Egypt’s Cabinet has approved the establishment of a special investment zone, The Spine, within the Madinaty development in New Cairo, paving the way for one of the country’s largest mixed-use investment projects with planned investments of approximately EGP 1.4tn.
The decision, approved during the Cabinet’s weekly meeting on Thursday, authorizes the creation and development of the investment zone by a specialized urban development company.
The approval follows a decision by the General Authority for Investment and Free Zones (GAFI) in April to establish Egypt’s first private investment zone for Orion Urban Development, a subsidiary of TMG Holding, to develop The Spine project.
Spanning approximately 506 feddans (around 2.1 million square metres), the investment zone will accommodate a mixed-use development comprising residential, commercial, administrative, hospitality, entertainment, tourism, healthcare, and other complementary activities.
Speaking during the project’s launch in April, Hisham Talaat Moustafa, CEO and Managing Director of TMG Holding, said The Spine is expected to contribute the equivalent of 1% of Egypt’s gross domestic product (GDP) while generating an estimated EGP 818bn in tax revenues for the state budget over its lifetime.
He described the development as more than a conventional real estate project, calling it an integrated economic model designed to position Egypt as a leading destination for multinational companies and international investment.
According to Moustafa, the project aims to attract tens of millions of visitors annually, supporting commercial, service, tourism, and business activities while strengthening Egypt’s position as a regional hub for investment.
The Spine will feature 165 towers comprising residential, office, and hotel components and will be developed as a Cognitive City, integrating artificial intelligence and smart management systems to create a technology-driven urban environment.
The Cabinet’s approval marks another step in Egypt’s strategy to expand investment zones and encourage greater private sector participation in economic development, while supporting large-scale urban projects capable of attracting domestic and foreign investment.
