Hisham Talaat Moustafa: South Med sales reach 60 billion pounds in 12 hours.. and expected sales reach 1.6 trillion pounds

Businessman Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa Group Holding, revealed that the South Med project on the North Coast achieved unprecedented reservations exceeding 60 billion pounds, equivalent to about 1.25 billion dollars, within only 12 hours of opening the reservations, and before the official launch, for the first time in Egypt and the Arab region.

Hisham Talaat Moustafa estimated the expected sales value of the South Med project at around 1.6 trillion pounds (approximately 35 billion US dollars), which is the largest sales value for an integrated real estate tourism project in the history of the Arab Republic of Egypt, which confirms that local investment is capable of generating and developing projects that rival global projects to create a new global demand for a very high quality of hotel, entertainment and beach services.

He pointed out the direct positive impact on the national economy of achieving the expected sales of the “South Mid” project through an additional increase of about 2.4 trillion pounds to the gross national product, especially since the usual rate for every 1 pound spent in the field of real estate sales generates 1.5 pounds in the gross national product, due to the real estate development industry being linked to more than 100 industries feeding it and the services associated with it directly or indirectly.

Hisham Talaat listed the returns of the South Med project on the North Coast on the Egyptian economy, whether in terms of creating new job opportunities amounting to 1.6 million direct job opportunities through industries related to the construction industry, services and other complementary industries, explaining in this regard that the rate of providing one job opportunity is by spending 450 thousand pounds annually, and the project’s proceeds from sovereign taxes in the state’s general budget will amount to approximately 283 billion pounds.

The CEO and Managing Director of Talaat Moustafa Group pointed to the impact of the South Med project on the tourism sector in Egypt, expecting that the project – which is being developed with a global idea and design to be a global tourist destination – will attract huge dollar revenues to the Egyptian state through real estate exports and attracting foreign investments in the Egyptian real estate market, in addition to the expected increase in the number of tourists coming to the Arab Republic of Egypt.

He stated that most of this increase in the number of tourists coming from the higher spending segments from Europe, the United Kingdom and Arab countries is due to the strategic location of the South Med project – located between kilometer 165 and kilometer 170 – as the flight time from Europe or the Gulf takes about 3 hours on average to reach El Alamein Airport, which is only 15 minutes away from the project. The project will also contain a unique model, which is the Rental Programs concept, as some units will be managed by international hotel management companies to cover periods during the year outside the months of July and August.

Hisham Talaat Moustafa thanked the political leadership for its encouragement of local and foreign private direct investment, which in turn will have the greatest impact on the growth of the gross domestic product of our national economy, create job opportunities and raise the standard of living of the Egyptian people.

Hisham Talaat Moustafa said that the Egyptian state has recently re-planned the northwestern coast, which enjoys a comparative advantage not found in many Mediterranean countries, as it has a moderate climate throughout the year, beaches and the nature of the sea, and enjoys a pleasant and moderate atmosphere in the summer months. He added that the state has moved to make a strategic change in major attraction centers to maximize tourism, entertainment and service returns and enjoy these great potentials, as this was done by attracting global investments to develop these areas, such as the Ras El-Hikma and South Med projects.

He added that the South Med project will be developed with a global mindset to match the most luxurious and upscale international destinations available in the northern Mediterranean, such as the beaches of southern France, Italy, Spain and Greece. It will also include a large international marina for yachts and cruise ships in the Mediterranean, making Egypt one of the most important and promising tourist destinations in the Mediterranean.

It was mentioned that the “South Mid” project will be developed on an area of ​​23 million square meters – with investments of one trillion pounds, equivalent to about 21 billion dollars – through “Talat Moustafa Group TMG”, which has a long and distinguished history in developing modern, integrated and smart cities and hotels with a unique reputation that it has developed within the Arab Republic of Egypt. The project also comes as a model of partnership between the state and the private sector in all real estate projects in line with the state’s exit policy and encouraging the private sector to play its role in developing the economy.

Hisham Talaat Moustafa stressed that local investment is capable of generating and developing projects that are comparable to global projects to create real added value for the Arab Republic of Egypt and its national economy. This project is evidence of the creation of a competitive environment between local and foreign investment to provide major investment opportunities for both the local and foreign private sector.