Egyptian developer Talaat Moustafa Group has officially announced the construction of a megaproject called The Spine on the outskirts of Cairo. The project will cost 1.4 trillion Egyptian pounds (approximately $27 billion). The city will be located in the area of the existing Madinaty residential complex in the eastern suburbs of the Egyptian capital.
The project provides for the construction of 165 residential, business and commercial towers on an area of more than 2 million square meters (more than 200 hectares). At the same time, about 70% of the territory (over 1.5 million square meters) will be allocated for green areas.
The main feature of The Spine is that it is Egypt's first special economic zone with its own customs service, which greatly simplifies business registration and the import of goods.The economic effect of the project is estimated as follows:
- contribution to Egypt's GDP is about 1%;
- projected tax revenues to the budget - 818 billion Egyptian pounds;
- creation of 55,000 direct and 100,000 indirect jobs.
Source: Bloomberg
