Magnum Real Estate, under the umbrella of Saudi industrial conglomerate Rawabi Holding, has unveiled ambitious plans to begin construction on a groundbreaking $1 billion office tower in Egypt's new administrative capital. The 50-story tower is slated to be a pioneer in utilizing clean hydrogen as its primary power source, marking a significant step towards sustainable and eco-friendly real estate development. This initiative not only showcases Magnum's confidence in the potential of the new capital but also signifies a substantial investment in clean hydrogen technology, highlighting the company's commitment to promoting renewable energy solutions. The new administrative capital in Egypt, situated east of Cairo, is envisioned to accommodate over six million residents and is set to become a hub for green energy in the region. The project, known as the Forbes World Tower, is expected to enter the detailed design phase shortly, targeting a completion date of 2030. Magnum's acquisition of the land in the business district of the capital in 2021 laid the foundation for this monumental development. In addition to the Egypt project, Magnum is exploring similar ventures in Dubai and Riyadh, aiming to provide top-notch facilities and services to attract tenants, buyers, and investors across the region. While the new capital has started to witness the relocation of ministries, essential infrastructure like train lines is still in progress as the city evolves towards its full potential. Magnum's forward-looking approach not only emphasizes sustainable real estate practices but also positions Egypt as a key player in the adoption of green technologies, particularly in the realm of clean hydrogen.