Saudi Real Estate Firm to Build $1.5B Hydrogen-Powered Tower in Egypt's New Capital
Key Ideas
- Magnom Properties, a Saudi-controlled real estate firm, plans to construct a $1.5 billion hydrogen-powered office tower in Egypt's new capital.
- The 50-storey tower is set to be the first of its kind powered by clean hydrogen, showcasing a commitment to sustainable practices.
- The project reflects a bet by Magnom Properties that international clients will be attracted to the new capital in Egypt, which is being built to accommodate over 6 million people.
- This initiative is part of the broader trend towards integrating clean energy solutions in urban development projects, positioning Egypt's new capital as a forward-thinking and eco-friendly environment.
Magnom Properties, a real estate subsidiary of Saudi industrial group Rawabi Holding, has announced plans to build a groundbreaking $1.5 billion, 50-storey office tower in Egypt's new capital. What sets this project apart is its commitment to clean energy, with the tower aiming to be powered by hydrogen, a sustainable source. This initiative represents a significant investment in the sustainability and urban development of the new capital, which is designed to accommodate over 6 million residents. By incorporating clean hydrogen technology, Magnom Properties is showcasing its dedication to environmentally friendly practices and attracting international clients seeking modern, eco-conscious office spaces. The project signifies a forward-looking approach to real estate development in the Middle East, symbolizing a shift towards greener and more sustainable urban landscapes.