• The Group injects EGP 10 billion ($200M) to accelerate the completion of Phase 1 construction at SouthMED

Talaat Moustafa Group (TMG) has officially announced the signing of a major construction contract with Concrete Plus for Engineering and Construction to execute works at the SouthMED project on the Northwestern Coast. The total investment for these works is approximately EGP 10 billion (equivalent to roughly $200 million).
The signing ceremony was attended by Engineer Wael ElDeeb, Executive Vice President of TMG, and Engineer Tarek Youssef, CEO of Concrete Plus, in the presence of several senior executives from both organizations.
The scope of the contract covers 179 fully finished residential buildings, offering a range of luxury chalets with premium lagoon views. The project also includes infrastructure development for Zone C01, part of Southmed’s Phase 1, which features a total of nearly 400 buildings.
Contracting works include the application of the latest standards in urban and environmental design, utilizing smart electromechanical technologies. These include smart lighting and irrigation systems to optimize and save energy and water consumption, and advanced waste management systems.
Commenting on the signing, Engineer Wael ElDeeb emphasized that this step aligns with the Group’s vision to strengthen strategic partnerships with high-efficiency construction firms, ensuring the highest quality standards across all phases of SouthMED.
He noted that Zone C01 is part of SouthMED’s Phase 1, which also includes zones V01, T01, C03, G01, and the Marina. This phase features a mix of villas and chalets with premium views of the sea, lagoons, and golf courses. Phase 1 spans a total area exceeding 10 million square meters, with leveling and concrete works currently progressing rapidly according to the scheduled timelines.
Engineer Tarek Youssef, Founder and CEO of Concrete Plus, stated: "We are proud of our partnership with Talaat Moustafa Group, which began with the execution of two projects in Noor City and continues today with the SouthMED project. Being chosen to work with one of Egypt’s most prominent real estate developers is a testament to their trust, a trust we take great pride in, and a collaboration we are honored to sustain."

Spanning 23 million square meters in a strategic location near Alamein Airport, SouthMED is being developed as a global destination in the Southern Mediterranean. It aims to rival the most prestigious European destinations like the French Riviera, Italy, Spain, and Greece. The project positions the Egyptian North Coast at the heart of international tourism, redefining the Mediterranean tourism map with its luxury offerings.
The development features an international marina for yacht tourism, over 60,000 diverse residential units, more than 2,000 hotel rooms, a world-class golf course, international commercial zones, and one of the largest entertainment theme parks in the Middle East.
Talaat Moustafa Group is the largest real estate and tourism developer in Egypt and a leading integrated institution in the Middle East. With a 55-year legacy, the Group has successfully established sustainable, self-contained integrated cities across Egypt, such as Madinaty, Al Rehab, and Noor in East Cairo, as well as Banan City in Riyadh, KSA, and the Jood and Yamal projects in Oman.
TMG is ranked among the top 6% of companies in emerging markets (Africa, Middle East, and Latin America) with a market value exceeding EGP 149 billion (approximately $3.1 billion).
The Group holds Egypt’s largest land bank, exceeding 115 million square meters, and serves a resident population of over 1.5 million. TMG plans to extend its unique development model to over 1.5 million new residents outside Egypt in Saudi Arabia and Oman between 2025 and 2030.
Concrete Plus is considered one of the leading contracting companies operating in the Egyptian market, with extensive experience in executing major projects across the residential, infrastructure, urban development, and utilities sectors. Leveraging its strong technical teams, local capabilities, and commitment to the highest standards of quality and safety, the company continues to strengthen its position as a trusted partner for real estate developers and various government entities, playing a pivotal role in supporting urban expansion and enhancing infrastructure development in Egypt.