In an effort to boost tourism and expand economic potential, 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.
During the conference, Madbouly highlighted several impressive projects underway on the northern coast, such as New Alamein City and Ras El-Hekma. These projects are aimed at increasing tourism and expanding economic potential in line with the national strategic plan.
Madbouly also expressed his confidence that these projects will double the number of tourists in Egypt 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,” he said. For his part, Hisham Talaat Moustafa, CEO of TMG, emphasized that SouthMED City will generate significant revenue for Egypt’s tourism industry. He expects it to be a record-breaking project that will generate $32 billion in revenue and create 1.6 million jobs both directly and indirectly in construction and related sectors.
The project is expected to increase GDP as well as attract foreign direct investment due to its international appeal as an international tourist attraction. With its marina, golf course ponds and other luxury facilities and services, SouthMED City will undoubtedly be a significant addition to Egypt’s northern coastline.
