CAIRO, April 18 (Xinhua) -- Egypt on Saturday launched the "The Spine" urban development project in New Cairo, with investments exceeding 1.4 trillion Egyptian pounds (about 27 billion U.S. dollars), according to a cabinet statement.

Prime Minister Mostafa Madbouly called the project "global by all standards," saying that it would deliver "a real leap in urban development and economic growth in Egypt."

Madbouly noted that the project, consisting of 165 residential, administrative, and hotel towers, will create about 155,000 job opportunities and yield tax returns exceeding 800 billion Egyptian pounds.

He said the project also carries broader economic, social, and tourism benefits, including stimulating local industries and adding more than 3,500 hotel rooms.