The Egyptian Talaat Moustafa Group is behind the construction of The Spine project. The National Bank of Egypt will also participate in the project, with capital amounting to approximately 26.8 billion crowns.
The new city project is to be created in a special investment zone east of Cairo, within the Mandinaty residential project, on an area of approximately 2.4 million square meters. The construction will combine residential construction, services, shops, entertainment centers and public greenery.
The Spine is counting on the concept of a smart city that will use artificial intelligence with an emphasis on improving life and services.
The investment, which amounts to roughly one percent of Egypt’s GDP, should create over 55,000 new jobs and generate roughly 800 billion Egyptian pounds (approx. 326 billion crowns) in accumulated tax revenue over the entire life cycle of the project.
The project is part of the economic reforms by which Egypt wants to stabilize its finances and attract foreign capital, as reported by the Arab News website.
“The important message of launching this project at this time is that despite the global and local events we are witnessing, huge investments are being made in Egypt, thanks to which this country enjoys security and stability, and that these investments will bring the highest possible economic return,” said Egyptian Prime Minister Mostafa Madbouly.
