Egypt’s Talaat Moustafa Group to invest $21 bln in north coast development

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Egypt’s Talaat Moustafa Group (TMG) is to invest $21 billion in the SouthMED tourism development project on Egypt’s Mediterranean coast, its chief executive said on Tuesday.

The SouthMED development, which spans 23 million square meters of land on the Mediterranean coast west of Alexandria, is expected to generate sales of about $35 billion, CEO Hisham Talaat Moustafa said.

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Sales had already reached about 60 billion Egyptian pounds ($1.25 billion) since Monday, Talaat Moustafa said.

SouthMED is a “fully integrated development” that includes luxury villas, a marina, shops, restaurants, golf courses and other facilities and services, according to the TMG website.

The announcement comes after Egypt received a windfall of investment and financing earlier this year which eased a shortage of foreign currency that had crippled the economy.

The largest influx of funds came from a deal with Abu Dhabi sovereign fund ADQ, which agreed to pay $24 billion for the rights to develop a new city at the site of Ras El Hekma, also on the north coast.

Separately, Egypt expanded its program with the International Monetary Fund to $8 billion and received billions in pledged money from the European Union and the World Bank.

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