A Saudi Arabian real estate firm says it plans to break ground early next year in Egypt’s new capital on a $1bn, 50-storey office tower that aims to be the first of its kind to be powered by clean hydrogen. The sophisticated design and high price tag represent a bet by Magnom Properties , a subsidiary of Saudi industrial group Rawabi Holding, that international clients will be drawn to the new capital, a city for over six million people being built from scratch in the desert east of Cairo. It is also a bet on clean hydrogen, produced using renewable energy and not yet proven at scale, as Egypt seeks to position itself as a green energy hub in the face of regional competition.
Ministries transferred to the city in July 2023, but few residents have moved in, and construction continues on infrastructure, including rail links. Magnom will soon start the detailed design of the Forbes International Tower and aims to complete the building by 2030, said Karim Dayhoum, the company’s executive director of projects. It purchased land for the tower in 2021 in the new capital’s business district and is selecting land for sister towers planned later for Dubai and Riyadh.
“We want to offer our tenants and our buyers and investors the opportunity to utilise the facilities and amenities across the region,” Dayhoum said in an interview. “It’s a network of sophisticated office space.” The new capital is the most ambitious in a series of mega-projects pursued by Egyptian Presiden.