In a major announcement, 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 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 feature a marina, golf course, ponds and other luxury facilities and services. During the conference, Prime Minister Madbouly highlighted the impressive projects underway on the northern coast, such as New Alamein City and Ras El-Hekma. These initiatives are aimed at increasing tourism and expanding economic potential in this sector in line with the national strategic plan.
Madbouly also expressed confidence that these projects will double Egypt’s number of tourists by 2030. “We want to make the northern coast an increasingly attractive destination for tourists,” he said. “By creating a large number of hotel rooms in the region, we aim to contribute significantly to the growth of the tourism sector.” For his part, Hisham Talaat Moustafa, CEO of TMG, stated that SouthMED City is expected to generate unprecedented revenue for a tourism real estate project in Egypt, reaching $32 billion dollars.
According to Talaat Mostafa, SouthMED City will create 1.6 million direct and indirect jobs in construction and related sectors while also boosting GDP. The state budget will receive an additional $56 million from taxes on revenue generated from this project alone. Furthermore, SouthMED is poised to attract significant foreign direct investment as an international tourist attraction and contribute much-needed foreign currency into Egypt’s economy.
In conclusion, SouthMED City represents another major step forward for Egypt’s tourism industry and its ongoing development efforts along its northern coastline. With its luxurious amenities and impressive economic benefits
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