Tourism Egypt’s $21bn project to rival Europe’s top holiday destinations By Pramod Kumar July 3, 2024, 4:51 AM TMG Initial bookings for SouthMed reached $1.25 billion in 12 hours of pre-launch sales, Talaat Moustafa Group said Cairo-based Talaat Moustafa Group (TMG) is investing $21 billion to develop a new tourism project on Egypt’s Mediterranean coast to compete with Europe. Named SouthMed, the development will cover 23 million square metres and is expected to generate sales of $35 billion, Reuters reported, citing CEO Hisham Talaat Moustafa. Initial bookings reached EGP60 billion ($1.25 billion) in 12 hours of pre-launch sales, TMG said in a filing to the Egyptian stock exchange on Tuesday. NewsletterGet the Best of AGBI delivered straight to your inbox every week The SouthMed project is being developed to rival the most luxurious international destinations in the northern Mediterranean, such as the beaches of southern France, Italy, Spain and Greece. The government has strategically shifted its focus towards major tourist, entertainment and service attractions to maximise returns and unlock significant new opportunities by developing areas such as the Ras El Hekma and SouthMed projects, the statement said. The new project will include residential, retail, restaurants, golf courses and entertainment facilities, the developer said on its website. Egypt hails record tourist numbers despite regional conflict War and tensions mean Egypt dials down tourist forecast Egypt to host more Turkish tourists as relations improve The project aligns with Egypt’s mega plan to develop the north coast with the aim to double the number of tourists, Egypt Today newspaper reported, citing prime minister Mostafa Madbouly. Egypt in February signed a deal with ADQ, an Abu Dhabi sovereign wealth fund, to build the “largest new city” in Egypt to promote tourism and drive economic growth. In May Egyptian housing minister Assem El Gazzar said ADQ would begin building the infrastructure for its Ras El Hekma development on the country’s north coast before the end of this year. In January, ADQ and Abu Dhabi-based ADNEC Group signed deals to acquire a 40.5 percent stake in TMG Holding’s hospitality arm, ICON Group, through a capital increase. ADQ and ADNEC agreed to invest through a special purpose vehicle, with 49 percent equity ownership by ADQ and 51 percent equity ownership by ADNEC.
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] 9 hours ago
Tax $660m a year ‘sin tax’ target set by Kuwait Kuwait hopes to raise 200 million dinars ($660 million) a year through a “sin tax” on unhealthy products as part of tax reforms proposed by the International Monetary Fund, the country’s finance minister said on Wednesday. Noora Al-Fassam told the official Kuwaiti news agency that her ministry was working on a new law for a […] 9 hours ago
Transport Tenders issued for high speed Abu Dhabi-Dubai rail link Tenders have been issued for the design and construction of central components in a high-speed rail link between Abu Dhabi and Dubai. Etihad Rail, the national rail company of the UAE, has sent out tenders for designing and constructing civil works and station packages for the line connecting the two cities as part of the […] 10 hours ago
EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […] 11 hours ago
