Egypt has approved the creation of its first investment zone with a dedicated on-site customs system, in a move expected to support one of the country’s largest urban development projects.
The approval was granted by the Board of the General Authority for Investment and Free Zones (GAFI), chaired by Minister of Investment and Foreign Trade Mohamed Farid. The new zone will be developed for Orion Urban Development, a subsidiary of Talaat Moustafa Group Holding (TMGH), to carry out the Spine project in New Cairo.
The development will be located inside Madinaty and will cover 506 feddans. It is planned to include 165 mixed-use towers, bringing together residential, office, commercial and hotel spaces in one major urban project.
According to the plans, total investment in the project is expected to exceed LE 1.4 trillion. The state is also projected to receive around LE 818 billion in tax revenues from the development.
Legal and regulatory steps are now being completed before the official Cabinet decision is issued to establish the investment zone. These procedures are being finalised in coordination with the Ministry of Finance and in line with the relevant rules governing investment zones.
Farid said the new structure is designed to create a fully integrated investment environment. He explained that it will help simplify company incorporation, licensing and operating procedures within the project. It will also make import and export activities easier through the new customs infrastructure located inside the zone.
The move is also seen as a sign of TMGH’s continued expansion into large-scale urban development in Egypt.
Hisham Talaat Moustafa said the project shows how cooperation between the public and private sectors can support major investment. He added that investment zones remain an important tool for attracting international capital and encouraging long-term economic growth.
The Spine project is expected to become a major addition to New Cairo’s urban and business landscape.