Egypt’s Talaat Moustafa Unveils Plan for $27 Billion New City

Egyptian property developer Talaat Moustafa Group unveiled a plan for a 1.4 trillion Egyptian pound ($27 billion) new city on the outskirts of Cairo.

Spanning over 2 million square meters, the city will involve 165 residential, business and commercial towers, according to the company’s chief executive officer, Hisham Talaat Moustafa. Dubbed “The Spine,” it’s the latest megaproject in a country that has attracted tens of billions of dollars in Gulf investments for lavish coastal communities.