TMG’s Arab Company for Projects upgraded to AA- on record sales

The local credit rating of the Arab Company for Projects and Urban Development, a wholly-owned subsidiary of Talaat Moustafa Group Holding (TMG), has been upgraded to AA- from A+, with a stable outlook, TMG announced on Tuesday.

 

The upgrade, issued by the Middle East Rating & Investors Service (MERIS), reflects recent positive developments in the group’s activities, primarily its record sales, unique real estate offerings, and the success of its “SouthMed” project on the North Coast, which has strengthened the group’s financial position with foreign currency inflows, TMG said.

 

The new rating is an affirmation of the group’s strong financial position and its successful investment strategy, which has enhanced the confidence of customers and investors and solidified its position as the largest real estate developer in the Egyptian market, the company added.

 

TMG’s board recently approved its results for the first half of 2025, which showed unprecedented record performance. Real estate sales jumped to EGP 211bn, a 59% increase from the previous year, driven by strong demand for its projects, led by SouthMed, which alone achieved sales of EGP 106bn during the first half.

 

Total revenues rose to EGP 24.39bn from EGP 17.02bn in the same period of 2024, while net profit increased by 69% to EGP 8.1bn from EGP 4.8bn. The backlog of actual but undelivered sales reached EGP 363.7bn by the end of June 2025, which TMG said provides strong and high-quality future revenue streams.