Moustafa has been with TMG Holding for more than 40 years. In 2023, the group’s hospitality revenues reached $115 million, at an occupancy rate of 60%. In January 2024, ADQ and the ADNEC Group signed a definitive agreement to acquire 40.5% of TMG Holding’s hospitality arm, the ICON Group, through capital increase. In February 2024, the ICON Group completed the acquisition of a 51% stake with management rights in seven hotels in Egypt, bringing their total hotels to 15 properties with 5,000 rooms. In the same month, the group reached an agreement with ADQ and Modon Properties to collaborate on the development of the Ras Al Hekma area on the North Coast in Egypt.