Egypt announced a new tourism project, “South Med,” located on the Northwestern North Coast with an EGP 1trn ($21bn) investment.

The project, undertaken as a partnership between the government and the private sector’s Talaat Moustafa Holding Group (TMG) is expected to generate EGP 1.6trn in sales and create 1.6 million direct jobs.

The announcement was made by Egypt’s Prime Minister Mostafa Madbouly during a press conference on Tuesday at the New Administrative Capital. Assem El-Gazzar, Minister of Housing, Utilities, and Urban Communities, and Hisham Talaat Moustafa, CEO of TMG, the private sector partner in the project, were also present.