A $27 billion project for a new city has been unveiled in Egypt
The Egyptian property developer Talaat Moustafa Group has unveiled plans for a new city costing 1.4 trillion Egyptian pounds, equivalent to around $27 billion. It is set to be built on the outskirts of Cairo, according to Bloomberg.
The project involves the development of an area of over 2 million square metres. Within the city, there are plans to construct 165 residential, business and commercial towers.
The company’s CEO, Hisham Talaat Mustafa, announced that the city has been named The Spine.
No specific timeline for the project has been given. According to Mustafa, the construction will create over 155,000 direct and indirect jobs, as well as attract tens of millions of visitors each year.
The project’s presentation materials showcase features reminiscent of developments in Dubai. These include fountains in a large water feature, skyscrapers and pedestrian-friendly streets lined with greenery.
During the press conference, Moustafa stated that The Spine is the cornerstone of the modern economy taking shape in the country. The event was also attended by Egyptian Prime Minister Mostafa Madbouly and Central Bank Governor Hassan Abdallah.
The Talaat Moustafa Group has previously been involved in large-scale projects. In particular, it is one of the key players in the development of the Ras el-Hekma district on the Mediterranean coast.
Over the past decade, a number of infrastructure projects have been implemented in Egypt, including the construction of a new administrative capital east of historic Cairo.
