Total investments in Egypt's New Alamein record EGP 240 bln

Minister El-Sherbiny made his statement during the celebration organized by the ministry to deliver several residential units in different areas of Alamein City.  

He noted that the development of the Sahel region aims to increase the regional GDP by an estimated seven percent upon completing the development of this region.

Furthermore, he said the ministry plans for the North Coast region, which represents 22 percent of Egypt, to accommodate about seven million people, two million job opportunities, and 25 million targeted tourists.

The minister also stated that New Alamein is about 48,000 acres and is aimed to accommodate 1.6 million people. The first phase of its projects was on an area of 14,500 acres, with about 126 projects, 9148 units, and 23 beaches.

The North Edge, the New Alamein Towers project, is now one of Egypt's most prominent and attractive real estate projects.

"This comes as part of Egypt's efforts to make the Alamein area an investment destination for local and foreign investors," the minister added.

He said the primary goal behind developing Alamein is the idea of comprehensive development of the northwestern coast.

In July, the CEO of Talaat Moustafa Group (TMG) Hisham Talaat Moustafa announced that the group plans to invest $21 billion in the “South Med” project on Egypt’s North Coast. The project will be developed over 23 million square metres of land.

On 23 February, Egypt signed a deal to develop the Ras El-Hekma area on the North Coast, with investment worth $35 billion, the country's largest foreign direct investment (FDI) deal.