CAIRO – 7 October 2024: Minister of Investment and Foreign Trade, Hassan El-Khatib, recently met with Maged Marai, CEO of Magnom Real Estate, the real estate branch of Saudi Arabia’s Rawabi Holding Group, to discuss the company’s forthcoming projects in the New Administrative Capital.
Among these projects is the ambitious Forbes International Tower, the world’s first hydrogen-powered, carbon-neutral skyscraper, with an investment of $1 billion.
Minister El-Khatib underscored the Ministry’s dedication to offering full support and resources to facilitate the successful establishment of this landmark project, marking a significant step toward sustainable real estate development.
The tower is designed to adhere to the highest standards of sustainability and carbon neutrality, using hydrogen as its primary clean energy source to cover 75 percent of its energy requirements.
The remaining 25 percent will be met through solar energy harvested from photovoltaic panels embedded in the tower’s façade.
El-Khatib commended Magnom Real Estate’s efforts in attracting both local and international investors and reviewed the company’s activities in Egypt, discussing opportunities to expand its investments in the country.
He highlighted Egypt’s investor-friendly policies, which provide greater facilities to the private sector, enhancing the attraction of domestic and foreign investments across diverse industries.
Maged Marai emphasized that the Forbes International Tower, part of the company’s projects in Egypt, Saudi Arabia, and the UAE, showcases Magnom’s commitment to sustainability in real estate.
He elaborated on the company’s vision to transform the sector by minimizing carbon emissions through the use of liquid hydrogen as a key clean energy source.
Additionally, Marai pointed out that the tower incorporates cutting-edge technologies in its design, construction, and operation, aiming for a 100 percent renewable and environmentally-friendly energy footprint.
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