Egyptian real estate developer Talaat Moustafa Group (TMG) has announced plans for a new urban development, named The Spine, in eastern Cairo, with an investment totalling E£1.4tn ($27bn).

The project, launched at a press conference attended by Prime Minister Dr Mostafa Madbouly, is being developed in partnership with the National Bank of Egypt and features a paid-up capital of E£69bn.

The Spine, classified as a special investment zone aimed at attracting foreign direct investment, will span 2.4 million sqm and feature approximately 165 towers for residential, commercial and hospitality use. According to TMG, 70% of the project's land area will be allocated to green spaces.

The company reports that the development will utilise AI and digital infrastructure to operate as what it describes as Egypt and the Middle East's first “cognitive city”, responding in real time to changing urban conditions.

TMG states that the project is expected to create 55,000 direct jobs and an additional 100,000 indirect positions, while generating projected tax revenues of E£818bn.

As part of its infrastructure, The Spine will feature a fully underground logistics network, which is claimed to be a first of its kind worldwide. The system was designed over five years of research, drawing on input from international consultancies in China and Singapore.

TMG also states that the project includes insurance coverage worth more than E£30bn and will feature medical facilities in partnership with Houston Methodist Hospital.

Construction is under way in Madinaty, with the opening scheduled for April 2027.

The Spine is intended to serve as an economic platform for international companies, contributing an estimated 1% to Egypt’s GDP, and to attract foreign investment by offering flexible regulations within its special investment zone.

Additionally, the company highlights the availability of digital infrastructure and business-friendly policies that streamline company set-up and support day-to-day business operations.

Officials from TMG indicate that the project is a response to both national economic goals and shifts in global investment landscapes.

The launch follows calls by the developer for greater involvement from the business community and investors in the initiative.

"Talaat Moustafa unveils $27bn urban development in Cairo" was originally created and published by World Construction Network, a GlobalData owned brand.

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