Egypt’s Talaat Moustafa Group (TMG) has unveiled plans to develop a 1.4 trillion Egyptian pound ($27 billion) mixed-use city east of Cairo.
The company’s Chief Executive Officer and Managing Director, Hisham Talaat Moustafa, disclosed this at a press conference on Saturday.
He said the project, named “The Spine,” will be developed in partnership with the National Bank of Egypt, with a paid-up capital of 69 billion Egyptian pounds ($1.3 billion).
According to him, “the development will be established as a Special Investment Zone alongside TMG’s existing Madinaty project.”
Moustafa said that the project will span approximately 2.4 million square metres and will integrate residential, commercial, hospitality, retail, and entertainment facilities, as well as public green spaces within a unified urban environment.
Moustafa noted that “the investment is equivalent to about one percent of Egypt’s gross domestic product (GDP) and is expected to generate roughly 818 billion Egyptian pounds in tax revenues over time.”
The project is also projected to create more than 55,000 direct jobs and hundreds of thousands of indirect employment opportunities.
Separately, Iran said on Friday that the Strait of Hormuz remains open, although major shipping companies have responded cautiously.
Reuters