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Hisham Talaat Moustafa Rolls Out 'The Spine,' Marking Egypt's First Cognitive City Project
(MENAFN- EIN Presswire) EINPresswire / -- Hisham Talaat is inviting investors and the business community to invest in The Spine project, one of the region's most important business hubs. This integrated economic platform is a premier destination for global companies and contributes 1% to the GDP.
The project was launched at a press conference attended by Prime Minister Dr Mostafa Madbouly today, Saturday, at the Cabinet headquarters in the New Administrative Capital. The Spine project has been developed by the Talaat Moustafa Group (TMG).
Speaking at the event, Hisham Talaat, TMG's CEO and Managing Director, described 'The Spine' as an unprecedented leap in smart urban development. It is the first 'cognitive city' in Egypt and the Middle East to be fully reliant on artificial intelligence technologies. Designed to attract global corporations, it will place Egypt at the forefront of international investment destinations.
Talaat explained that the project embodies a comprehensive vision for building future cities and transforming them into globally competitive economic platforms. He noted that 'The Spine' investments exceed EGP 1.4 trillion, with paid-up capital of EGP 69 billion in a strategic partnership with the National Bank of Egypt, the largest financial institution in Egypt. He added that 'The Spine' is expected to contribute around 1% to Egypt's GDP while generating tax revenues of approximately EGP 818 billion. It will also create 55,000 direct jobs and 100,000 indirect ones.
The project includes a Special Investment Zone (SIZ) offering flexible regulations, simplified procedures and dedicated customs frameworks. These features are aimed at attracting foreign direct investment and enhancing the ease with which businesses can operate. The investment zone will also provide advanced digital infrastructure to facilitate the swift establishment of companies and foster a seamless integration of work and life, establishing this project as the backbone of the modern economy.
Speaking to the business community, Hisham Talaat Moustafa encouraged them to invest in the project, emphasizing the unique investment opportunities it offers. He encouraged investors to contribute to the development of one of the region's most significant business hubs, situated in an environment designed to facilitate growth and expansion into global markets.
He stated that the launch of this project comes amidst rapidly evolving geopolitical changes that are reshaping global economic power centres and creating fierce competition for investment, and emphasized that Egypt is moving forward steadily and confidently under the leadership of His Excellency President Abdel Fattah El-Sisi, guided by a clear vision that prioritizes the economy and development.
He explained that the goal of 'The Spine' was not just to create a new project, but to establish an integrated economic destination connecting capital, opportunities, technology, and human capital. This reflects a shift in urban development concepts towards building productive cities that can generate added value.
The project comprises approximately 165 towers for residential, commercial and hospitality use, surrounded by expansive green spaces covering 70% of the total area. Designed to host millions of visitors annually, the project prioritizes sustainability by focusing on reducing carbon emissions to create a clean, healthy environment. It also minimizes noise levels to create a tranquil living and working environment that aligns with global public health trends. For the first time in Egypt, the project offers insurance coverage exceeding EGP 30 billion, supported by state-of-the-art medical services in partnership with Houston Methodist Hospital, one of the largest hospitals in the United States. The hospital is currently under construction in Madinaty and is scheduled to open in April 2027.
Hisham Talaat Moustafa explained that 'The Spine' transcends the traditional concept of development, as it is a smart entity that interacts with and evolves alongside its users thanks to its self-learning systems. It also features the world's first fully underground logistics network. He noted that this model is the result of specialized studies conducted over five years in collaboration with leading international consultancies in China and Singapore, with the aim of developing a world-class business system capable of meeting the demands of the global market.
Finally, he emphasized that the project demonstrates strong confidence in the Egyptian economy and the capacity of the private sector to deliver significant, sustainable growth-promoting initiatives and usher in a new era of globally competitive cities.
The project was launched at a press conference attended by Prime Minister Dr Mostafa Madbouly today, Saturday, at the Cabinet headquarters in the New Administrative Capital. The Spine project has been developed by the Talaat Moustafa Group (TMG).
Speaking at the event, Hisham Talaat, TMG's CEO and Managing Director, described 'The Spine' as an unprecedented leap in smart urban development. It is the first 'cognitive city' in Egypt and the Middle East to be fully reliant on artificial intelligence technologies. Designed to attract global corporations, it will place Egypt at the forefront of international investment destinations.
Talaat explained that the project embodies a comprehensive vision for building future cities and transforming them into globally competitive economic platforms. He noted that 'The Spine' investments exceed EGP 1.4 trillion, with paid-up capital of EGP 69 billion in a strategic partnership with the National Bank of Egypt, the largest financial institution in Egypt. He added that 'The Spine' is expected to contribute around 1% to Egypt's GDP while generating tax revenues of approximately EGP 818 billion. It will also create 55,000 direct jobs and 100,000 indirect ones.
The project includes a Special Investment Zone (SIZ) offering flexible regulations, simplified procedures and dedicated customs frameworks. These features are aimed at attracting foreign direct investment and enhancing the ease with which businesses can operate. The investment zone will also provide advanced digital infrastructure to facilitate the swift establishment of companies and foster a seamless integration of work and life, establishing this project as the backbone of the modern economy.
Speaking to the business community, Hisham Talaat Moustafa encouraged them to invest in the project, emphasizing the unique investment opportunities it offers. He encouraged investors to contribute to the development of one of the region's most significant business hubs, situated in an environment designed to facilitate growth and expansion into global markets.
He stated that the launch of this project comes amidst rapidly evolving geopolitical changes that are reshaping global economic power centres and creating fierce competition for investment, and emphasized that Egypt is moving forward steadily and confidently under the leadership of His Excellency President Abdel Fattah El-Sisi, guided by a clear vision that prioritizes the economy and development.
He explained that the goal of 'The Spine' was not just to create a new project, but to establish an integrated economic destination connecting capital, opportunities, technology, and human capital. This reflects a shift in urban development concepts towards building productive cities that can generate added value.
The project comprises approximately 165 towers for residential, commercial and hospitality use, surrounded by expansive green spaces covering 70% of the total area. Designed to host millions of visitors annually, the project prioritizes sustainability by focusing on reducing carbon emissions to create a clean, healthy environment. It also minimizes noise levels to create a tranquil living and working environment that aligns with global public health trends. For the first time in Egypt, the project offers insurance coverage exceeding EGP 30 billion, supported by state-of-the-art medical services in partnership with Houston Methodist Hospital, one of the largest hospitals in the United States. The hospital is currently under construction in Madinaty and is scheduled to open in April 2027.
Hisham Talaat Moustafa explained that 'The Spine' transcends the traditional concept of development, as it is a smart entity that interacts with and evolves alongside its users thanks to its self-learning systems. It also features the world's first fully underground logistics network. He noted that this model is the result of specialized studies conducted over five years in collaboration with leading international consultancies in China and Singapore, with the aim of developing a world-class business system capable of meeting the demands of the global market.
Finally, he emphasized that the project demonstrates strong confidence in the Egyptian economy and the capacity of the private sector to deliver significant, sustainable growth-promoting initiatives and usher in a new era of globally competitive cities.
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