TMG to build $27 billion mixed-use city east of Cairo

The Talaat Moustafa Group (TMG) has announced the development of a new mixed-use city east of Cairo, Egypt, with a total investment value of 1.4 trillion Egyptian pounds ($27 billion). The project, titled The Spine, was unveiled by CEO and Managing Director Hisham Talaat Moustafa during a press conference on Saturday. This massive development is being launched in partnership with the National Bank of Egypt, featuring a paid-up capital of 69 billion Egyptian pounds ($1.3 billion). Designated as a Special Investment Zone, the project will be integrated with the group's existing Madinaty development. It spans approximately 2.4 million square meters and is designed to function as a continuous urban environment.

According to the group's leadership, the investment is equivalent to roughly 1% of the national gross domestic product and is projected to generate approximately 818 billion Egyptian pounds in tax revenues for the state budget over time. The Spine is set to include a diverse range of facilities including residential and commercial units, hospitality and retail outlets, and entertainment and public green spaces. Beyond its physical infrastructure, the project is anticipated to create more than 55,000 direct jobs and hundreds of thousands of indirect positions, providing a substantial boost to the domestic labor market.