Advertisement
Private equity has played a significant role in shaping Indi...
In today’s real estate landscape, fitness is often treated...
In this episode of Prop Personalities, we sit down with Hars...
Luxury real estate is one of the most talked-about segments ...
Welcome to Prop Personalities by Prop News Time - a podcast ...
Egypt’s Talaat Moustafa Group has announced plans to develop a large mixed-use city named The Spine to the east of Cairo, with an investment of around USD 27 billion. The project will be developed in partnership with the National Bank of Egypt and structured as a Special Investment Zone alongside the developer’s existing Madinaty project. Spread across about 2.4 million square metres, it will include residential, commercial, hospitality, and green spaces. The development is expected to contribute significantly to Egypt’s economy through tax revenues and job creation.
Egypt-based Talaat Moustafa Group (TMG) has announced plans to develop a large-scale mixed-use city to the east of Cairo with an estimated investment of around INR equivalent of 1.4 trillion Egyptian pounds (USD 27 billion). The announcement was made by the company’s CEO and Managing Director, Hisham Talaat Moustafa, during a recent press interaction. Advertisement
The project, named The Spine, is being developed in partnership with the National Bank of Egypt. The joint development will have a paid-up capital of about 69 billion Egyptian pounds (USD 1.3 billion), indicating a structured financing approach between the private developer and the banking institution.
Planned as a Special Investment Zone, the development will be integrated with TMG’s existing Madinaty project, which is one of Egypt’s largest urban communities. The Spine will span approximately 2.4 million square metres and is designed as a continuous urban development combining residential, commercial, hospitality, retail, and entertainment components. Public green spaces are also expected to form a key part of the layout, reflecting a mixed-use planning approach seen in recent large-scale developments across the region.
The scale of the investment is significant, accounting for nearly 1% of Egypt’s GDP, as highlighted by the company. Over time, the project is projected to generate around 818 billion Egyptian pounds in tax revenues for the government, indicating its long-term fiscal impact.
In terms of employment, the development is expected to create more than 55,000 direct jobs, along with a substantially larger number of indirect employment opportunities across construction, services, and related sectors. This aligns with Egypt’s broader strategy of using large urban developments to drive economic activity and absorb workforce demand.
TMG has previously delivered large township-style developments such as Madinaty and Al Rehab, which have played a key role in Cairo’s eastward urban expansion. The Spine is expected to further strengthen this growth corridor, especially as infrastructure and connectivity in the region continue to improve.
Source Reuters
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
