Egyptian property developer Talaat Moustafa Group unveiled a plan for a 1.4 trillion Egyptian pound ($27 billion) new city on the outskirts of Cairo.

Spanning over 2 million square meters, the city will involve 165 residential, business and commercial towers, according to the company’s chief executive officer, Hisham Talaat Moustafa. Dubbed “The Spine,” it’s the latest megaproject in a country that has attracted tens of billions of dollars in Gulf investments for lavish coastal communities.

Officials didn’t provide a timeline for the project, but Moustafa said the venture would create over 155,000 direct and indirect jobs and draw in tens of millions of annual visitors.

A promotional video conjured up images similar to developments in Dubai – dancing fountains in the middle of a large lake, gleaming skyscrapers and tree-lined streets geared for pedestrians.

“The Spine is the spinal chord of a modern economy now being created,” Moustafa said at a press conference on Saturday that also included Egyptian Prime Minister Mostafa Madbouly and central bank Governor Hassan Abdalla.

Talaat Moustafa has worked on megaprojects in the past. The company is a key force behind the development of the Mediterranean headland of Ras El-Hekma, a location that’s a focus of part of the $35 billion invested in Egypt by the United Arab Emirates two years ago.

Egypt has seen a swathe of new infrastructure projects over the past decade, including the construction of a new administrative capital to the east of historic Cairo.