The Egyptian government has announced a new $21 million mega project called SouthMED City, which will be developed in collaboration with Talaat Mostafa Group (TMG), one of Egypt’s largest real estate developers. The project will feature a marina, golf course, ponds, and other luxury amenities and is set to boost tourism and expand the economic potential of the sector.
Prime Minister Mostafa Madbouly emphasized the importance of developments 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 attract more tourists to Egypt and increase its economic growth potential. Madbouly expressed confidence that these developments will lead to a doubling of the number of tourists in Egypt by 2030.
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 the Egyptian economy.
