Egypt Unveils $21Bn South Med Project In North Coast In Partnership With TMG
(MENAFN- Daily News Egypt) Egypt announced a new tourism project,“South Med,” located on the Northwestern North Coast with an EGP 1trn ($21bn) investment.
The project, undertaken as a partnership between the government and the private sector's Talaat Moustafa Holding Group (TMG) is expected to generate EGP 1.6trn in sales and create 1.6 million direct jobs.
The announcement was made by Egypt's Prime Minister Mostafa Madbouly during a press conference on Tuesday at the New Administrative Capital. Assem El-Gazzar, Minister of Housing, Utilities, and Urban Communities, and Hisham Talaat Moustafa, CEO of TMG, the private sector partner in the project, were also present.
Prime Minister Madbouly emphasized the government's commitment to developing the North Coast as a key tourist destination under Egypt's Vision 2030 and the National Strategic Plan.“South Med” is expected to contribute to this goal by providing over 2,000 hotel rooms and numerous residential units with a rental program linked to the hotel system. These additions aim to double tourist arrivals by 2030.
Developed by Talaat Moustafa Group,“South Med” spans across 23 million square meters and features a large international marina for yachts and tourist ships. Hisham Talaat Moustafa highlighted the project's significance as a public-private partnership, aligning with the government's strategy to encourage private sector participation in economic development.
TMG CEO said that the project is expected to attract millions of foreign tourists, particularly high-spending segments from Europe, the UK, and Arab countries.
“South Med” boasts a strategic location between kilo 165 and kilo 170 west of Alexandria, with easy access from Alamein Airport, just a 15-minute drive away. The project is designed with global appeal, featuring“Rental Programs” managed by international hotel management companies to ensure year-round occupancy.
The press conference concluded with Hisham Talaat Moustafa announcing the launch of reservations, which achieved unprecedented sales of EGP 60bn within the first 12 hours, a record for Egypt and the Arab region.
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