Prime Minister Moustafa Madbouli on Saturday launched “The Spine” project, a flagship mixed-use development by Talaat Moustafa Group (TMG) in New Cairo, describing it as a landmark step in advancing Egypt’s urban transformation and economic growth.
Madbouli said the project, with investments exceeding LE1.4 trillion, is expected to create more than 155,000 direct and indirect job opportunities, while generating tax revenues surpassing LE800 billion.
Speaking during the launch event at the Cabinet headquarters in the New Capital, the prime minister underscored that, despite prevailing global and regional uncertainty, Egypt continues to attract substantial investments, reflecting strong confidence in the country’s security, stability, and economic potential.
He described the project as a symbol of Egypt’s future, delivering a qualitative leap in urban development and economic expansion. He noted that it is being implemented by a major Egyptian consortium in partnership with domestic financing institutions.
Madbouli added that the development places Egypt among countries that have made significant investments in advanced financial, administrative, and commercial hubs, pointing out that the government has already taken concrete steps towards establishing such centres.
He further emphasised that the project embodies a comprehensive development vision that extends beyond urban expansion to include economic, social, industrial, and tourism dimensions. The scheme is expected to support a wide range of industries and manufacturing activities, while enhancing tourism capacity through more than 3,500 hotel rooms.
The prime minister also highlighted continued momentum in attracting both foreign and domestic investments across key sectors, noting that several major agreements have recently been signed for projects within the Suez Canal Economic Zone.
“There is something new happening every day in terms of projects being implemented across Egypt,” Madbouli said, reaffirming the government’s commitment to sustaining growth and driving development through investment.
