By Ebi Kesiena
Egyptian government has announced a monumental plan to invest $21 billion in a sprawling tourist resort along its Mediterranean coast, according to a report by business website Zawya.
The ambitious “SouthMed” scheme, a collaboration between the Egyptian government and the Cairo-based developer Talaat Moustafa Group (TMG), will be situated on a prime coastal location west of Alexandria.
Prime Minister Mostafa Madbouly revealed the extensive plan during a speech at Egypt’s New Administrative Capital. Highlighting the strategic significance of the project, Madbouly emphasized that, alongside the New Alamein resort and Ras Al Hekma, SouthMed aims to draw millions of tourists and create vast employment opportunities, thereby attracting young people to the region.
“The business case for SouthMed projects an impressive annual revenue of $33 billion, which constitutes about 7% of Egypt’s GDP,” Madbouly stated. “Moreover, it is expected to generate 1.6 million direct jobs, significantly boosting the local economy.”
Spanning 23 square kilometers, the envisioned resort complex will feature over 2,000 hotel rooms and numerous residential units, all to be managed by renowned international hotel brands. The development will also include a state-of-the-art marina and a cruise terminal, enhancing its appeal to international travelers.
Also speaking on the project, Hisham Talaat Moustafa, CEO of TMG, outlined the luxurious amenities that will characterize the SouthMed resort. He pointed out its strategic location, being close to both Alexandria and Alamein International Airport, which will make it a magnet for high-spending tourists from Europe and the Gulf region.
Demonstrating the immediate market interest, the project secured $1.25 billion in off-plan sales within just 12 hours of the announcement, underscoring the significant investor confidence and anticipated demand.
The SouthMed development represents a pivotal step in Egypt’s broader strategy to enhance its tourism infrastructure and attract a diverse, global tourist base, reinforcing the nation’s position as a premier travel destination on the Mediterranean.
