Dr. Mostafa Madbouly, Prime Minister, attended today, at the Cabinet headquarters in the New Capital, the announcement event of the launch of the urban development project of Talaat Moustafa Group  (The Spine) in New Cairo, which is being implemented in partnership with the National Bank of Egypt, with investments exceeding EGP 1.4 trillion, Invest-Gate reports.

The event was attended by Mr. Hassan Abdalla, Governor of the Central Bank of Egypt; Mr. Ahmed Kouchouk, Minister of Finance; Eng. Randa El-Menshawy, Minister of Housing, Utilities and Urban Communities; Mr. Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa Group; Mr. Mohamed El-Etreby, CEO of the National Bank of Egypt; Eng. Mohamed El Gossaki, CEO of the General Authority for Investment and Free Zones; along with a number of senior officials and representatives of Talaat Moustafa Group.

During the launch event, a documentary film showcasing the details of the new city’s development was presented. Mr. Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa Group Holding, then delivered a speech, stating that “today is not merely the launch of a project, but an announcement of a new vision—a vision for building the cities of the future and transforming them into economic platforms capable of competing globally.”

The Spine… A Smart City and an Integrated Economic Model

Mr. Hisham Talaat Moustafa expressed his pleasure at attending the launch of The Spine project, stating: “We are living in a world that is changing at an unprecedented pace, with geopolitical shifts and a reshaping of economic power centers, in addition to global competition to attract investments and talent.

At the heart of these changes, Egypt is moving forward steadily and confidently under the leadership of His Excellency President Abdel Fattah El-Sisi, with a clear vision that places economy and development at the forefront of priorities.”

He added: “From this perspective, our goal was not merely to develop a new project, but to create an integrated economic destination that connects capital with opportunities, and technology with people.

The Spine represents the backbone of a modern economy now taking shape within Talaat Moustafa Group. Our role has never been limited to building projects; it has always been about deeply studying how to enhance life, build cities, create value, and develop lifestyles. With The Spine, we move into a new phase—we are not just building towers, but creating a fully integrated economic model. We do not simply offer units; we provide a comprehensive global business ecosystem.”

A Global Investment Model and Advanced Business Hub

In his speech, Mr. Hisham Talaat Moustafa also explained that this project was not born out of a mere idea, but from a deep understanding of the global market. It is the result of more than five years of studies conducted in collaboration with leading international consulting firms. The goal was to answer one key question: how can Egypt become a primary destination for global companies?
The answer was clear: by adopting an advanced model for a Special Investment Zone (SIZ) that offers a flexible regulatory framework, simplified procedures, competitive incentives, special customs zones, a flexible business environment, fast establishment processes, advanced digital infrastructure, and genuine integration between work and life.

He further noted that The Spine is not just a project, but a living city—one that thinks, learns, and evolves. The project has been designed to be an iconic global destination and an integrated hub for modern living, finance and business, retail, entertainment, and innovation within a highly intelligent, self-learning city powered by artificial intelligence and smart management systems.

Accordingly, it presents an advanced model of what is referred to as a “Cognitive City,” or an integrated knowledge-based city. It is also the first city to feature a fully integrated underground logistics road network, transforming it from a static space into a dynamic entity that interacts and evolves with its users.

Record-Breaking Figures and Broad Economic Impact

Regarding the scale of investments, Mr. Hisham Talaat Moustafa highlighted that this is an unprecedented project with investments exceeding EGP 1.4 trillion and a paid-in capital of EGP 69 billion, in partnership with one of Egypt’s largest financial institutions, the National Bank of Egypt.

The project is expected to create more than 55,000 direct jobs and 100,000 indirect jobs, contribute the equivalent of 1% to the Gross Domestic Product (GDP), and attract tens of millions of visitors annually.

In this context, he pointed out that the project comprises 165 towers (residential, administrative, and hotel), and is expected to contribute EGP 818 billion in tax revenues to the state’s general budget. Additionally, the project includes more than 1.5 million square meters of green and open spaces, representing 70% of the total project area. For the first time in Egypt, the project will also provide insurance coverage exceeding EGP 30 billion, alongside the latest global medical services provided by Houston Methodist.
He added that the design aims to reduce carbon emissions, achieving a scientifically balanced and clean environment that aligns with global trends toward better health and longer life expectancy.

The project has also been designed to minimize noise, ensuring a calm environment suitable for both living and working.

He continued: “What matters most is not just the numbers themselves, but what they represent—confidence in the Egyptian economy, confidence in the capabilities of the private sector, and confidence in the future.

My message today to the business community is: this is not a conventional opportunity; it is an invitation to participate in building one of the most important business hubs in the region—an environment designed for your success and expansion into global markets.”

In conclusion, Mr. Hisham Talaat Moustafa emphasized that throughout history, there are projects that are built, and others that redefine the rules of the game.

“The Spine is of the latter kind. We are not merely launching a project; we are establishing a new phase—one in which we shape the future.” He concluded by praying for Egypt’s continued prosperity and success.