A new city project was presented in Egypt
Talaat Moustafa Group, a development company, has unveiled a $27 billion project to build a new city east of Cairo.
The Spine project, developed in partnership with the National Bank of Egypt, will cover an area of about 2.4 million square meters at the first stage. Designed as a Special Investment Area, it will combine residential, commercial, hotel and public spaces.
According to the developer, investments in the project will amount to about 1% of Egypt's GDP and, once implemented, are expected to generate about 818 billion Egyptian pounds in tax revenue, as well as create more than 55,000 direct jobs.
AFRICA NEWS AGENCY
