Saudi Real Estate Firm Announces $1 Billion Clean Hydrogen-Powered Office Tower in Egypt's New Capital
Key Ideas
  • Magnom Properties, a Saudi-controlled real estate firm, plans to build a $1 billion, 50-storey office tower powered by clean hydrogen in Egypt's new capital, targeting international clients.
  • The tower, designed to be net-zero carbon, will feature advanced amenities like cyber security systems, ultra-fast VIP elevators, and a helipad, setting a luxury standard in Egypt.
  • Egypt's push towards green energy and sustainable design is evidenced by the tower's use of solar panels for electricity production and reliance on clean hydrogen for energy needs.
  • The project reflects a long-term vision to position Egypt as a green energy hub in the region and enhance the country's appeal for investors seeking eco-friendly infrastructure.
Saudi-controlled real estate firm Magnom Properties, a subsidiary of Rawabi Holding, is set to construct a groundbreaking $1 billion, 50-storey office tower in Egypt's new capital, designed to be powered by clean hydrogen. The tower, known as the Forbes International Tower, is part of a strategic move to attract international clients to the new capital, built to accommodate over 6 million people on the outskirts of Cairo. With a focus on sustainability, the tower will utilize renewable energy sources like solar panels and clean hydrogen for its energy requirements, aiming to be the first net-zero carbon tower in the Middle East and North Africa. The project, developed in collaboration with media group Forbes and architects Adrian Smith and Gordon Gill, boasts high-end features such as cutting-edge cyber security systems, VIP elevators, and a helipad. Additionally, the tower's plan aligns with Egypt's ambition to establish itself as a green energy hub and overcome challenges like power shortages by promoting self-sustainability.
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