Egypt has partnered with Talaat Moustafa Group (TMG) to launch a USD 21 billion (EGP 339 billion) project, SouthMED City, on the North Coast, according to a cabinet statement on Tuesday.
SouthMED City is set to be a global tourist destination fully equipped with an international marina, a golf course, and other luxurious facilities.
The new project was announced during a press conference held at the Egyptian Cabinet Headquarters in the New Administrative Capital.
During the press conference, Prime Minister Mostafa Madbouly highlighted major projects on the North Coast such as New Alamein City, Ras El Hekma, and SouthMED.
These projects are part of Egypt’s Vision 2030 to double the number of tourists, according to Madbouly.
“We aim to make the North Coast a focal point for various state agencies to expand the tourism sector,” said Madbouly.
Hisham Talaat Mostafa, the CEO of TMG, said that the SouthMed project would boost employment opportunities in Egypt.
“This SouthMED project aims to achieve 1.6 trillion pounds in sales and 1.6 million direct job opportunities,” said Mostafa at the press conference.
Mostafa also highlighted that the immediate benefits of the SouthMed project will attract a massive amount of foreign direct investment, as an international tourist attraction benefiting Egypt’s economy.
TMG initiated pre-launch sales to the public yesterday and within 24 hours of its public offering SouthMED project achieved EGP 60 billion in sales, as per a statement by the firm.
SouthMED will be the second mega project on the North Coast. Earlier this year, the Egyptian government announced Ras El Hekma, a mega project on the North Coast, which could bring in USD 35 billion (EGP 1 trillion) in FDI.
This comes as Egypt faces significant inflation and the Central Bank of Egypt has been increasing interest rates to combat inflation and, in conjunction with the IMF deal and currency devaluation, these efforts have contributed to the recent easing of inflationary pressures.
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