Arab Finance: Egypt’s Prime Minister Mostafa Madbouly witnessed the announcement of The Spine, an urban development project in New Cairo launched by Talaat Moustafa Group (TMG Holding) in partnership with the National Bank of Egypt (NBE), with investments exceeding EGP 1.4 trillion, as per a statement.

In terms of economic impact, the project is projected to create more than 55,000 direct jobs and 100,000 indirect jobs, with a direct contribution equivalent to 1% of Egypt’s gross domestic product. It is also expected to attract tens of millions of visitors annually.

During the launch event, a documentary film showcasing the development of the new city was screened, followed by remarks from TMG Holding's Chairman Hisham Talaat Moustafa, who framed the launch as part of a broader economic vision. 

Moustafa said that the development includes insurance coverage exceeding EGP 30 billion and will feature international healthcare services provided by the US-based Houston Methodist. The design incorporates environmental considerations aimed at reducing carbon emissions and minimizing noise to create a balanced living and working environment.

Moustafa added that the project reflects Egypt’s current economic trajectory, highlighting a rapidly shifting global landscape marked by geopolitical changes, evolving centers of economic power, and intensifying competition to attract investment and talent. He noted that, within this context, Egypt continues to move forward with stability and confidence under the leadership of Abdel Fattah El-Sisi, guided by a clear focus on economic growth and development.

He also noted that the project extends beyond conventional real estate development, explaining that it is designed as an integrated economic model rather than a collection of buildings, and aims to deliver a comprehensive, globally competitive business ecosystem rather than standalone units.

According to Moustafa, the project was developed following more than five years of studies conducted in collaboration with international consultancies to position Egypt as a destination for global companies. The project adopts a special investment zone model designed to offer flexible regulations, streamlined procedures, competitive incentives, and advanced digital infrastructure, alongside integration between business and lifestyle.