Saudi firm to build hydrogen-powered tower in Egypt

Magnom Properties, a subsidiary of Saudi industrial group Rawabi Holding, plans to start construction on a $1 billion, 50-storey office tower in Egypt’s New Administrative Capital (NAC), aiming to be the world’s first tower powered by clean hydrogen.

Set to break ground in 2024, the Forbes International Tower will feature advanced security systems, ultra-fast VIP elevators, and a helipad.

It aims to be the first net-zero carbon tower in the Middle East and North Africa, with solar panels expected to generate 25 per cent of its electricity and the rest supplied by clean hydrogen.

Magnom Properties, which purchased land for the tower in 2021, plans to complete the project by 2030. NAC, a major project under Egyptian President Abdel Fattah al-Sisi, is designed for over 6 million residents but has faced challenges, including budget strains and infrastructure development issues.

The development of the tower will be financed through various debt and equity instruments, with potential future projects in Dubai and Riyadh also in the pipeline.

Attribution: Reuters

Subediting: M. S. Salama