The CEO and Managing Director of the Talaat Moustafa Group (TMG), Hisham Talaat Moustafa announced that the South Med project will be developed on an area of ​​23 million square meters with investments worth one trillion LE, equivalent to about US$21 billion.

He assured that the TMG will undertake the implementation of the project, as it boasts a long history in developing modern, integrated and unique cities, and this project is a model of partnership with the state.

Moustafa’s statements came during a conference by the Prime Minister to announce an investment partnership project between the state and the private sector on Tuesday.

He added that the project will contain 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 there.

The South Med project is being developed with a global mindset to match the finest and most luxurious international destinations available in the northern Mediterranean, he said, such as the beaches of southern France, Italy, Spain and Greece.