Magnom Properties to begin construction on 50-story tower in NAC by early 2025

Cairo – August 14, 2024: Saudi-based Magnom Properties plans to break ground early next year on a $1 billion, 50-storey office tower in Egypt's New Administrative Capital (NAC), set to be the first of its kind to be powered by clean hydrogen, according to Reuters.

A subsidiary of the Saudi industrial group Rawabi Holding, the company is betting that international clients will be attracted to the new city, which is being built from scratch east of Cairo and designed to accommodate over 6 million people.

Karim Dayhoum, the company’s executive director of projects, announced that detailed design work for the Forbes International Tower will begin soon, with a completion target set for 2030.

The land for the tower was purchased in 2021 within the new capital's business district, and Magnom Properties is also selecting locations for similar towers planned for Dubai and Riyadh.

Dayhoum emphasized that the aim is to provide a network of sophisticated office spaces for tenants and investors.

The $1 billion price tag and high-luxury design of the tower are unusual within NAC, with the total estimated investment for the entire Chinese-built business district, which includes 20 towers, is $3 billion.

The tower will feature advanced cybersecurity systems, two ultra-fast VIP elevators, and a helipad.

The tower aims to be the first net-zero carbon building in the Middle East and North Africa, with solar panels embedded on the building expected to produce 25% of its electricity, and the remainder generated by clean hydrogen transported in liquid form.

Dayhoum highlighted the goal of completely eliminating reliance on traditional utilities and mentioned that incentives for sustainable design are being offered to land buyers.

In mid-June, Prime Minister Mostafa Madbouli reviewed the proposal from Magnom Properties for the Forbes International Tower.

An official cabinet statement noted that the project, featuring a 250-meter-high building designed to reduce carbon emissions, aligns with Egypt’s commitment to the strategies outlined at the COP-27 climate conference to address and mitigate the impacts of climate change.