The Egyptian government has partnered with Talaat Mostafa Group (TMG), one of Egypt’s largest real estate developers, to develop a new $21 million mega project, SouthMED City, on the northern coast. The project was announced at a press conference held at the Egyptian government headquarters in the New Administrative Capital, attended by Prime Minister Mostafa Madbouly.
SouthMED City will have 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 also said he was confident that these projects will double the number of tourists in the country by 2030. “We want the northern coast to become increasingly attractive and capable of contributing to the growth of the tourism sector by creating a large number of hotel rooms in the region.” For his part, Hisham Talaat Moustafa, CEO of TMG, said that the project is expected to generate the highest revenue ever recorded for a tourism real estate project in Egypt, amounting to 32 billion dollars.
“SouthMED City will create 1.6 million direct and indirect jobs in the construction and related sectors and is expected to increase GDP,” Talaat Mostafa added. “The revenue from sovereign taxes on the project in the state budget will increase by $56 million.” He added that SouthMED will attract a huge amount of foreign direct investment as an international tourist attraction, injecting much-needed foreign currency into the economy.