Cairo – Mubasher: Talaat Moustafa Group Holding Company (TMG Holding), in partnership with the Egyptian government, has launched SouthMed, its first project on Egypt’s North Coast, with total investments of EGP 1 trillion ($21 billion) over an area of 23 million square kilometres.
SouthMed is expected to achieve total sales of EGP 1.60 trillion and contribute EGP 2.40 trillion to Egypt’s economy, according to a press release.
It is also anticipated to create 1.60 million jobs and generate EGP 283 billion in new tax revenues.
The project has already generated more than EGP 60 billion ($1.25 billion) in initial reservations within just 12 hours.
Located on the Alexandria-Matrouh Road, near El-Alamain International Airport, it boasts an eight-kilometre shoreline.
SouthMed is planned as a mixed-use leisure and entertainment destination with more than 60,000 residential units of various types.
The project will also feature a group of hotels offering around 2,000 luxury rooms, a luxury marina, an 18-hole golf course, malls, restaurants, and entertainment and arts centres.
In February 2024, TMG Holding partnered with Abu Dhabi-based investment and holding firm ADQ and Modon Properties to collaborate on the development of the $24 billion Ras El-Hekma project.
It is worth noting that TMG Holding posted a consolidated net profit of EGP 4.13 billion in the first quarter (Q1) of 2024, a surge from EGP 700.13 million in the same quarter a year earlier.
