Egypt’s Talaat Moustafa Group (TMG) has announced plans to build a new $27 billion mixed-use city east of Cairo, marking one of the country’s largest private real estate investments.
The project, named The Spine, was revealed by CEO and Managing Director Hisham Talaat Moustafa during a press conference. It will be developed in partnership with the National Bank of Egypt, with a paid-up capital of 69 billion Egyptian pounds, equal to about $1.3 billion.
The new city will be built as a Special Investment Zone next to TMG’s existing development Madinaty. It will cover around 2.4 million square meters of land. The design includes residential areas, business districts, hotels, retail spaces, entertainment zones, and large public green areas. The project aims to create a fully integrated urban environment.
According to the company, the total investment value is about 1.4 trillion Egyptian pounds, or $27 billion. This figure represents nearly 1% of Egypt’s gross domestic product, showing the scale of the development. Officials say the project will have a major impact on the national economy.
The Spine is expected to generate strong long-term financial returns for the state. Developers estimate that it could produce around 818 billion Egyptian pounds in tax revenues over time. This would contribute significantly to government income from the real estate and services sectors.
Job creation is another major benefit of the project. TMG said the development will create more than 55,000 direct jobs during construction and operation. It is also expected to generate hundreds of thousands of indirect jobs across related industries such as construction, services, transport, and retail.
The project is designed as a modern urban hub that combines living, working, and entertainment spaces in one connected area. It aims to reduce urban congestion in Cairo by shifting population and business activity toward new planned communities in the east.
Egypt has been encouraging large-scale urban development projects in recent years to support economic growth and attract investment. Private sector partnerships, such as this one between TMG and the National Bank of Egypt, are seen as a key part of that strategy.
Officials say projects like The Spine support long-term national goals, including expanding infrastructure, improving housing supply, and increasing employment opportunities. They also help attract foreign and domestic investment into Egypt’s real estate sector.
With its scale and economic impact, The Spine is expected to become one of the most important development projects in Egypt’s modern urban planning history.
