The Egyptian Cabinet announced in a global press conference in the New Administrative Capital a partnership investment project between the state and the private sector, located on the North Coast, named SouthMed. SouthMed is situated in a unique location on the Mediterranean coast in the Sidi Abdel Rahman area, at kilometer 165 on the Alexandria-Matrouh road. Its strategic location allows easy access from European and Gulf countries within 2 to 5 hours by air, and the project is just 18 minutes away from Alamein International Airport.
The Egyptian Prime Minister stated that the government is keen to focus on Egypt's North Coast to double the number of tourists, and it will be a significant area to accommodate population growth in the upcoming period. He pointed out that Egypt is capable of attracting double the number of tourists in the near future, explaining that the SouthMed project adds to the comprehensive vision that the government has for the development of the North Coast.
Hisham Talaat Mustafa, CEO and Managing Director of Talaat Moustafa Group, said the project rivals the largest global projects, noting it spans 23 million square meters with investments of one trillion Egyptian pounds. He emphasized that local investment can provide projects comparable to global standards and create a competitive environment between local and foreign investments. He confirmed that the "SouthMed" project is a global tourist destination that will attract significant dollar returns for the Egyptian state, clarifying that the state’s share of the earnings from the "SouthMed" project amounts to one trillion Egyptian pounds, and that the project achieved sales of 60 billion Egyptian pounds just hours after opening for reservations.
