Egypt’s Talaat Moustafa Group Holding (TMG) has launched a new cognitive city project, “The Spine,” with investments exceeding EGP 1.4trn, aimed at contributing 1% to the country’s gross domestic product and establishing a major destination for international companies.
The project, located within the Madinaty development, operates with a paid-up capital of EGP 69bn and includes the participation of the National Bank of Egypt. TMG Chief Executive and Managing Director Hisham Talaat Moustafa said the development is expected to generate EGP 818bn in tax revenues for the state budget and create 55,000 direct and 100,000 indirect jobs.
Moustafa stated the project adopts a Special Investment Zone (SIZ) model, providing a flexible regulatory framework, simplified procedures, competitive incentives, and special customs circuits to facilitate business establishment.
“We are not just building towers, we are building an integrated economic model,” Moustafa said, adding that the project is designed to attract tens of millions of visitors annually to support economic, commercial, and tourism activities.
“The Spine” will comprise 165 residential, administrative, and hotel towers. Moustafa noted the development functions as a “Cognitive City” reliant on artificial intelligence and smart management systems, and will feature an underground logistical road network.
More than 1.5m square metres—accounting for 70% of the project’s surface area—will be dedicated to green spaces and open areas. The design aims to reduce carbon emissions and noise, supporting the concept of “Longevity.” The development also includes medical services provided by Houston Methodist and holds insurance coverage exceeding EGP 30 bn.
The project’s launch follows five years of studies conducted with international consultancies. The announcement was attended by Prime Minister Mostafa Madbouly, Central Bank Governor Hassan Abdalla, Finance Minister Ahmed Kouchouk, and Housing, Utilities and Urban Communities Minister Randa Al-Minshawy.
Moustafa said the development responds to global shifts in economic power and the competition to attract investments, aligning with the country’s trajectory led by President Abdel Fattah al-Sisi.
Describing the project as a reflection of confidence in the Egyptian economy and the private sector, Moustafa issued an invitation to the business community to participate in building a regional business centre.
“There are projects that are built, and others that change the rules of the game,” Moustafa said.
