TMG Holding, the Cairo-based real estate company led by Egyptian billionaire Hisham Talaat Moustafa, has teamed up with Chinese tech giant Huawei to develop Egypt’s first AI-powered cloud services. This collaboration intends to improve the country’s digital infrastructure, beginning with the Noor City project, which is a crucial smart city endeavor.
TMG and Huawei intend to alter Egypt’s urban landscape by leveraging their existing partnership in smart cities and sustainable solutions. The agreement will help TMG’s creative plans by leveraging Huawei’s experience in cloud computing and artificial intelligence, marking a significant step forward for Egypt’s real estate sector in merging digital technology with long-term urban growth.
TMG has inked an agreement with Huawei in Shenzhen, China, to use the company’s innovative cloud technology for the Noor City smart city project. This collaboration seeks to build AI-powered data centers that would enable real-time data analytics, seamless connectivity, and scalability, thereby establishing a new standard for Egypt’s digital transformation. TMG will also unveil “NOOR Cloud,” which will provide personalized cloud services to modern urban neighborhoods.
“We are excited to partner with Huawei,” said Mohamed Hisham Talaat Moustafa, TMG’s chief recurring income officer. “Our cloud solutions will accelerate digital transformation, promote economic growth, and enhance customer service. Together, we are opening up new possibilities.” Mohamed Salah, TMG’s VP of Intelligent Cities, stated that the collaboration will change urban living through sustainable solutions.
Huawei executives see the accord as a game changer. Hank Chen, vice president of Huawei’s Government Public Services Digitalization Business, commented, “Cloud technology offers unprecedented prospects for cities in the digital age. Noor City’s full potential can be realized thanks to this alliance.” According to Felix Xu, CEO of Huawei Egypt Enterprise Business Group, “Our collaboration with TMG will enhance Egypt’s urban spaces, creating sustainable and connected environments through our cloud services and AI models.”
TMG Holding, founded in 1974, has established itself as a dominant player in Egypt’s real estate market. The corporation has grown at an exponential rate under Hisham Talaat Moustafa’s leadership, who owns 43.16 percent of the company.
The group’s financial results have been remarkable, exhibiting a 59-percent year-on-year revenue growth in the first half of 2024. Revenues rose from EGP10.7 billion ($219 million) in 2023 to EGP17.02 billion ($347.8 million). In Q1 2024, property sales climbed by 206 percent to EGP61.8 billion ($1.3 billion), driven by the consolidation of Legacy Hospitality.
TMG has invested EGP1 trillion ($21 billion) in its first project, SouthMed, located on Egypt’s north coast. The 23 million square kilometer project is estimated to produce 1.6 million jobs and earn EGP283 billion ($5.9 billion) in new tax revenues, establishing TMG as a main driver of Egypt’s economic and urban transformation.