Abandoned Zamalek Skyscraper Bought for EGP 2.5 Billion

Fouda Tower, an abandoned skyscraper in Zamalek, was bought out by Morshedy Group from a major state-owned bank in a EGP 2.5 billion deal. The real estate developers plan to turn the 50-story tower into a high-end residential and hospitality destination.

The building, located on the south end of the island, is known as one of Egypt’s first skyscrapers. The multi-billion pound deal also included a 4,000 sqm plot, which Morshedy Group plans to turn into a parking lot.

Fouda Tower was originally built in the 1970s by Khaled Fouda, the original owner of the building. After several ownership disputes, the tower was eventually abandoned since its owners were not able to afford its upkeep.

Real estate developers Morshedy Group have been expanding their projects around Cairo since the 1980s. One of their latest projects, Skyline, is being designed by architect Raed Fahmy in collaboration with world famous architect Mohamed Hadid, and is set to be one of the world’s largest residential buildings to date.