2024/07/02

SouthMed sells EGP 60 billion in under 24 hours

Talaat Moustafa Group CEO Hisham Talaat Moustafa announced record-breaking sales for their new project, SouthMed. Reservations opened at 5 pm yesterday, Monday, and continued until 5 am Tuesday. Within 12 hours, the project secured a staggering 60 billion Egyptian pounds in sales, an unprecedented achievement.

Spanning 23 million square meters, SouthMed is envisioned as a global “Destination” in the South Mediterranean, rivaling the beauty of the North Mediterranean's most sought-after coastal resorts. This project represents a major addition to Egyptian tourism.

Hisham Talaat has positioned the North Coast SouthMed project as a rival to the biggest developments worldwide. It spans a massive 23 million square meters.

He explained that the project is expected to generate significant revenues for the government, estimated at one trillion Egyptian pounds (approximately $21 billion) through taxes and government share. Additionally, it's projected to create a substantial 1.6 million direct jobs.

In a recent global press conference held at the New Administrative Capital's Cabinet headquarters, Prime Minister Dr. Moustafa Madbouly, announced an investment partnership project between the state and the private sector on the North Coast: the SouthMed project.

He stressed that this ambitious project, designed as a global tourist destination, is poised to generate significant dollar returns for the Egyptian state, revealing that the government's share of the project's revenue is estimated at a staggering one trillion Egyptian pounds.

TMG CEO Hisham Talaat Moustafa further elaborated on the project's benefits, highlighting the anticipated influx of high-spending tourists from Europe, attracted by the convenient travel time of just 3 hours. SouthMed is projected to generate a remarkable sales value of 1.6 trillion Egyptian pounds.