Egypt, TMG launch EGP 1t PPP SouthMED project

Egypt’s Ministry of Housing and Talaat Moustafa Group (TMG) unveiled the EGP 1 trillion SouthMED public-private partnership project on Tuesday.

The project is situated on Egypt’s most significant foreign direct investment destination—the North Coast. It is anticipated that the project would generate EGP 1.6 trillion in sales income and 1.6 million direct and indirect job opportunities.

According to Egypt’s Prime Minister Moustafa Madbouly, the government is working to increase employment prospects in this area by putting major, integrated initiatives into action. “Among the proposals is the New Alamein metropolis project, which aims to create an integrated metropolis with a range of activities, rather than just a tourist destination. The Ras Al-Hikma project, which is being carried out in collaboration with the United Arab Emirates, is another large initiative.

“We are pleased to share with you the news of another project today: the SouthMED project on the northwest coast. This project will work in tandem with the other projects already underway in this promising area to help achieve the 2030 Goals, which include increasing hotel rooms and doubling the number of tourists by 2030.”