Talaat Moustafa Group (TMG) has signed a construction contract worth approximately EGP 10bn ($200m) with Concrete Plus for Engineering and Construction to execute works at its South Med project on Egypt’s northwestern coast.
The contract covers the construction of 179 fully finished residential buildings, comprising chalets with lagoon views, as well as infrastructure development for Zone C01. This zone is part of the first phase of the South Med development, which includes nearly 400 buildings.
Wael ElDeeb, Executive Vice President of TMG, said during the signing ceremony that the agreement aligns with the group’s strategy to partner with construction firms to maintain quality standards. He noted that Phase 1 of South Med covers more than 10 million square metres and includes various zones featuring villas, chalets, and a marina.
Concrete Plus CEO Tarek Youssef said the partnership continues a previous collaboration between the two firms on the Noor City project in East Cairo.
The South Med development spans a total of 23 million square metres near Alamein Airport. TMG stated the project is intended to serve as a global tourism destination, featuring an international yacht marina, more than 60,000 residential units, 2,000 hotel rooms, and a golf course. The site will also include a theme park and international commercial zones.
Construction works will involve smart electromechanical technologies, including automated lighting and irrigation systems designed to reduce energy and water consumption, according to the contract terms.
TMG, which has a market value exceeding EGP 149bn ($3.1bn), currently holds a land bank of over 115 million square metres. The group has developed several integrated cities in Egypt, including Madinaty and Al Rehab, and plans to expand its model to Saudi Arabia and Oman between 2025 and 2030.
