Talaat Moustafa unveils EGP 1.4 tn mixed-use city in east Cairo

Another TMG megaproject: Talaat Moustafa Group (TMG) announced plans to build an EGP 1.4 tn (c. USD 27 bn) mixed-use city in New Cairo’s Madinaty, called The Spine, according to a press release (pdf). The project is expected to generate some EGP 1.7 tn in sales.

The details: The Spine will house 165 residential, business, and commercial towers. The development is billed as a “Cognitive City,” utilizing an integrated AI and smart management framework to create a hub for residential, commercial, financial, and entertainment spaces — designed to welcome tens of mns of visitors every year. The Spine will also include “the first fully integrated underground logistics network of its kind, enhancing efficiency, mobility, and sustainability.”

It is being established within the purview of a Special Investment Zone and free economic zone framework. This status grants The Spine a distinct regulatory environment characterized by expedited administrative procedures, customs protocols, and other incentives.

No word on when we can expect to see the project on the ground. There was no mention of the project’s timeline in the press release or the presser during which the project was announced.

TMG is no stranger to megaprojects: The developer is currently working on its first North Coast project — EGP 1 tn SouthMed.

Tax revenues for the state coffers: The government expects The Spine to generate some EGP 818 bn in tax revenues over time.

That’s not all: The Spine is expected to create upwards of 55k direct jobs and 100k indirect jobs, and a direct contribution “equivalent to 1%” of Egypt’s GDP.