Egypt’s Talaat Moustafa Group has presented a construction plan for a new commercial and administrative hub within its Madinaty project.

Axar.az, citing TMG, reports that the project, named “The Spine,” will be part of the group's massive residual built-up area of 28 million square meters.

The plan includes the construction of diverse commercial spaces; the group currently manages a residual 4.5 million square meters of non-residential built-up area across its projects. The plan includes the construction of 165 residential, business, and commercial skyscrapers. According to company head Hisham Talaat Moustafa, while the exact construction timeline has not yet been determined, the project is expected to create more than 155,000 jobs and attract tens of millions of visitors annually.

According to company data, TMG has a 50-year track record and has delivered approximately 120,000 units since its inception. The group's current land bank is valued at approximately EGP 133 billion. This initiative continues a series of large-scale projects in Egypt, including the 21 million square meter Noor city and the 2.1 million square meter Celia project in the New Administrative Capital.

TMG has also expanded internationally with the 10 million square meter Banan project in Riyadh, Saudi Arabia.

It should be noted that the Egyptian government announced plans in 2015 to build a new administrative capital to reduce the burden on Cairo. According to projections, Cairo’s population could reach 40 million by 2050 from the current 18 million. The new city, being built 45 km east of Cairo toward the Suez direction, is planned to become the country’s administrative and financial hub, with around 7 million residents expected.