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Egypt’s Talaat Moustafa Group will build a new 1.4 trillion Egyptian pound city east of Cairo, CEO and Managing Director Hisham Talaat Moustafa said on Saturday. The project, called The Spine, is being developed in partnership with the National Bank of Egypt and will have a paid-up capital of 69 billion Egyptian pounds.
The company said the new city will be built as a Special Investment Zone alongside TMG’s Madinaty development and will cover about 2.4 million square metres of land. It is designed as a mixed-use urban environment with homes, commercial space, hospitality, retail, entertainment and public green areas linked into one continuous project.
Moustafa said the investment is equivalent to about 1% of Egypt’s GDP and is expected to bring in around 818 billion Egyptian pounds in tax revenues for the state budget over time. He also said the project should create more than 55,000 direct jobs, along with hundreds of thousands of indirect positions.
The announcement adds to Egypt’s long-running push for large-scale urban development east of Cairo, where the state and private sector have backed new residential and business districts to ease pressure on the capital and attract investment.
