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Talaat Moustafa Group (TMG), a Cairo-based developer under Egyptian billionaire Hisham Talaat Moustafa, has signed a construction contract worth about EGP10 billion ($200 million) with Concrete Plus for Engineering and Construction to begin work on the first phase of its South Med project on Egypt’s northwestern coast.
The developer said the agreement covers 179 fully finished residential buildings in Zone C01, including lagoon-facing chalets, as well as related infrastructure works. Zone C01 forms part of South Med’s initial phase, which includes close to 400 buildings.
TMG South Med phase underway
Wael ElDeeb, TMG’s executive vice president, said at the signing ceremony that the agreement reflects the group’s approach of working with experienced contractors to meet delivery timelines and quality benchmarks. He said the first phase of South Med spans more than 10 million square metres and is divided into several zones offering villas, chalets and a marina. Construction is already underway across multiple sections of the site.
Concrete Plus Chief Executive Officer Tarek Youssef said the contract builds on an existing relationship between the two companies, following their earlier collaboration on the Noor City project in East Cairo. He said the firm will deploy its technical and project management teams to meet the scale and specifications of the South Med development.
TMG’s smart Alamein mixed-use megaproject
South Med stretches across 23 million square meters near Alamein Airport. TMG has positioned the project as a major mixed-use destination, anchored by an international yacht marina, more than 60,000 residential units, about 2,000 hotel rooms and a golf course.
Plans also include a theme park and international retail and commercial areas. According to the contract, construction will incorporate smart electromechanical systems, including automated lighting and irrigation, aimed at lowering energy and water use across the site.
Hisham Moustafa builds communities at scale
Founded in 1974 by Hisham Talaat Moustafa, who owns 43 percent of the group, Talaat Moustafa Group has developed large residential and commercial communities across Egypt and says its projects are home to more than 1.5 million residents. It has a market cap of over $3.1 billion and controls a land bank exceeding 115 million square meters.
TMG is known for projects such as Madinaty and Al Rehab and plans to take its integrated community model to Saudi Arabia and Oman between 2025 and 2030. The New Administrative Capital remains a key area of investment, alongside recent launches, including a commercial and entertainment hub at the Celia project and a $5 billion mixed-use development in Oman.
