en.Wedoany.com Reported - Egypt's Talaat Moustafa Group (TMG) officially announced the launch of the large-scale urban development project "The Spine" (City within a City) on April 19. The total investment for the project exceeds EGP 1.4 trillion (approximately USD 27 billion). The project is located in East New Cairo, adjacent to the group's existing Madinaty community. It is being developed by Talaat Moustafa Group in cooperation with the National Bank of Egypt, with a paid-up capital of EGP 69 billion (approximately USD 1.3 billion).
Egyptian Prime Minister Mostafa Madbouly attended the project launch ceremony and described the project as an urban development project of "global standards." Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa Group, stated at the launch event: "The Spine is not just a project, but a vision for building the cities of the future, transforming them into economically competitive platforms on a global scale."
The urban development is planned to cover an area of approximately 2.4 million square meters, featuring 165 towers for residential, administrative, office, and hotel purposes. Green spaces and open areas will exceed 1.5 million square meters, accounting for 70% of the total area. The project adopts the Special Investment Zone (SIZ) model, integrating the customs zone with an on-site executive office of the General Authority for Investment and Free Zones (GAFI) to streamline establishment, licensing, and operational procedures.
In terms of economic benefits, the urban development is expected to directly create over 55,000 jobs and indirectly generate approximately 100,000 positions. Hisham Talaat Moustafa stated that this investment is equivalent to about 1% of Egypt's GDP and is projected to bring approximately EGP 818 billion (about USD 15.8 billion) in tax revenue to the Egyptian national budget in the long term. The project is designed as an Artificial Intelligence-driven "Cognitive City," equipped with a comprehensive underground logistics road network and an intelligent management system.
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