Egypt’s Cabinet has approved on Thursday the establishment of a new investment zone, The Spine, within the Madinaty development in New Cairo, paving the way for a large-scale mixed-use project with planned investments of around EGP 1.4 trillion.
The investment zone will cover approximately 506 feddans and will accommodate residential, commercial, administrative, hotel, entertainment, tourism and medical facilities, along with complementary activities.
The Cabinet also approved granting a specialized urban development company a license to develop and operate the project.
According to the government, the development is expected to create around 55,000 direct jobs, supporting employment while expanding investment opportunities in New Cairo.
