Prime Minister Mostafa Madbouly oversaw the launch of the “The Spine” mega development, describing it as a transformative private-sector project expected to deliver strong economic returns and reinforce investor confidence in Egypt.
The project, led by Talaat Moustafa Group in partnership with National Bank of Egypt, will be developed in New Cairo with investments exceeding LE 1.4 trillion.
Madbouly said the development is projected to generate tax revenues surpassing LE 800 billion, while contributing significantly to job creation and economic activity. He stressed that Egypt remains a safe and stable investment destination capable of delivering strong returns despite global uncertainties.
During the launch event, Hisham Talaat Moustafa, CEO and Managing Director of the group, said the project goes beyond traditional real estate development, positioning it as an integrated economic model aimed at attracting global companies and international investments.
“The Spine is not just a project, but a vision for building future cities and transforming them into globally competitive economic platforms,” he said, noting that the development was based on more than five years of studies in collaboration with international consultancies.
He added that the project adopts an advanced Special Investment Zone (SIZ) model, offering a flexible regulatory framework, streamlined procedures, competitive incentives, and dedicated customs systems, alongside a business-friendly environment supported by advanced digital infrastructure.
Moustafa said the development is designed as a “cognitive city” powered by artificial intelligence and smart management systems, combining residential, commercial, financial, and entertainment components within a fully integrated ecosystem.
He also highlighted that 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 attract tens of millions of visitors annually.
“The goal is not just to build towers, but to build a complete economic system,” he said, adding that the project reflects strong confidence in Egypt’s economy, the private sector, and future growth prospects.
Located within Madinaty, the development will include 165 mixed-use towers and extensive green spaces, as Egypt continues to expand private-sector-led investments and position itself as a regional hub for business and innovation.