Egypt approves first private investment zone with customs services for The Spine Project

Egypt’s General Authority for Investment and Free Zones (GAFI) approved on Sunday the country’s first special investment zone with integrated customs services for the development of The Spine flagship in New Cairo.

The approval was granted to Orion Facility Management Services, a subsidiary of Talaat Moustafa Group Holding (TMG), according to a statement from the Ministry of Investment.

The project, one of Egypt’s largest urban developments, will include 165 residential, administrative, and hotel towers across 506 feddans in New Cairo, along with more than 1.5 million square metres of green and open spaces. It is expected to generate around 818 billion Egyptian pounds in tax revenues.

The planned zone will include a customs circle and a GAFI executive office to streamline company incorporation, licensing, and operational procedures.

“The zone will, in coordination with the Ministry of Finance, include a customs circle, making it the first private investment zone in Egypt to integrate customs services alongside an executive office of the authority to streamline incorporation and operational procedures,” Investment Minister Mohamed Farid said.

“This model represents a new generation of investment zones aligned with investors’ needs, particularly by providing a unified hub for company establishment, licensing, operations, and export and import requirements.”

Legal procedures for the zone are being finalised, with a prime ministerial decree expected following review by the ministers of investment and finance.

Farid said the initiative is part of broader efforts to improve the investment climate and channel capital into priority sectors that support job creation and exports.

The project will be implemented over 14 years and is expected to create around 55,000 direct jobs.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser