CAIRO - 30 July 2026: Egypt's Cabinet approved on Thursday the establishment of a private investment zone named The Spine within the Madinaty project in New Cairo, paving the way for a LE1.4 trillion mixed-use development.
The project will be developed by Orion Urban Development, a subsidiary of Talaat Moustafa Group (TMG), following the approval granted earlier this year by the General Authority for Investment and Free Zones (GAFI) to establish Egypt's first private investment zone.
Spanning around 506 feddans, The Spine will include residential, commercial, administrative, hotel, entertainment, tourism, and healthcare facilities, along with other complementary activities.
During the project's launch in April, Hisham Talaat Moustafa, CEO and Managing Director of TMG Holding, said the development is expected to contribute the equivalent of 1 percent of Egypt's GDP and generate an estimated LE818 billion in tax revenues for the state over its lifetime.
He added that the project is designed to position Egypt as a destination for global businesses and international investment, rather than serving solely as a real estate development.
The Spine is expected to attract tens of millions of visitors annually, supporting commercial, tourism, and service activities while enhancing Egypt's position as a regional business hub.
According to TMG, the development will feature 165 residential, administrative, and hotel towers, built as a Cognitive City powered by artificial intelligence and smart management systems, integrating housing, business, retail, hospitality, entertainment, and innovation in one destination.
Comments
Leave a Comment