and managing live entertainment and event experiences in Egypt, TMG Holding reported. During 2025 the group recorded contracted sales of roughly 1.56 trillion Egyptian pounds to lead domestic developers. Such results underscore the scale of operations that the new Saudi partnership intends to replicate in mixed-use formats.
PIF’s local real estate investment division works to convert national strategies into communities that foster everyday growth and opportunity, according to the fund’s public communications. The memorandum extends TMG’s regional role while reinforcing standards for sustainability and urban integration. Both parties expect the collaboration to contribute measurable progress toward the kingdom’s long-term development targets.
