{"id":629541,"date":"2024-07-03T00:00:00","date_gmt":"2024-07-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/03\/tmg-announces-its-first-venture-into-the-north-coast\/"},"modified":"2024-07-03T00:00:00","modified_gmt":"2024-07-03T00:00:00","slug":"tmg-announces-its-first-venture-into-the-north-coast","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/03\/tmg-announces-its-first-venture-into-the-north-coast\/","title":{"rendered":"TMG announces its first venture into the North Coast"},"content":{"rendered":"

TMG unveils its first North Coast project: <\/strong>Talaat Moustafa Group (TMG) announced its first project in Egypt\u2019s North Coast, a 23-mn square meter project with investments of around EGP 1 tn (c. USD 21 bn), the company said in an EGX disclosure (pdf)<\/a>.<\/p>\n

People are already lining up for a piece of the new development:<\/strong> The project, dubbed SouthMed, garnered a record EGP 60 bn (c. USD 1.3 bn) worth of reservations in the first 12 hours of booking prior to the project\u2019s official sales launch, CEO Hisham Talaat Moustafa said at a press conference<\/a> accompanied by Prime Minister Moustafa Madbouly. The company sees the development generating sales surpassing EGP 1.6 tn, ultimately contributing EGP 2.4 tn to the Egyptian economy and helping create 1.6 mn new jobs.<\/p>\n

What they said: <\/strong>\u201cThe project is in line with the country\u2019s strategic vision to leverage the geographical and natural wealth of the North Coast and its buoyant market, drawing in both international and local demand in residential and tourist sectors,\u201d the disclosure read. \u201cThis development strives to enrich and broaden the country\u2019s upscale leisure tourism and second-home offerings by tapping into new international and local market opportunities and promoting economic expansion and diversification.\u201d<\/p>\n

A way to bring in more FX: <\/strong>The project comes in line with the company\u2019s strategic emphasis on strengthening FX-denominated real estate and tourism exports, the release said. Talaat Moustafa anticipates that the project will draw affluent tourists from European countries, the UK, and Arab nations. He attributed this to the prime location, highlighting that flights from Europe to Alamein International Airport, which is just 15 minutes away from the project, take about three hours, Talaat Moustafa explained.<\/p>\n

There\u2019s a lot of interest in the country\u2019s North Coast from the country\u2019s real estate sector: <\/strong>ADQ acquiring the development rights<\/a> to the North Coast\u2019s Ras El Hekma for USD 35 bn in February was followed by a flurry of announcements from real estate developers setting up North Coast projects.<\/p>\n

A year of firsts for TMG: <\/strong>The group recently made its Saudi debut with the launch<\/a> of its mixed-use Benan City project in May.<\/p>\n

Reuters<\/a><\/strong> also had the story.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The project garnered EGP 60 bn worth of reservations in the first 12 hours of booking prior to its official launch<\/p>\n","protected":false},"author":1,"featured_media":629542,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7371],"tags":[72,83,1517],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-629541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-enterpriseam","tag-real-estate","tag-talaat-moustafa-group","wpautop","entry"],"acf":{"mongo_id":"96227c50-8557-42b9-99fd-3f8aac12821e","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/235.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TMG announces its first venture into Egypt\u2019s North Coast with EGP 1 tn project","related_issue":[629534],"teaser":"The project garnered EGP 60 bn worth of reservations in the first 12 hours of booking prior to its official launch","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.eb02d599-fa27-4b1b-a287-dd84699616c1.mp3"},"yoast_head":"\nTMG announces its first venture into the North Coast - 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PLUS: Talaat Moustafa Group, ACWA Power + AMEA Power, Elsewedy, Admaius, Concrete, Puma","author":"enterpriseam admin","date":"10 July 2024","format":false,"excerpt":"The project will see the construction of three mixed-use towers and a five-star hotel","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/539.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599907,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/14\/tmg-to-invest-egp-300-bn-in-new-project-in-madinaty\/","url_meta":{"origin":629541,"position":1},"title":"TMG to invest EGP 300 bn in new project in Madinaty","author":"enterpriseam admin","date":"14 January 2019","format":false,"excerpt":"Talaat Moustafa Group (TMG) is investing EGP 300 bn in the Spine, a mixed use project in TMG\u2019s Madinaty city, the company said in a disclosure to the EGX (pdf). The project includes residential, administrative, commercial, and recreational units.","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":640759,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/01\/talaat-moustafa-group-readies-for-iraq-expansion\/","url_meta":{"origin":629541,"position":2},"title":"Talaat Moustafa Group readies for Iraq expansion","author":"enterpriseam admin","date":"1 September 2024","format":false,"excerpt":"The company said that it would announce further details once \u201cexecutive procedures commence.\u201d","rel":"","context":"In "Construction"","block_context":{"text":"Construction","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/construction\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2143.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":633202,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/09\/record-sales-for-tmgs-southmed-jump-to-egp-200-bn-in-six-days\/","url_meta":{"origin":629541,"position":3},"title":"Record sales for TMG\u2019s SouthMed jump to EGP 200 bn in six days","author":"enterpriseam admin","date":"9 July 2024","format":false,"excerpt":"Good afternoon, friends. The news cycle has kept easing us into the last days before the much-anticipated long weekend.THE BIG STORY TODAY- TMG\u2019s North Coast debut breaks records: Talaat Moustafa Group Holding\u2019s (TMG) North Coast project \u2014 dubbed SouthMed \u2014 garnered reservations worth EGP 200 bn (USD 4.2 bn) in\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/766.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":694747,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/04\/19\/talaat-moustafa-unveils-egp-1-4-tn-mixed-use-city-in-east-cairo\/","url_meta":{"origin":629541,"position":4},"title":"Talaat Moustafa unveils EGP 1.4 tn mixed-use city in east Cairo","author":"enterpriseam admin","date":"19 April 2026","format":false,"excerpt":"Another TMG megaproject: Talaat Moustafa Group (TMG) announced plans to build an EGP 1.4 tn (c. USD 27 bn) mixed-use city in New Cairo\u2019s Madinaty, called The Spine, according to a press release (pdf). The project is expected to generate some EGP 1.7 tn in sales.The details: The Spine will\u2026","rel":"","context":"In "The Big Story Today"","block_context":{"text":"The Big Story Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-big-story-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2026\/4\/872.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569343,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/20\/talaat-moustafa-to-set-up-four-seasons-branded-luxor-hotel-under-ppp-contract\/","url_meta":{"origin":629541,"position":5},"title":"Talaat Moustafa to set up Four Seasons-branded Luxor hotel under PPP contract","author":"enterpriseam admin","date":"20 February 2020","format":false,"excerpt":"Talaat Moustafa Group (TMG) signed a contract with the Egyptian General Company for Tourism and Hotels (EGOTH) that will see TMG subsidiary Icon establish the planned Four Seasons-branded hotel in Luxor under a PPP framework, TMG said in a regulatory filing (pdf). The 200-room hotel is expected to cost up\u2026","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/629541","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=629541"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/629541\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/629534"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/629542"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=629541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=629541"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=629541"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=629541"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=629541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}