economy
Egypt's Talaat Moustafa Group to build $27 billion city east of Cairo
Egypt's Talaat Moustafa Group (TMG) will build a new 1.4 trillion Egyptian pound ($27 billion) mixed-use city east of Cairo.
TL;DR
- Talaat Moustafa Group (TMG) will build a new $27 billion mixed-use city east of Cairo.
- The project, named The Spine, is a partnership with the National Bank of Egypt and has a paid-up capital of $1.3 billion.
- It will cover 2.4 million square meters and include residential, commercial, hospitality, retail, entertainment, and green spaces.
- The investment represents about 1% of Egypt's GDP and is projected to generate 818 billion Egyptian pounds in tax revenues.
- The project is expected to create over 55,000 direct jobs and hundreds of thousands of indirect positions.