The Egyptian government has announced a partnership with Talaat Mostafa Group (TMG), one of the largest real estate developers in the country, to develop a new $21 million mega project, SouthMED City, on the northern coast. The project was unveiled at a press conference held at the Egyptian government headquarters in the New Administrative Capital, attended by Prime Minister Mostafa Madbouly.
SouthMED City will boast a marina, golf course, ponds and other luxury facilities and services. During the conference, Prime Minister Mostafa Madbouly highlighted the impressive projects underway on the northern coast, such as New Alamein City, Ras El-Hekma and now SouthMED, aimed at increasing tourism and expanding the economic potential of this sector in line with the national strategic plan.
Madbouly expressed his confidence that these projects would double Egypt’s number of tourists by 2030. “We want to make the northern coast increasingly attractive and capable of contributing to our country’s economic growth,” he said. For his part, Hisham Talaat Moustafa, CEO of TMG, said that SouthMED City is expected to generate the highest revenue ever recorded for a tourism real estate project in Egypt, amounting to 32 billion dollars.
The project is expected to create 1.6 million direct and indirect jobs in construction and related sectors and increase GDP significantly. Additionally, it will attract a massive amount of foreign direct investment as an international tourist attraction and inject much-needed foreign currency into Egypt’s economy.
In conclusion, SouthMED City is a significant step towards achieving Egypt’s national strategic plan for tourism expansion on its northern coast. With its luxurious amenities and potential for revenue generation through foreign direct investment, this project represents an exciting opportunity for both Egypt’s economy and its citizens alike.
