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Egypt plans to build a new $27 billion city
Talaat Moustafa Group has unveiled a $27 billion project to build a new city, The Spine, near Cairo, Bloomberg reports.
The project envisions the construction of 165 towers with residential, commercial, and office space covering over 2 million square meters. According to company CEO Hisham Talaat Mustafa, the timeline for completion has not yet been determined.
The project is expected to create over 155,000 jobs and attract millions of visitors annually.
This initiative continues a series of major projects in Egypt supported by investment from Gulf countries. The company previously participated in the development of the Ras al-Hekma resort, in which the UAE invested $35 billion.
Egypt is also building a new administrative capital east of Cairo. The project was unveiled in 2015, and active construction has been underway since 2017. The new city is expected to become an administrative and financial center with a population of approximately 7 million people.
