The Prime Minister launched and highlighted “The Spine” project in New Cairo, describing it as a major step in Egypt’s urban development and economic growth, with investments exceeding EGP 1.4 trillion, expected to create more than 155,000 direct and indirect jobs and generate over EGP 800 billion in tax revenues. Speaking during a press conference in the New Administrative Capital, he said the project was launched despite ongoing global and regional challenges, reflecting strong confidence in Egypt’s stability, security, and economic potential. He explained that the project is being implemented by a major Egyptian consortium in cooperation with local financial institutions and represents a shift toward advanced integrated centers that combine administrative, commercial, financial, and entertainment functions. He added that the development goes beyond urban expansion to include economic, industrial, social, and tourism aspects, supporting different industries and increasing tourism capacity with more than 3,500 hotel rooms. The Prime Minister also noted that Egypt continues to attract strong local and international investments, with new projects in the Suez Canal Economic Zone set to be inaugurated, and pointed to positive feedback from international institutions praising Egypt’s proactive response to global economic and geopolitical challenges, which helped the country manage the situation effectively and maintain growth.
