Egypt’s Prime Minister Mostafa Madbouly has announced a new tourism project called “South Med” with an investment of EGP 1 tn ($21 bn), Invest-Gate reports.

The project, a partnership between the government and the private sector’s Talaat Moustafa Group Holding (TMG), is expected to generate EGP 1.6 tn in sales and create 1.6 million direct jobs.

The announcement was made during a press conference held at the New Administrative Capital (NAC) on Tuesday. Assem El-Gazzar, Minister of Housing, Utilities, and Urban Communities, and Hisham Talaat Moustafa, CEO of TMG, the private sector partner in the project, were also present.

Madbouly emphasized the government’s commitment to developing the North Coast as a key tourist destination in line with Egypt’s Vision 2030 and the National Strategic Plan. The “South Med” project is expected to contribute to this goal by providing over 2,000 hotel rooms and numerous residential units with a rental program linked to the hotel system. These additions aim to double tourist arrivals by 2030.

Developed by TMG, “South Med” spans across 23 million square meters and features a large international marina for yachts and tourist ships. Hisham Talaat Moustafa highlighted the project’s significance as a public-private partnership, aligning with the government’s strategy to encourage private sector participation in economic development.

The TMG CEO stated that the project is expected to attract millions of foreign tourists, particularly high-spending segments from Europe, the UK, and Arab countries.

“South Med” enjoys a strategic location between kilometer 165 and kilometer 170 west of Alexandria, with easy access from Alamein Airport, just a 15-minute drive away. The project is designed with global appeal, featuring “Rental Programs” managed by international hotel management companies to ensure year-round occupancy.

The press conference concluded with TMG’s CEO announcing the launch of reservations, which achieved unprecedented sales of EGP 60 bn within the first 12 hours, setting a record for Egypt and the Arab region.