TMG Unveils SouthMED: A $21B Mega-Resort In North Coast

June 28, 2024


Talaat Moustafa Group (TMG) Holding has unveiled its latest project, SouthMED, a colossal $21 billion (EGP 1 trillion) tourism destination on Egypt’s North Coast, in collaboration with the Egyptian government.

The announcement and signing of the project-related agreement occurred at a press conference held in the Egyptian Cabinet Headquarters in the New Administrative Capital on June 28.

Spanning over 23 million square meters, SouthMED aims to emerge as a global attraction, competing with established resorts in the region.

Strategically located near Alexandria at Kilo 165 on the Alexandria-Matrouh Road, SouthMED offers convenient accessibility. The site is within a two-to-five-hour flight radius from major European and Gulf countries. Al Alamein Airport, just a 15-minute drive away, ensures seamless travel for residents and tourists.

This marks the second development deal since February, following the Ras El-Hekma agreement with Emirati ADQ, aimed at enhancing the North Coast. TMG Holding CEO Hisham Talaat Mostafa and former Minister of Housing and Urban Utilities Assem El-Gazzar signed the agreement, witnessed by Egyptian Prime Minister Mostafa Madbouly.

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During the press conference, Madbouly highlighted Egypt’s North Coast as a prime destination for foreign direct investment, aligning with Egypt’s Vision 2030. He emphasized the government’s commitment to seizing opportunities in the area, targeting a significant increase in tourist numbers by 2030.

“We expect this project, along with the Ras El-Hekma project and the massive projects being implemented in the New Alamein City, to attract millions of tourists from all over the world. This will also create direct and indirect job opportunities for Egyptian youth as these promising projects are implemented,” stated Madbouly.

He also highlighted that these developments would encourage Egyptian youth to settle permanently in the area, especially with ongoing housing projects by the state in New Alamein City and other cities offering housing opportunities and diverse services.

The SouthMED project is anticipated to provide a variety of residential options, world-class amenities, and entertainment, further establishing Egypt’s North Coast as a prominent global tourism destination.

“TMG’s SouthMED project is set to enhance Egypt’s North Coast’s position on the global tourism map, offering luxury, diverse experiences, and convenient access for international travelers,” TMG’s Hisham Talaat Mostafa said during the press conference.

Mostafa highlighted that the Egyptian government has initiated a comprehensive re-planning of the North West Coast, emphasizing its unique advantages compared to other Mediterranean destinations: a temperate climate year-round, pristine beaches and seas, and pleasant weather even in summer.

He added that the government’s strategic approach focuses on developing major tourism, entertainment, and service hubs to fully utilize these resources.

“This includes attracting global investments to develop areas like the Ras El Hekma project and today’s announcement of SouthMED. The latter aims to rival the finest destinations in the North Mediterranean, such as the French Riviera, Italy, Spain, and Greece,” said Mostafa.

He also detailed that SouthMED will include a large international marina for yachts and tourist ships in the Mediterranean, positioning Egypt as a highly promising and attractive tourist destination in the region.