🇪🇬EgyptNorth Africa
Egypt approves first integrated investment zone for TMGH's The Spine mega development
via Egypt Today2 min read
Egypt's Board of the General Authority for Investment and Free Zones GAFI, led by Minister of Investment and Foreign Trade Mohamed Farid, has approved the establishment of the country's first investment zone with a dedicated on-site customs system. This zone is designated for Orion Urban Development, a subsidiary of Talaat Moustafa Group Holding TMGH, to execute The Spine project in New Cairo. The Spine, considered one of Egypt's largest urban developments, will span 506 feddans within Madinaty and feature 165 mixed-use towers for residential, administrative, commercial, and hospitality purposes. Total investments are projected to exceed LE 1.4 trillion, with an estimated LE 818 billion in tax revenues for the state. Legal and regulatory procedures are being finalized for the Cabinet's official decision, in coordination with the Ministry of Finance. Farid stated that this framework aims to streamline incorporation, licensing, and operational procedures, and facilitate import and export activities through the integrated customs infrastructure. Hisham Talaat Moustafa highlighted the project as an example of public-private sector cooperation and emphasized the role of investment zones in attracting global investments and fostering long-term economic growth.
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This summary was AI-generated from a story originally published by Egypt Today.
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