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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Egypt has condemned an attack on the UN Interim Force in Lebanon UNIFIL that resulted in the death of a French soldier and injuries to others. The Ministry of Foreign Affairs stated that Egypt rejects any targeting of UNIFIL and emphasized the importance of allowing the force to fulfill its mandate of maintaining security and stability in Lebanon. Egypt offered condolences to the French government and wished a speedy recovery to the injured. A French peacekeeper was killed and three others were injured, two seriously, in an attack in southern Lebanon. UNIFIL attributed the attack to "non-state actors," with an initial assessment indicating the fire came from alleged Hezbollah elements. The UNIFIL patrol was clearing explosive ordnance in Ghanduriyah when it came under small-arms fire. Hezbollah has denied any involvement in the attack, expressing surprise at what it called baseless accusations.
President Abdel Fattah El-Sisi praised Lebanon’s efforts to extend the authority of its national institutions across the country during a phone call with Lebanese President Joseph Aoun. El-Sisi welcomed the ceasefire announcement in Lebanon and commended efforts to restore security and stability. He highlighted Egypt’s efforts to support Lebanon and distance it from regional tensions, reaffirming Egypt’s rejection of any attacks on Lebanon’s security, sovereignty, or the interests of its people. President Aoun expressed appreciation for Egypt’s solidarity and support, and briefed El-Sisi on developments in US-brokered direct negotiations. Aoun stressed Lebanon’s commitment to a peaceful, fair, and sustainable political settlement that preserves the country’s sovereignty, security, unity, and territorial integrity. The two leaders agreed to intensify coordination between Cairo and Beirut. Lebanon and Israel agreed to a 10-day ceasefire on Thursday following US-brokered talks, pausing Israeli strikes. The truce aims to enable good-faith negotiations toward a permanent security and peace agreement. All parties recognize that Lebanon’s security forces bear exclusive responsibility for the country’s sovereignty and national defense. Under the deal, the Lebanese government is committed to taking steps to prevent Hezbollah and other non-state armed groups from launching attacks against Israeli targets.
Must ReadA US official stated that the conflict in Iran could restart within days if negotiations between Tehran and Washington do not achieve a breakthrough, according to an Axios report. This comes as US President Donald Trump claimed there are "no sticking points at all" in the ongoing discussions with Iran. Trump also indicated on Friday that the US would collaborate with Iran to retrieve enriched uranium from Iranian territory and transfer it to the US. However, Iranian foreign ministry spokesman Esmaeil Baghaei rejected this proposal, asserting that "enriched uranium is as sacred to us as Iranian soil" and "will not be transferred anywhere." In a further development, Iran's military announced the closure of the Strait of Hormuz, a vital waterway for global oil supplies, in response to a US blockade targeting Iranian shipping and ports. Speaking at a White House event on Saturday, Trump confirmed that talks with Iran are continuing but cautioned that Iran "can't blackmail us" regarding the strait.
Egypt plans to initiate the listing of stakes in Misr Life Insurance and Banque du Caire in May and June, according to Investment Minister Mohamed Farid Saleh. Speaking at an HSBC roundtable with international investors, the minister stated these offerings are part of a larger program to enhance Egypt's capital markets and attract foreign investment. Six additional profitable companies are being prepared for listing, and a study is underway to consolidate petroleum assets into a single entity for global funds. Farid highlighted that a digital transformation of the investment system supports this program, aiming to expedite corporate actions. He also mentioned discussions with the Bank for International Settlements to strengthen financial supervision and digital capabilities in the non-banking financial sector. Recent economic reforms, including energy price adjustments and increased exchange rate flexibility, have led to renewed foreign investment in local debt. The non-banking financial sector now contributes approximately 50 percent of new financing flows, and microfinance serves about 3.9 million beneficiaries. Egypt is also developing digital identity systems and e-KYC solutions to simplify company formation and banking access for young entrepreneurs.