The Egyptian real estate group Talaat Moustafa Group (TMG) has announced the launch of a major urban development project estimated at $27 billion, aiming to build a new mixed-use city east of Cairo. This initiative is among the most ambitious investments in the country in recent years.
Presented at a press conference by CEO Hisham Talaat Moustafa, the project, dubbed "The Spine," will be developed in partnership with the National Bank of Egypt. It will be based on a paid-up capital of 69 billion Egyptian pounds, or approximately $1,3 billion.
The future city will cover approximately 2,4 million square meters and will integrate various spaces: housing, commercial areas, hotels, retail outlets, leisure facilities, and public green spaces. It will be designed as a coherent extension of Madinaty, another major project of the group.
According to the developers, this investment alone represents nearly 1% of Egypt's gross domestic product, highlighting its strategic importance to the national economy. The project is also expected to generate approximately 818 billion Egyptian pounds in tax revenue for the state in the long term.
In terms of employment, "The Spine" could create more than 55,000 direct jobs, as well as hundreds of thousands of indirect jobs, thus helping to stimulate economic activity and the labor market.
This project reflects Egypt's desire to develop new urban centers to alleviate congestion in Cairo and support its population growth. It also illustrates the country's ambition to modernize its infrastructure and attract large-scale investment.
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