In a comprehensive report, EFG Hermes stated that TMG remains its top pick in the Egyptian market, supported by strong performance across all sectors in the first half of 2025, a trend it expects to continue, especially with anticipated strong sales in its North Coast project (SouthMed) during the third quarter.
The report noted that the stock’s performance since the beginning of the year has not yet reflected the group’s strong operational performance or recent positive news about its expansion plans in Egypt and abroad, including entering the markets of Iraq and Oman.
EFG Hermes identified the launch of a project in Oman and increased sales in the Banan project in Saudi Arabia—particularly after a foreign ownership law comes into effect in January 2026—as key positive catalysts for the stock in the coming months. Any announcement of potential participation in the Ras El Hekma project would add further positive momentum, the report said.
The investment bank estimated TMG’s total development sales portfolio at about EGP 3.9 trillion ($78 billion), to be sold over a 14-year period until 2038.