Riyadh – Mubasher: Saudi Arabia’s Public Investment Fund (PIF) and Talaat Moustafa Group Saudi for Real Estate Development (TMG), the Saudi branch of leading Egyptian real estate developer TMG, have entered into a Memorandum of Understanding (MoU) covering giga-projects owned by the sovereign wealth fund.

The MoU agreement aims to explore opportunities, cooperate and collaborate in mixed-use real estate projects at developments owned by PIF and its projects across Saudi Arabia, according to a press release.

The partnership will create a collaborative framework that opens avenues for participation from additional investors to join future phases of projects.

It will further foster knowledge transfers and expand private sector roles as investors, partners and suppliers.

Meanwhile, the non-binding MoU is subject to the satisfaction of certain conditions precedent and obtaining all necessary regulatory and internal approvals.

TMG brings extensive regional experience in delivering large scale integrated residential, commercial and hospitality projects across the MENA region while enhancing the technical and managerial capacity of this collaboration.

The two parties will work on opening opportunities across the residential, commercial, hospitality, and retail sectors, as well as integrated urban environments.

This will be carried out by leveraging the extensive investment capabilities of PIF alongside TMG’s track record in delivering integrated mixed used developments.

With PIF working on building regional and international partnerships, attracting investments to maximize returns, and unlocking the capabilities of priority industries, this agreement is part of the fund’s broader strategic goals to diversify Saudi Arabia’s economy.

Within the urban development and livability ecosystem, PIF is investing in real estate projects in partnership with the private sector to maximize long-term value realization and advance urban innovation.

Meanwhile, the PIF’s urban development ecosystem, one of six new ecosystems, includes housing, retail, office and community spaces and essential services. The Saudi sovereign wealth fund leads the development of transformative giga-projects and landmark real estate initiatives across the Kingdom.

PIF is contributing to the achievement of several national goals by 2030, including increasing housing ownership by Saudi citizens to 70%. Under its 2026-2030 Strategy, it is also delivering competitive ecosystems, unlocking the full potential of its assets, maximizing long-term returns and driving operational excellence.

On the other hand, TMG is a real estate and tourism conglomerate, and one of the region’s leading fully integrated businesses that has been successful for nearly 55 years during which it developed fully integrated cities and communities and created world-class hotels and resorts across Egypt.