Egypt to build $27-billion megacity of towers near Cairo

Egypt’s Talaat Moustafa Group has unveiled plans to develop a new $27 billion city near Cairo, Bloomberg reports.

The project, named The Spine, will span more than 2 million square meters. According to the concept, it will include 165 high-rise towers housing residential apartments, business office centers, and extensive commercial spaces.

Company CEO Hisham Talaat Moustafa said that the timeline for implementation has not yet been determined. The project is expected to create more than 155,000 jobs and attract tens of millions of visitors annually.

The initiative continues a series of large-scale developments in Egypt that are being financed through investments from Gulf countries.

By Jeyhun Aghazada