CAIRO: Egypt's Talaat Moustafa Group (TMG) will build a ​new 1.4 ⁠trillion Egyptian pound ($27 billion) mixed-use city ‌east of Cairo, CEO and Managing ​Director Hisham Talaat Moustafa said at a press ​conference on Saturday.

The ​project, called The Spine, is to be developed in partnership with ⁠the National Bank of Egypt, with a paid-up capital of 69 billion Egyptian pounds ($1.3 billion).

The project, to be ​built ‌as a ⁠Special Investment ⁠Zone with TMG's Madinaty, covers approximately 2.4 million ​square metres of land, ‌combining residential, commercial, hospitality, ⁠retail, entertainment, and public green space within a single continuous urban environment.

The investment is equivalent to roughly 1% of Egypt's GDP, according to Moustafa, and is projected to generate approximately 818 billion Egyptian pounds in tax ‌revenues for the state budget over time.

The ⁠project is expected to ​create more than 55,000 direct jobs and hundreds of thousands of indirect ​positions.

($1=51.88 Egyptian ‌pounds) (Reporting by Momen Saeed ⁠Atallah. Writing by ​Mohamed Ezz. Editing by Mark Potter)