Saudi Firm Plans Hydrogen-Powered Skyscraper in Egypt's New Capital

Magnom Properties, a subsidiary of Saudi Arabia's Rawabi Holding, is set to begin construction early next year on a USD 1 billion, 50-story office tower in Egypt's New Administrative Capital. The project, named the Forbes International Tower, is poised to become the region's first skyscraper powered by clean hydrogen.

Magnom Properties aims to complete the tower by 2030, with detailed design work commencing soon. The tower's innovative design is intended to attract international clients to the new capital, a city currently under construction in the desert east of Cairo, which will accommodate over 6 million people.

This project is part of Egypt's broader efforts to position itself as a green energy hub in the Middle East, despite regional competition. The land for the tower was acquired in 2021 within the new capital's business district, and plans are underway for additional sister towers in Dubai and Riyadh.

The tower will feature advanced cybersecurity systems, two ultra-fast VIP elevators, and a helipad. Solar panels embedded in the facade are expected to generate 25% of the building's electricity needs, with the remainder supplied by clean hydrogen transported in liquid form. As a result, the Forbes International Tower aims to be the first net-zero carbon building in the Middle East and North Africa.

Incentives are being offered for sustainable design, with a focus on reducing dependency on local utilities - a critical consideration as Egypt has experienced power cuts as part of a load-shedding program. The project will be financed through various debt equity instruments, and discussions are ongoing regarding whether to retain full ownership of the building.