Cairo - Mubasher: Talaat Moustafa Group Holding Company (TMG Holding) has signed a construction contract worth EGP 10 billion (around $200 million) with Concrete Plus for Engineering and Construction.
The agreement aims to fast-track Phase 1 construction at SouthMED on Egypt’s Northwestern Coast, according to a press release.
Meanwhile, the deal covers the construction of 179 fully finished residential buildings, including luxury chalets with lagoon views. This also includes the infrastructure works for Zone C01, part of Phase 1, which comprises nearly 400 buildings in total.
The partnership will leverage advanced urban and environmental standards, such as smart lighting, irrigation, and waste management systems, to improve energy and water efficiency.
Wael ElDeeb, Executive Vice President of TMG Holding, said the move aligns with the company’s strategy to strengthen partnerships with high-efficiency contractors to ensure top-quality execution across all phases of SouthMED.
spanning about 23 million square meters (m2) near Alamein Airport, SouthMED is planned as a global Southern Mediterranean destination.
The development will feature an international yacht marina, more than 60,000 residential units, over 2,000 hotel rooms, a world-class golf course, international commercial areas, and one of the Middle East’s largest entertainment theme parks.
Currently, TMG Holding plans to extend its development model to over 1.50 million new residents outside Egypt in Saudi Arabia and Oman between 2025 and 2030. In May, the group injected OMR 1.50 billion for two projects in Oman, with a projected sales value of $4.70 billion.
During the first nine months (9M) of 2025, TMG Holding logged consolidated net profits after tax of EGP 12.63 billion, higher than EGP 7.41 billion in 9M-24.
