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 Egypt’s Northwestern Coast, with a total value of approximately EGP 10 billion (around $200 million).

Phase C1 Contract to Accelerate SouthMED Phase 1 Development

The contract covers Phase C1 of the SouthMED development, reflecting TMG’s plan to inject EGP 10 billion to accelerate the completion of construction works within Phase 1 of the project.

Senior Executives Attend Contract Signing Ceremony

The signing ceremony was attended by Engineer Wael ElDeeb, Executive Vice President of Talaat Moustafa Group, and Engineer Tarek Youssef, CEO of Concrete Plus, along with several senior executives and officials from both companies.

179 Fully Finished Residential Buildings in Zone C01

The scope of the contract includes the construction of 179 fully finished residential buildings, offering a wide range of luxury chalets with premium lagoon views. The works also cover infrastructure development for Zone C01, one of the key zones within SouthMED’s Phase 1, which includes nearly 400 buildings in total.

Smart and Sustainable Construction Standards

Contracting works will apply the latest urban and environmental design standards, incorporating smart electromechanical technologies such as intelligent lighting and irrigation systems to optimize energy and water consumption, as well as advanced waste management systems.

TMG: Strategic Partnerships Ensure Quality Execution

Commenting on the signing, Engineer Wael ElDeeb stated that the agreement aligns with TMG’s strategy to strengthen partnerships with high-efficiency construction firms, ensuring the highest quality standards across all phases of the SouthMED project.

Phase 1 Spans Over 10 Million Square Meters

ElDeeb noted that Zone C01 is part of SouthMED Phase 1, which also includes zones V01, T01, C03, G01, and the Marina. The phase features a mix of villas and chalets overlooking the sea, lagoons, and golf courses, and spans a total area exceeding 10 million square meters, with construction progressing rapidly according to scheduled timelines.

Concrete Plus: A Trusted and Ongoing Partnership

Engineer Tarek Youssef, Founder and CEO of Concrete Plus, said:
“We are proud of our partnership with Talaat Moustafa Group, which began with two projects in Noor City and continues today with the SouthMED project. Being selected by one of Egypt’s leading real estate developers is a testament to their trust—one we deeply value and are honored to sustain.”

SouthMED: A Global Destination on the Mediterranean

Spanning 23 million square meters in a strategic location near Alamein Airport, SouthMED is being developed as a world-class destination in the Southern Mediterranean, designed to rival premier European destinations such as the French Riviera, Italy, Spain, and Greece.

World-Class Amenities and Mixed-Use Offerings

The development includes an international marina for yacht tourism, more than 60,000 residential units, over 2,000 hotel rooms, a championship golf course, international commercial districts, and one of the largest entertainment theme parks in the Middle East.

TMG: Egypt’s Largest Real Estate and Tourism Developer

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 of developing sustainable, self-contained cities in Egypt and abroad.

Strong Market Position and Regional Expansion Plans

TMG ranks among the top 6% of companies in emerging markets across Africa, the Middle East, and Latin America, with a market capitalization exceeding EGP 149 billion ($3.1 billion). The Group owns Egypt’s largest land bank—over 115 million square meters—and serves more than 1.5 million residents, with plans to expand further in Saudi Arabia and Oman between 2025 and 2030.

Concrete Plus: A Leading Construction Partner

Concrete Plus is one of Egypt’s leading construction companies, with extensive experience across residential, infrastructure, urban development, and utilities projects. The company continues to strengthen its role as a trusted partner for developers and government entities, contributing significantly to Egypt’s urban expansion and infrastructure development.