Cairo, Egypt — In a landmark announcement, Egypt’s Talaat Moustafa Group (TMG) has revealed ambitious plans to construct a new mixed-use city east of Cairo, valued at 1. 4 trillion Egyptian pounds ($27 billion).
The project, known as “The Spine, “was unveiled at a press conference on Saturday, marking a significant stride in Egypt’s urban development and economic expansion.
The Spine will be developed in partnership with the National Bank of Egypt, with an initial capital investment of 69 billion Egyptian pounds ($1. 3 billion). Spanning approximately 2.
4 million square meters of land, the project will integrate residential, commercial, hospitality, retail, entertainment, and public green spaces into a cohesive urban environment. This ambitious undertaking, situated as a Special Investment Zone adjacent to TMG’s existing Madinaty project, is poised to create over 55,000 direct jobs and hundreds of thousands of indirect positions.
The investment is estimated to represent roughly 1% of Egypt’s GDP and is projected to generate approximately 818 billion Egyptian pounds in tax revenues for the state budget over time.
The Talaat Moustafa Group, a leading name in Egypt’s real estate sector, has been instrumental in shaping the nation’s urban landscape.
The Spine project is expected to further solidify the company’s legacy and significantly contribute to Egypt’s economic growth and urban development. While the timeline for the completion of The Spine project remains unspecified, and details regarding the infrastructure and public services within the new city are yet to be disclosed, the government’s stance on the project and its potential impact on the region remain a subject of interest.
*Additional reporting by ImNews | Sources consulted: 3*
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By This original article was produced by the ImNews editorial team
Source: CNBC
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