Egypt’s biggest property developer joins Saudi Arabia’s entertainment boom in new tourism push

Egyptian billionaire Hisham Talaat Moustafa has partnered with Saudi Arabia’s entertainment firm Sela to launch a large-scale entertainment and live events platform in Egypt, the companies announced on May 21. The venture will cover concerts, festivals, sports events, theatre productions and tourism-driven experiences, with Sela leading development and operations while Talaat Moustafa Group (TMG) supplies infrastructure across its residential communities, hotels and tourism assets. A flagship initiative called “The Corridor” is described as a cross‑border platform connecting Saudi Arabia and Egypt with a curated calendar of cultural and live entertainment events.

“Our collaboration with Sela will drive a qualitative shift across entertainment, culture, arts, and sports in Egypt,” Moustafa said.

Deal mechanics and strategic aims

Under the agreement Sela will manage venue operations, concerts, festivals, comedy and theatre shows, and large public entertainment projects. TMG will provide the physical backbone through its integrated cities and hospitality portfolio. The partnership was announced in the presence of Turki Alalshikh, a central figure in Saudi Arabia’s entertainment expansion under Vision 2030.

• Flagship project: “The Corridor,” intended to connect Saudi and Egyptian live entertainment calendars.
• Sela’s role: development and operation of live experiences and venue management.
• TMG’s role: supply venues, hotels and residential communities as infrastructure for events.

Background on the partners

TMG has built major integrated cities including Madinaty, Al Rehab and Noor City, and is developing the SouthMED coastal project on Egypt’s North West Coast. The company controls 16 hotels under global luxury brands such as Four Seasons, Marriott, Kempinski and Mandarin Oriental, together holding nearly 5,000 rooms and suites and drawing roughly 1.5 million visitors a year.

Sela has become one of Saudi Arabia’s largest entertainment operators, developing destinations such as Boulevard City, Boulevard World, Via Riyadh and the Jeddah Superdome, and expanding into international markets including London and Las Vegas. The Egypt expansion marks another step in Saudi firms exporting a Saudi-style entertainment model across the region.

Financial context and company performance

TMG has moved to diversify revenue beyond property sales into recurring entertainment and tourism income. The group recorded contractual sales of $8 billion in 2025 and saw net profit jump 43% to $381 million that year. In the first quarter of 2026, profit rose 24% year-on-year to EGP 5.5 billion (about $110 million), supported by demand across property and hospitality businesses. Forbes Middle East ranked TMG as Egypt’s top listed real estate developer for 2026 by market capitalisation. Moustafa holds a 43.16% stake in TMG Holding and has an estimated net worth of about $1.4 billion.

Outlook

The partnership signals a strategic pivot for TMG from pure property development toward lifestyle, tourism and consumer experiences, mirroring a broader shift among major Middle Eastern developers. For Egypt, the deal arrives as authorities seek tourism revenue and foreign investment amid inflationary and currency pressures. For Saudi Arabia, Sela’s expansion underscores ongoing efforts to build economic and cultural influence across the Middle East through sports, music and live events.