Saudi company builds USD1B green hydrogen tower in Egypt's new capital
Date
8/15/2024 8:55:54 AM
(MENAFN) Magnum Real Estate, a subsidiary of the Saudi industrial conglomerate Rawabi Holding, has announced plans to commence construction early next year on a groundbreaking USD1 billion office tower in Egypt’s new administrative capital. This 50-story tower is set to be the first of its kind to utilize clean hydrogen as its power source. The ambitious project reflects Magnum’s confidence in the potential of the new capital, a city being developed from scratch in the desert east of Cairo, which is expected to house over six million residents.
The move represents a significant investment in both the new city and in clean hydrogen technology, which, despite its promise as a renewable energy source, has yet to be widely adopted on a large scale. Egypt aims to establish itself as a hub for green energy amidst growing regional competition. As of July 2023, ministries have begun relocating to the new capital, although few residents have settled in and essential infrastructure, such as train lines, is still under construction.
The company plans to initiate the detailed design phase for the Forbes World Tower soon, with a target completion date set for 2030. The land for this development was acquired in 2021 within the capital’s business district. In addition to this project, Magnum is considering similar developments in Dubai and Riyadh, aiming to offer comprehensive facilities and amenities across the region to tenants, buyers, and investors.
MENAFN15082024000045015682ID1108558689
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.