Egypt unveils $21bn tourist complex on Mediterranean coast
9 July 2024
Egypt has unveiled plans to invest $21bn in a huge tourist resort on the Mediterranean coast, business website Zawya reports.
The so-called “SouthMed” scheme will be developed by the government of Egypt and Cairo-based developer Talaat Moustafa Group (TMG) on a coastal site west of Alexandria.
Prime Minister Madbouly unveiled the scheme during a speech last week at Egypt’s New Administrative Capital.
He said the plan, in conjunction with the New Alamein resort and Ras Al Hekma, would attract millions of tourists and provide employment opportunities, “drawing young people to the region”.
Madbouly said the business case for the scheme predicts annual revenue of $33bn – about 7% of the country’s GDP – and the creation of 1.6 million direct jobs.
The vision is for a 23-sq-km resort complex with more than 2,000 hotel rooms and numerous residential units, all managed by international hotel brands.
The project will also have a marina and cruise terminal.
Speaking at the same press conference, Hisham Talaat Moustafa, the chief executive of TMG, said the development would have luxurious amenities and would be close to Alexandria and Alamein International Airport.
He said this would attract high-spending tourists from Europe and the Gulf.
Within 12 hours of the announcement, the project had made $1.25bn in off-plan sales, according to Zawya.
Related
-
Budapest to get its first airport rail link
30 June 2025
-
UK rejects support for $33bn Moroccan subsea renewable energy link
30 June 2025
-
Cimic company to expand Queensland mine for $1.5bn
27 June 2025
-
Dubai tenders Al-Maktoum airport substructure
27 June 2025
-
Three teams shortlisted for New Zealand’s $5.9bn Northern Express
26 June 2025
-
Systra wins France’s biggest high-speed rail project
25 June 2025