Egypt's $27B Spine Megaproject to Redefine Luxury Living Near New Capital
Egyptian Talaat Moustafa Group has presented a plan for the construction of a new city called 'The Spine', with an investment of $27 billion near Cairo. The total area of the development will exceed 2 million square meters, on which it is planned to build 165 towers, including residential, business and commercial facilities. The city will become Egypt's newest megaproject. The project has already attracted billions from Persian Gulf countries for luxury coastal settlements. The site of Talaat Moustafa Group reports that the city will feature ultra-luxurious residential buildings with access to the lagoon, branded hotels and apartments with high-class services. There will also be floating zones with pedestrian parks and social spaces, and modern class A offices. In Egypt, a new administrative capital is being built 45 km east of Cairo to unload the overpopulated city. Authorities expect that by 2050 there will be 40 million inhabitants. The new city will host parliament and presidential palaces, 18 ministries, embassies, residential areas, artificial lakes, educational institutions, hospitals, mosques, 40,000 hotel rooms, a thematic park, a railway to Cairo and a new airport. The project is being implemented by the company 'New Administrative Capital for Urban Development' with contractors Orascom, Hassan Allam, Petrojet, Concord, Talaat Mustafa, Arab Contractors and others.
