At a press conference on Saturday, CEO and Managing Director Hisham Talaat Moustafa said that Egypt’s Talaat Moustafa Group (TMG) would construct a new mixed-use city east of Cairo for 1.4 trillion Egyptian pounds ($27 billion).
With a paid-up capital of 69 billion Egyptian pounds ($1.3 billion), the project, named The Spine, would be built in collaboration with the National Bank of Egypt.
The project, which will be constructed as a Special Investment Zone alongside TMG’s Madinaty, spans over 2.4 million square metres of land and combines public open space, retail, entertainment, hospitality, residential, and commercial spaces into a single, continuous urban environment.
According to Mustafa, the investment amounts to almost 1% of Egypt’s GDP and is expected to produce 818 billion Egyptian pounds in tax income for the national budget over time.
Over 55,000 direct jobs and hundreds of thousands of indirect positions are anticipated as a result of the project.
