Egypt: Talaat Moustafa Group unveils $27 billion integrated city project east of Cairo

Real estate developer Talaat Moustafa Group has announced a $27 billion urban project east of Cairo, named “The Spine,” according to a statement by CEO Hisham Talaat Moustafa at a press conference. The project, developed in partnership with the National Bank of Egypt, is backed by $1.3 billion in paid-up capital and spans approximately 2.4 million square meters. Designed as a Special Investment Zone, it will combine residential, commercial, hospitality, and public spaces. The developer stated that the investment represents around 1% of Egypt’s gross domestic product and is expected to generate approximately 818 billion Egyptian pounds in tax revenues over time, while creating more than 55,000 direct jobs.