(MENAFN) Hisham Talaat Moustafa, CEO of Talaat Moustafa Group, revealed plans for a substantial USD21 billion investment in the South Med project located on Egypt's North Coast. Spanning over 23 million square meters along the Mediterranean coast west of Alexandria, the project aims to become a transformative development generating an estimated USD35 billion in sales, as highlighted during a recent press conference.

Since its inception, South Med has already achieved notable sales figures, totaling approximately 60 billion Egyptian pounds (USD1.25 billion) within its initial days of promotion. Described as a comprehensive global initiative, South Med will feature a diverse array of amenities including an expansive international marina catering to yachts and cruise ships, luxurious villas, upscale dining venues, shopping complexes, entertainment centers, golf courses, and numerous other services, as detailed on the group's official website.

The announcement underscores Egypt's recent surge in investment and financial inflows, which have significantly alleviated the impact of foreign currency shortages that have historically strained the economy. Notably, one of the largest investments came from ADQ Holding of the UAE, which committed USD24 billion to acquire development rights for the Ras El Hekma project, also situated along the North Coast.

In parallel efforts, Egypt has expanded its collaboration with the International Monetary Fund (IMF), increasing its program to USD8 billion, while securing substantial financial commitments from the European Union and the World Bank. These developments signify a robust effort by Egypt to attract investments, stimulate economic growth, and enhance infrastructure development across key regions like the North Coast, bolstering its position as a pivotal hub for regional and international investments. 

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