Monday 16 backend.Sep
Talaat Moustafa Holding Group CEO, Hisham Talaat Moustafa, unveiled the North Coast's SouthMed project, a massive undertaking rivaling global giants at 23 million square meters.
He added 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.
A global press conference was
held recently at the Cabinet headquarters in the New Administrative Capital, in
the presence of Prime Minister Dr.Mostafa Madbouly, announced an investment
partnership project between the state and the private sector on the North
Coast: the SouthMed project.
He emphasized the strength of
local investment, highlighting its capacity to deliver projects that can
compete with global ones, fostering a healthy competition between local and
foreign investors.
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.
Talaat Mustafa shed light on the
project's revenue and impact, mentioning expectations of attracting substantial
revenue through real estate exports and an increase in tourist inflows to Egypt.
The project also breaks new ground by featuring international management for
select units.
The CEO highlighted 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.
