Egypt’s Talaat Moustafa Group to develop $27 billion mega city near Cairo

Talaat Moustafa Group (TMG) Holding, a Cairo-based property powerhouse led by billionaire Hisham Talaat Moustafa, will build a new EGP1.4 trillion ($27 billion) mixed-use city east of Cairo.

The announcement was made by TMG’s CEO and Managing Director Hisham Talaat Moustafa at a press briefing. The project is expected to generate more than 55,000 direct jobs and hundreds of thousands of indirect opportunities across construction, services, and urban operations.

“The Spine” development framework

The project, named The Spine, will be developed in partnership with the National Bank of Egypt, backed by a paid-up capital of EGP69 billion ($1.3 billion).

Structured as a Special Investment Zone linked with TMG’s Madinaty development, the project spans roughly 2.4 million square meters. It will integrate residential, commercial, hospitality, retail, entertainment, and green public spaces into a continuous urban ecosystem.

According to Moustafa, the investment represents nearly 1% of Egypt’s GDP and is projected to deliver about EGP818 billion ($15.7 billion) in long-term tax revenues to the state.

TMG’s long-term urban strategy

Founded in 1974, TMG is now Egypt’s largest developer by market share and delivery capacity. CEO Hisham Talaat Moustafa, who owns 43.16% of the group, has pursued a strategy centered on high-margin, asset-light growth.

The group focuses on self-sustaining smart communities combining upscale residential living with integrated infrastructure and sustainability-led urban design.

Its SouthMED project, spanning 23 million square meters on Egypt’s North Coast, is central to this strategy. The development includes luxury villas, a marina, golf courses, and more than 2,000 hotel rooms operated by international hospitality brands.

Market momentum and financial strength

TMG recently reached a $3.4 billion market capitalization, adding over $300 million in value in 2026. This cements its position as North Africa’s most capitalized REIT and one of Africa’s leading real estate developers.

Recently, TMG hit $3.4 billion in market capitalization,  added over $300 million to its market value in 2026, cementing its dominance as North Africa’s most capitalized REIT and Africa’s top  real estate developer. 

The company’s valuation has shown steady growth, rising from $3.1 billion in January when shares traded at EGP80 ($0.984) to EGP86.13 ($1.65). Momentum continued to a peak of EGP96.37 ($1.85) on February 18, driven by record sales, regional expansion, and megaproject execution including SouthMED.