– Magnom Properties, a subsidiary of Saudi Arabia’s Rawabi Holding, plans to start construction in early 2024 on a $1 billion, 50-story hydrogen-powered office tower in Egypt’s new capital.

– The project aims to position Egypt as a green energy leader while attracting international clients to the new city, which is designed for over 6 million residents.

– The Forbes International Tower is part of a broader vision to create a network of sophisticated office spaces across the region, with additional towers planned for Dubai and Riyadh.

A Saudi-backed real estate company plans to begin construction early next year on a $1 billion, 50-story office tower in Egypt’s new capital, which will be the first of its kind to be powered by clean hydrogen. The  project, spearheaded by Magnom Properties, a subsidiary of Saudi Arabia’s Rawabi Holding, represents a significant investment in attracting international clients to the newly developed city, designed to house over 6 million people in the desert east of Cairo.

The project is also a bold move towards clean hydrogen energy, a technology that is still in its early stages of large-scale implementation, as Egypt aims to establish itself as a leader in green energy amidst growing regional competition. While government ministries began relocating to the new capital in July 2023, the city remains under development, with ongoing construction on infrastructure like rail links.

Magnom Properties is set to finalize the detailed design of the Forbes International Tower and aims to complete the project by 2030, according to Karim Dayhoum, the company’s executive director of projects. The land for the tower was acquired in 2021 within the new capital’s business district, and the company is also scouting locations for additional towers in Dubai and Riyadh.

“We want to provide our tenants, buyers, and investors with the ability to use facilities and amenities across the region,” Dayhoum explained, emphasizing the project’s vision of creating a network of high-end office spaces.

Egypt’s new capital is the centerpiece of several mega-projects initiated by President Abdel Fattah al-Sisi. These projects have driven infrastructure development but have also strained the national budget, increased debt, and drained foreign currency reserves, leading the government to limit public investment due to pressure from the International Monetary Fund.