TMG, ROSHN Team Up to Explore 55,000-Home Riyadh Development

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Talaat Moustafa Group (TMG) is taking a bolder step into Saudi Arabia’s dynamic real-estate market, with its Saudi subsidiary partnering with ROSHN Group to explore a major mixed-use development in Riyadh.

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A 55,000-Home Vision

The proposed partnership will give TMG Saudi a 51% stake in the joint company, with ROSHN holding the remaining 49%, according to TMG Holding’s disclosure to the Egyptian Exchange.

Envisioned as more than a residential destination, the proposed Riyadh development is anticipated to feature more than 55,000 homes, complemented by retail and commercial spaces, hospitality and entertainment offerings, healthcare and education facilities, parks and public spaces.

While the project remains under evaluation, the preliminary agreement marks an initial step toward creating a joint company that will explore its development.

What Is Driving Saudi Arabia’s Housing Push?

Notably, the latest agreement follows a wider framework established in June, when TMG Saudi and PIF joined forces to explore opportunities across residential, commercial, hospitality and retail development.

In this sense, the partnership falls under PIF’s urban development and livability ecosystem, which forms part of its 2026-2030 strategy and seeks to support greater private-sector participation across housing, retail, offices and community services. It further accelerates Saudi Arabia’s goal of reaching 70% homeownership among citizens by 2030.

A More Concrete Partnership

According to Daniel Al Banna, financial market analyst and wealth management specialist at Hewar Group, the latest agreement stands out as a more concrete stage in the partnership between the two sides.

“The June MoU established the broader framework for cooperation, while the latest agreement moves toward a more concrete structure with a defined joint venture and project,” he said.

For TMG, the structure could offer an exclusive opportunity to expand its integrated-community model in Riyadh.

Meanwhile, ROSHN brings an established real-estate portfolio and the backing of PIF, creating a promising partnership that seamlessly blends TMG’s development expertise with Saudi Arabia’s wider urban-development ecosystem.

What Could the Project Mean for TMG?

More broadly, the latest agreement gives the partnership a more concrete direction, shifting it from a broad framework toward a specific development with a defined ownership structure, Aseel Al-Aranki, head of financial market analysis at CG Invest, told Arab News.

The agreement adds momentum to TMG’s Saudi expansion, but significant details remain to be determined, including the project’s value, how it will be financed and when development could begin, Al-Aranki said.

TMG also expects the proposed development to foster its foreign-currency position, while further establishing its presence in Saudi Arabia as part of its broader regional expansion strategy.

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