Historic Clean Hydrogen Tower to Rise in Egypt’s New Capital

Magnom Properties, a Saudi-controlled real estate firm, plans to start construction on a $1 billion, 50-storey office tower in Egypt's new capital early next year. The Forbes International Tower will be powered by clean hydrogen, marking a significant bet on this unproven technology as Egypt positions itself as a green energy hub.

Magnom Properties, a subsidiary of Saudi industrial giant Rawabi Holding, will begin construction on a $1 billion office tower in Egypt's new capital in early 2024. The 50-storey Forbes International Tower will be the first of its kind to run primarily on clean hydrogen.

The project is part of a strategy to attract international businesses to the new city, envisioned to house over 6 million people east of Cairo. With its cutting-edge design and high costs, it aims to establish Egypt as a leader in sustainable energy.

Built in collaboration with Forbes and Chicago architects Adrian Smith and Gordon Gill, the tower aims to achieve net-zero carbon status. The advanced design includes solar panels for 25% of its energy and clean hydrogen to supply the rest, reducing reliance on local utilities and mitigating risks from power outages.

(With inputs from agencies.)