Talaat Moustafa Group launches $27bn ‘The Spine’ project east of Cairo, set to create tens of thousands of jobs. [Getty]
Egypt’s Talaat Moustafa Group (TMG) will build a new 1.4 trillion Egyptian pound ($27 billion) mixed-use city east of Cairo, CEO and Managing Director Hisham Talaat Moustafa said at a press conference on Saturday.
The project, called The Spine, is to be developed in partnership with the National Bank of Egypt, with a paid-up capital of 69 billion Egyptian pounds ($1.3 billion).
The project, to be built as a Special Investment Zone with TMG’s Madinaty, covers approximately 2.4 million square metres of land, combining residential, commercial, hospitality, retail, entertainment, and public green space within a single continuous urban environment.
The investment is equivalent to roughly 1% of Egypt’s GDP, according to Moustafa, and is projected to generate approximately 818 billion Egyptian pounds in tax revenues for the state budget over time.
The project is expected to create more than 55,000 direct jobs and hundreds of thousands of indirect positions.
($1=51.88 Egyptian pounds)
