Magnom Properties has announced the development of the “Forbes International Tower” in the New Administrative Capital of Egypt. It is set to become the first skyscraper in the Middle East and North Africa (MENA) region to run on clean hydrogen and achieve net-carbon zero status.
According to Egyptian Streets The 50-story tower, designed by well-known architects, is scheduled to be finished by 2030 and is estimated to cost $1 billion. This marks Magnom Properties’ inaugural project, reflecting the company’s commitment to creating luxury developments targeted at affluent individuals and offering a lavish lifestyle.
The tower intends to feature advanced cyber security systems, a helipad, VIP elevators, and subsequently build similar towers in Dubai and Riyadh. The American architects of the tower, Adrian Smith and Gordon Gill, have previously designed various projects in the Middle East, including the Burj Khalifa.
Magnum Properties functions as a subsidiary of the Saudi Arabian Rawabi Holding and the Egyptian Magnum Holding Groups. Financing for the tower is expected to come from a combination of debt and equity instruments, according to Magnum’s chief investment officer, Ahmed Kassem.
Magnum is also exploring the option of not fully owning the property to raise funds. In light of Egypt’s natural gas shortage leading to extensive power outages, the Egyptian government’s aim to enhance sustainability efforts and transition to renewable energy has intensified, with a pledge to reduce greenhouse gas emissions by 10 percent as part of its Vision 2030 strategy.
