The Spine: Egypt's Mega-City Unveiled East of Cairo

The Talaat Moustafa Group (TMG) has announced plans to construct a new mixed-use city east of Cairo, titled 'The Spine,' CEO Hisham Talaat Moustafa revealed at a recent press conference. The ambitious project is valued at 1.4 trillion Egyptian pounds ($27 billion) and is being developed in collaboration with the National Bank of Egypt. This development will have a paid-up capital of 69 billion Egyptian pounds ($1.3 billion).

Set to be established as a Special Investment Zone in TMG's Madinaty, The Spine will cover approximately 2.4 million square meters. The city will seamlessly integrate residential, commercial, hospitality, retail, entertainment, and public green spaces to create a continuous urban environment. Moustafa noted that the investment is expected to equate to around 1% of Egypt's GDP, generating an estimated 818 billion Egyptian pounds in tax revenues over time.

This monumental project is anticipated to produce over 55,000 direct jobs and hundreds of thousands of indirect positions, marking a significant boost to the country's employment sector.