Arab Finance: Talaat Moustafa Group Holding (TMG Holding) has signed a partnership agreement with insurer AXA Egypt to provide integrated insurance solutions for unit owners at The Spine, including medical coverage for 10 years from the handover date, as per an emailed press release.
As the first-of-its-kind initiative, the medical insurance policy will be designed specifically for The Spine’s unit owners. Houston Hospital, scheduled to open in 2027, will also join AXA’s medical provider network, giving both The Spine’s unit owners and AXA medical insurance clients access to its services.
The partnership forms part of TMG’s strategy to combine services and smart solutions across its urban communities with institutions in different sectors. The arrangement would support an ownership experience that addresses customers’ financial, health, and lifestyle needs while improving quality of life.
AXA Egypt will draw on its real estate experience to develop a product that combines multiple forms of coverage within a single offering. Its design will reflect The Spine’s scale and characteristics, as well as owners’ needs, with the flexibility to accommodate changing lifestyles and requirements at different stages of life.
Mohamed Hisham Talaat, CEO of The Spine, said: "The Spine embodies this vision as the world’s first fully integrated cognitive city, designed around the latest technologies to harness technology and artificial intelligence across different aspects of life, while bringing together living, work, services, and entertainment within one integrated ecosystem.”
“At The Spine, we are committed to extending this ecosystem to address the diverse needs of our customers. Our partnership with AXA Egypt adds a new dimension of health protection to this experience by providing extended insurance coverage for unit owners, enhancing the value we offer our customers and reflecting our commitment to delivering an integrated living experience within the city,” Talaat added.
Meanwhile, Hassan El-Shabrawishi, CEO of AXA International Market, said: "This partnership reflects AXA’s global direction to further establish embedded insurance as one of its key growth drivers by integrating insurance solutions into vital sectors, particularly real estate."
"Through our role at The Spine, we are providing insurance solutions tailored to the needs of unit owners, helping enhance their long-term security and delivering an integrated ownership experience that elevates quality of life, supported by comprehensive protection across financial, health, and life needs," he noted.
The Spine comprises 165 towers spanning residential, administrative, and hotel uses. It is expected to generate about EGP 818 billion in tax revenues for the state and includes more than 1.5 million square meters of green and open spaces, representing 70% of its total area.
