Prime Minister Mostafa Madbouly attended the launch of the “The Spine” urban development project by Talaat Moustafa Group at the Cabinet headquarters in the New Capital, with total investments exceeding EGP 1.4 trillion.

The project, located in New Cairo within Madinaty and implemented in partnership with National Bank of Egypt, was unveiled during an event attended by Central Bank Governor Hassan Abdalla, Finance Minister Ahmed Kouchouk, Housing Minister Randa El-Menshawy, and senior officials.

During the event, Madbouly said the project is expected to generate tax revenues exceeding EGP 800 billion, adding that Egypt remains “a safe and stable country where investments can achieve the highest possible economic returns.”

CEO and Managing Director Hisham Talaat Moustafa said the project represents “a new vision for building future cities” and aims to position Egypt as a competitive global destination for investment.

He added that “The Spine” is designed as an integrated economic hub rather than a conventional real estate development, linking capital, technology, and business opportunities.

The project is based on a Special Investment Zone (SIZ) model offering flexible regulations, simplified procedures, competitive incentives, and dedicated customs zones, alongside advanced digital infrastructure and a fast-track business environment.

Spanning 165 mixed-use towers across residential, administrative, and hospitality segments, the development is designed as a “Cognitive City” powered by artificial intelligence and smart systems.

With paid-in capital of EGP 69 billion, the project is expected to contribute around 1 percent of Egypt’s GDP, create approximately 55,000 direct jobs and 100,000 indirect jobs, and generate an estimated EGP 818 billion in tax revenues.

Moustafa noted that the project follows more than five years of studies conducted with international consultancies to position Egypt as a primary hub for global companies.

The development will also feature more than 1.5 million square meters of green and open spaces, representing 70% of its total area,alongside a fully integrated underground logistics network.