The Egyptian government has partnered with Talaat Mostafa Group (TMG), one of Egypt’s largest real estate developers, to collaborate on a new $21 million mega project called SouthMED City on the northern coast of Egypt. The announcement of the project took place at a press conference held at the Egyptian government headquarters in the New Administrative Capital, with Prime Minister Mostafa Madbouly in attendance.
SouthMED City is set to feature a marina, golf course, ponds, and other luxury amenities. Prime Minister Madbouly emphasized the significance of projects being developed along the northern coast, such as New Alamein City, Ras El-Hekma, and now SouthMED City. These projects are part of a larger plan to boost tourism and expand the economic potential of the sector, aligning with the national strategic vision.
Madbouly expressed confidence that these developments will lead to a doubling of the number of tourists in Egypt by 2030. His vision is for the northern coast to become increasingly attractive and contribute significantly to tourism growth by creating a higher number of hotel rooms in the region. Hisham Talaat Moustafa, CEO of TMG, predicted that SouthMED City will bring in record revenues of $32 billion, making it the most profitable tourism real estate project in Egypt.
The project is expected to create 1.6 million direct and indirect jobs in the construction and related industries, ultimately contributing to an increase in GDP. Talaat Mostafa also mentioned that the influx of foreign direct investment associated with SouthMED City will position it as an international tourist destination, bringing valuable foreign currency into