CAIRO, Egypt: Egypt's Talaat Moustafa Group has unveiled plans to develop a US$27 billion mixed-use city east of Cairo, marking one of the country's largest private-sector urban projects in recent years.
The development, named "The Spine", will be built in partnership with the National Bank of Egypt, with total investments estimated at 1.4 trillion Egyptian pounds ($27 billion), CEO and Managing Director Hisham Talaat Moustafa said at a press conference on April 18.
The project will be established as a Special Investment Zone and integrated with TMG's existing Madinaty development. It will span approximately 2.4 million square meters and include residential, commercial, hospitality, retail, and entertainment components, along with public green spaces designed as part of a continuous urban environment.
The project's paid-up capital stands at 69 billion Egyptian pounds ($1.3 billion), reflecting participation from the developer and banking sectors.
Moustafa said the scale of the investment is roughly one percent of Egypt's gross domestic product, underscoring its potential impact on the country's economy.
He added that the development is expected to generate approximately 818 billion Egyptian pounds in tax revenues for the state over time, contributing significantly to public finances.
The project is also projected to create more than 55,000 direct jobs, along with hundreds of thousands of indirect employment opportunities across construction, services, and related sectors.
Large-scale real estate developments have become a central pillar of Egypt's economic strategy in recent years, with the government and private developers investing heavily in new urban communities to ease congestion in Cairo and support population growth.
Projects such as Madinaty and the New Administrative Capital reflect a broader push to modernize infrastructure, expand housing supply, and attract both domestic and international investment.
The Spine is expected to follow a similar model, combining residential and commercial spaces with integrated services to create self-sustained urban hubs.
Analysts say such developments can play a key role in boosting economic activity, particularly in construction and real estate, while also supporting longer-term urban planning goals.
However, large investments of this scale also depend on sustained demand and financing conditions, especially amid broader economic challenges.
TMG's latest project signals continued confidence among major developers in Egypt's real estate sector, even as global economic uncertainty persists.
