A Saudi Company to Build a $1 Billion Hydrogen-Powered Skyscraper in Egypt
Newsweek Article Translation
Egypt’s New Administrative Capital is set to receive a $1 billion skyscraper that will be powered by clean hydrogen, according to the Saudi-controlled real estate company building it.
The New Administrative Capital, initiated by President Abdel Fattah El-Sisi, is a new city located 30 miles east of Cairo. It is intended to accommodate Egypt’s growing population, which now exceeds 105 million.
Magnum Real Estate, a subsidiary of the Saudi industrial group Rawabi Holding, is constructing the 50-story Forbes International Tower, which will serve as an office building, according to Reuters.
The company will begin construction soon, and it is expected to be completed by 2030, according to Karim Dayem, Executive Director of Projects at the company.
“We want to offer our tenants, buyers, and investors the opportunity to benefit from the facilities and amenities throughout the area. It’s a network of advanced office spaces,” Dayem said, according to Reuters.
The company plans to build sister buildings in Dubai and Riyadh later.
The building is a regional innovation, as it is planned to be the first carbon-neutral tower in the Middle East and North Africa.
The tower’s Instagram page claims that it will be the first in the world to officially register for Zero Carbon Certification from the International Living Future Institute (ILFI).
Clean hydrogen is produced with little to no carbon emissions, often through renewable energy or advanced carbon capture technologies.
Solar panels will also be installed on the exterior of the building, which aims to generate 25 percent of the electricity it consumes.
The tower underscores Egypt’s ambition to establish itself as a green energy hub in the region. However, Reuters notes that clean hydrogen has yet to be proven on a large scale.
Ahmed Qassem, Chief Investment Officer at Magnum, said that the building will be financed through various debt-equity instruments. Qassem added, “We are still at the group level discussing whether to retain full ownership of the building.”
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