Egypt: Implementing (South Med) tourism project in North Cost valued USD 21 bln with TMG

Egypt Prime Minister Mostafa Madbouly, announced Tuesday, implementing of "South Med" project on the Northwestern North Coast with local investments of about one trillion pounds (USD 21 billion). The project will be through partnership with the private sector to maximize the tourism sector and the national strategic plan, the minister said. This came in a speech by Madbouly during the conference announcing the project, which is being carried out in partnership with the Talaat Moustafa Holding Group (TMG), as he stressed the northern coast is one of the points of attraction for foreign direct investment and a global tourist destination in the world. Madbouly expected of this project, along with the New Alamein and Ras Al-Hekma projects, to attract millions of foreign tourists to his country, stressing that by completing these projects, which will extend for years, direct or indirect job opportunities will be provided that will attract young people to live in the region. For his part, CEO and Managing Direc tor of TMG, Hisham Moustafa, said that the "South Med" project contains a large international marina for yachts and cruise ships in the Mediterranean, making Egypt one of the most promising and most attractive tourist destinations for tourists in the Mediterranean, expecting it to reach sales of about 1.6 trillion pounds (USD 35 billion). Since the reservations opened Monday, the project has achieved real sales estimated of about 60 billion pounds (USD 1.25 billion), he said. Adding, this is an unprecedented number, whether in Egypt or in the Arab region, in any real estate or tourism projects. The expected sales of the project would result in an increase in the national product estimated at about 2.4 trillion pounds (USD 50 billion), he added. Source: Kuwait News Agency