Prime Minister Madbouly launches "The Spine" mega-project in New Cairo with LE 1.4 trillion investment
via Egypt Today2 min read
Prime Minister Mostafa Madbouly oversaw the launch of "The Spine" mega development, a private-sector project in New Cairo with investments exceeding LE 1.4 trillion. Led by Talaat Moustafa Group in partnership with National Bank of Egypt, the project is expected to generate over LE 800 billion in tax revenues and contribute significantly to job creation and economic activity. Hisham Talaat Moustafa, CEO and Managing Director of the group, described "The Spine" as an integrated economic model designed to attract global companies and international investments. The project, based on over five years of studies, adopts an advanced Special Investment Zone model with a flexible regulatory framework, streamlined procedures, and competitive incentives. It is envisioned as a "cognitive city" powered by artificial intelligence and smart management systems, combining residential, commercial, financial, and entertainment components. "The Spine" is projected to contribute approximately 1 percent of Egypt’s GDP, create around 55,000 direct jobs and 100,000 indirect jobs, and attract tens of millions of visitors annually. Located within Madinaty, the development will feature 165 mixed-use towers and extensive green spaces, reinforcing Egypt's position as a regional hub for business and innovation.
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Dr. Khaled Abdel Ghaffar, Minister of Health and Population, announced Egypt's goal to increase healthy life expectancy to 75 years by 2030, emphasizing healthcare spending as a key driver of economic and social growth. This objective will be achieved by strengthening primary healthcare, prevention, and early detection. The minister highlighted the importance of shifting from disease treatment to prediction and prevention, viewing it as an investment in human capital and the nation's future. He noted that health economics is crucial for public good, linking health to economic security, social stability, and Sustainable Development Goals. Dr. Abdel Ghaffar also discussed Egypt's experience, supported by presidential initiatives and the Comprehensive Health Insurance Project, which offers over 3,500 health services. He mentioned a decrease in out-of-pocket healthcare spending in Port Said Governorate after the system's implementation. Dr. Nima Abid, the World Health Organization's representative in Egypt, commended the country's health sector achievements and its comprehensive health coverage model, stressing the need for institutional capacity building and regional cooperation.
Egypt's Minister of Foreign Affairs, International Cooperation, and Egyptian Expatriates, Badr Abdelatty, departed for Tokyo on Tuesday, June 2, 2026. The visit aims to strengthen bilateral relations between Egypt and Japan. During his trip, the foreign minister is scheduled to meet with senior Japanese officials to discuss ways of enhancing bilateral ties, exchange views on regional and international issues, and explore new opportunities for economic cooperation.
Must ReadEgypt's Minister of Foreign Affairs, International Cooperation, and Egyptian Expatriates, Badr Abdelatty, engaged in phone calls with Iranian Foreign Minister Abbas Araqchi and US Special Envoy to the Middle East Steve Witkoff. These discussions, held on Tuesday, focused on developments in the US-Iran negotiations. According to Ambassador Tamim Khallaf, the official spokesperson for the Ministry of Foreign Affairs, the calls involved an exchange of views on advancing the negotiation process and efforts to achieve a mutually acceptable settlement to reduce tensions. Minister Abdelatty underscored the importance of continued efforts for a solution and reiterated Egypt's commitment to collaborating with regional partners to reach a settlement that addresses all parties' concerns and supports regional security and stability.
The Suez Canal Economic Zone SCZone has seen its revenues more than triple, rising from LE 2.8 billion in FY2016/2017 to LE 11.6 billion in FY2024/2025. This growth is attributed to the inauguration of several major projects since the beginning of 2026, positioning the SCZone as a significant industrial and logistics hub. Key projects include Camstone for Advanced Industries, a $8 million investment for SPC flooring production, and the expansion of Kadmar International’s logistics center with a $24 million investment. Other new facilities are the Modern Hygienic factory for sanitary products, a $100 million investment, and Go Steel’s steel pipe manufacturing plant, a $45 million investment. In renewable energy, Elite Solar Suez Technology and Elite Solar Green Energy, part of the Elite Solar complex, launched with investments of $40 million and $76 million respectively, contributing 2 GW and 3 GW of production capacity. SCZone ports have also achieved milestones, with Sokhna Port receiving a Guinness World Records certificate for its deep man-made basin, and East Port Said Port ranking third globally in the World Bank’s 2024 Container Port Performance Index. Industrial zones within the SCZone have attracted substantial investments: Sokhna Industrial Zone with $33.1 billion across 547 projects, West Qantara Industrial Zone with $1.5 billion across 52 projects, and East Port Said Integrated Industrial Zone with $367 million across 7 projects. The first phase of Technology Valle