Magnom Properties has unveiled plans to build the “Forbes International Tower” in Egypt’s New Administrative Capital, the first skyscraper in the Middle East and North Africa (MENA) region to be powered by clean hydrogen and be net-carbon zero. The tower, designed by renowned architects, is planned to be 50-storeys high, completed by 2030 and is projected to cost USD 1 billion. This will be Magnum Properties’ first project and seems to be aimed at exemplifying Magnum’s professed aims of creating “high-end projects” targeted at “high net-worth individuals” and providing an “opulent lifestyle”. It plans to include cyber security systems, a helipad, VIP elevators and to construct sister towers in Dubai and Riyadh. The tower’s American architects, Adrian Smith and Gordon Gill, have designed a range of projects in the Middle East, including the Burj Khalifa. Magnum Properties is a subsidiary of the Saudi Arabian Rawabi Holding and the Egyptian Magnum Holding Groups. The tower is to be financed by a range of debt and equity tools, according to Magnum’s chief investment officer Ahmed Kassem. Magnum is also considering partial rather than full ownership of the property to raise funds. Egypt’s…
Egypt to House the Middle East’s First Net-Carbon Zero Skyscraper
August 19, 2024
