Hisham Talaat Mostafa, CEO of Talaat Mostafa Group, announced that the group intends to invest $21 billion in the (SouthMed) project on the northern coast of Egypt.
He said in a press conference that the project, which is being built on an area of 23 million square meters on the Mediterranean coast west of Alexandria, is expected to achieve sales of about $35 billion.
Hisham Talaat Mostafa explained that the project has achieved sales of about 60 billion pounds ($1.25 billion) since yesterday, Monday.
SouthMed is a “global, full-service project” that contains a large international marina for yachts and cruise ships in the Mediterranean, villas, luxury restaurants, shopping and entertainment centers, golf courses, and many other facilities and services, according to the group’s website.
The announcement comes after Egypt received unexpected inflows of investments and financing earlier this year, lessening the blow of a foreign currency shortage that has undermined the economy.
The largest influx of investments came from a deal with the UAE Holding Company (ADQ), which announced an investment worth $24 billion in exchange for acquiring the rights to develop the Ras El Hekma project on the northern coast as well.
Separately, Egypt expanded its program with the International Monetary Fund to eight billion dollars and obtained billions of dollars in pledges from the European Union and the World Bank.
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