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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 1.4 trillion.
The decision, approved during the Cabinet's weekly meeting on Thursday, authorises the creation and development of the investment zone by a specialised 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.
The move formalises the regulatory framework under which the project will be built, following on from that earlier GAFI decision.
A EGP 1.4 trillion mixed-use development in New Cairo
Spanning approximately 506 feddans, around 2.1 million square metres, the investment zone will accommodate a large-scale mixed-use development comprising:
- Residential
- Commercial
- Administrative
- Hospitality
- Entertainment
- Tourism
- Healthcare and other complementary activities
The combination of these uses within a single zone reflects the scale of the project, positioning it as a self-contained urban district rather than a conventional standalone development.
165 towers and a "Cognitive City" built on AI
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.
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What TMG says the project will deliver
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 per cent of Egypt's gross domestic product while generating an estimated EGP 818 billion in tax revenues for the state budget over its lifetime.
He described the development as more than a conventional real estate project, framing it as 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 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 both domestic and foreign investment.
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