Talaat Moustafa Group (TMG) signs EGP 10B ($200M) construction contracts with Concrete Plus
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.