(MENAFN- Daily News Egypt) Magnom Properties, the Real estate arm of Rawabi Holding, announced that it is considering launching the Forbes International Tower project in Saudi Arabia and the UAE, with projected investments exceeding $1bn for each location, according to the company's CEO, Maged Marie.
Marie told Daily News Egypt that the development will feature a commercial and office tower, spanning over 100,000sqm. Further details about the project's master plan are expected to be revealed next year. This initiative is part of the company's strategy, as it serves as the exclusive developer for Forbes Towers across Egypt and the Gulf region.
He added that the company is considering launching the towers under the“Forbes” brand shortly, with the completion of three projects within five years in Egypt, Saudi Arabia, and the UAE.
Magnom Properties is currently developing the Forbes International Tower in Egypt's New Administrative Capital, with direct investments reaching $1bn. The tower stands 250 meters tall, featuring 50 floors and spanning an area of 100,000 sqm, making it one of the prominent landmarks in the area.
He added that the project will be the world's first hydrogen-powered tower, classifying it as one of the most sustainable towers ever built. The project will feature advanced technology in collaboration with Schneider Electric and Germany's H2, marking an unprecedented event in sustainable construction.
According to the architectural design, the project aims to meet 100% of its operational energy needs through renewable and environmentally friendly sources, relying on liquid hydrogen and solar power, making it the world's first carbon-neutral tower.
Magnom's CEO pointed out that the company applied for the golden license for its project in the New Administrative Capital to the General Authority for Investment and Free Zones (GAFI) in Egypt in September.
He emphasized the importance of the real estate industry benefiting from the incentives offered by the golden license, which facilitates procedures and accelerates the investment process in the Egyptian economy, highlighting the company's commitment to continuous collaboration with government authorities to expedite licensing and begin construction.
Marie further mentioned that the project has attracted interest from global companies looking to participate in this sustainable development, and noted that the company is currently exploring several investment opportunities in various regions of Egypt.
Magnom plans, according to its timeline, to launch its Forbes International Tower development in the New Capital for global sale by 2025, with the tower expected to be completed within 36 months, Marie concluded.
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