The Egyptian cabinet has given its final approval for the country's first private investment zone, a massive $27 billion project named 'The Spine' being developed by Talaat Moustafa Group (TMG) in New Cairo. The project will be developed over 14 years and is expected to contribute approximately 1% to Egypt's GDP, generate significant tax revenue, and create tens of thousands of jobs.
The development spans over 2.1 million square meters and will include 165 towers with residential, commercial, administrative, and hospitality units. This landmark decision establishes a regulatory precedent and signals Egypt's strategy to attract large-scale private and foreign investment to drive economic development. The project aims to position Egypt as a leading destination for multinational corporations.