Arab Finance: The Ministry of Investment and Foreign Trade has approved an application by Talaat Moustafa Group (TMG Holding) to establish the country’s first Special Investment Zone (SIZ) with a customs area for the EGP 1.4 trillion The Spine project in New Cairo, as per a statement.

The approval, issued by the board of the General Authority for Investment and Free Zones (GAFI), chaired by Minister of Investment Mohamed Farid Saleh, covers Orion for Facilities nd Services Management, a subsidiary of TMG Holding, to develop the large-scale project within Madinaty City.

The SIZ model represents a new generation of investment frameworks that integrates a customs zone with an on-site executive office for GAFI, enabling faster establishment, licensing, and operational procedures within a single administrative structure.

The system allows developers to manage approvals through a unified board of directors and includes dedicated regulatory and customs mechanisms, positioning projects as integrated economic entities aligned with smart city principles.

The investment ministry is coordinating with the Ministry of Finance to present the proposal to the Cabinet for final approval, which will be followed by a prime ministerial decree authorizing the establishment of the zone, in line with the provisions of Investment Law No. 72 of 2017.

The Spine comprises 165 towers spanning residential, administrative, and hotel uses. It is expected to generate about EGP 818 billion in tax revenues for the state and includes more than 1.5 million square meters of green and open spaces, representing 70% of its total area.

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.