CAIRO – 02 July 2024: Prime Minister, Mostafa Madbouly, announced that Egypt is collaborating with Talaat Mostafa Holding Group (TMG) to establish the SouthMed project on the North Coast. This ambitious endeavor involves investments totaling EGP 1 trillion.
The project aligns with Egypt’s comprehensive plan to develop the North Coast with the aim of attracting double the number of tourists, as stated by Madbouly.
Spanning an impressive area of 23 million square meters, the SouthMed project strategically positions itself as a sought-after global destination within the southern Mediterranean region.
This substantial development is to enhance Egyptian tourism and is projected to make a direct and indirect economic contribution of approximately EGP 2.4 trillion.
Furthermore, in February, Egypt and the UAE inked a major real estate investment agreement, wherein the Abu Dhabi Developmental Holding Company (ADQ) secured the rights to develop the Ras El Hekma project.
This deal stands as Egypt’s largest foreign investment, boasting a value of $35 billion.
These initiatives serve Egypt’s overarching objective of doubling its current number of tourists by 2030, as emphasized by Madbouly.
In addition, these projects will facilitate the creation of numerous hotels and hotel rooms, surpassing the 2,000 mark.
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