(MENAFN- Daily News Egypt)
Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa Group Holding (TMG Holding), has been named to Forbes Middle East magazine's Top 100 Travel & Tourism Leaders in the Middle East for 2024. Moustafa, ranking 15th on the list, is the top Egyptian executive recognized.
Forbes highlights Moustafa's four decades leading TMG Holding, particularly his role in growing the group's hospitality sector. The sector achieved a revenue increase of 102% in 2023, reaching $115n.
Among his achievements, Moustafa spearheaded a January 2024 deal with ADQ and ADNOC Group to acquire a 40.5% stake in TMG's hospitality arm, Icon Group. In February 2024, Icon Group expanded, acquiring a 51% stake in seven hotels across Egypt. This raised TMG Holding's portfolio to 15 hotels with a total of 5,000 rooms. That same month, the group partnered with ADQ and Madinet Real Estate Company for a joint development venture in Egypt's Ras El Hekma.
The 2024 Forbes Middle East list features leaders from nine countries. The United Arab Emirates leads with 54 entries, followed by Saudi Arabia (19) and Egypt (9). The hospitality sector is the most represented with 50 entries.
Forbes cited the ADQ and ADNOC Group acquiring their stake in Icon Group as one of the sector's most significant recent deals. The magazine's ranking used a methodology including company size, assets, investments, experience, leadership positions, and achievements.
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