Egypt’s Talaat Moustafa Group (TMG), a leading real estate developer, unveiled plans for a massive $21 billion tourism project named SouthMED on the country’s Mediterranean coast.
The sprawling development, encompassing 23 million square meters west of Alexandria, will feature luxury villas, a marina, shops, restaurants, and golf courses, according to the TMG website.
This “fully integrated” resort destination aims to become a global tourism hub, attracting international investment and boosting the Egyptian economy.
Initial sales for SouthMED properties exceeded expectations, reaching a staggering 60 billion Egyptian pounds ($1.25 billion) within just 12 hours of pre-launch.
The project has been heavily promoted in Egypt, capitalizing on the recent influx of foreign currency that bolstered the nation’s finances.
This economic windfall also facilitated a separate $24 billion deal with Abu Dhabi’s ADQ sovereign fund to develop a new city at Ras El Hekma, further north along the coast. TMG will reportedly be involved in that project as well.
Prime Minister Mostafa Madbouly expressed confidence in SouthMED, highlighting the importance of both local and foreign investment for Egypt’s future.
He emphasized the project’s potential to generate millions of tourist visits and create significant job opportunities, attracting young Egyptians to settle on the north coast.
Traditionally a haven for affluent Egyptians during peak summer months, Egypt’s north coast with its pristine white beaches is undergoing a transformation. The government envisions it as a major international tourist destination.
El Alamein, a new city with modern architecture, has already been established roughly 100 kilometers west of Alexandria.
SouthMED, situated near the Dabaa nuclear power plant and El Alamein airport, is poised to become another key player in this ambitious development strategy.
While details regarding the specific funding sources for SouthMED remain undisclosed, TMG emphasizes its commitment to local investment. The project’s success will be closely watched as Egypt strives to solidify its north coast as a premier global tourism attraction.
