Magnom Properties to begin construction on 50-story tower in NAC by early 2025

Saudi-based Magnom Properties plans to break ground early next year on a $1 billion, 50-storey office tower in Egypt's New Administrative Capital (NAC), set to be the first of its kind to be powered by clean hydrogen, according to Reuters.

A subsidiary of the Saudi industrial group Rawabi Holding, the company is betting that international clients will be attracted to the new city, which is being built from scratch east of Cairo and designed to accommodate over 6 million people.

Karim Dayhoum, the company’s executive director of projects, announced that detailed design work for the Forbes International Tower will begin soon, with a completion target set for 2030.

The land for the tower was purchased in 2021 within the new capital's business district, and Magnom Properties is also selecting locations for similar towers planned for Dubai and Riyadh.

Dayhoum emphasized that the aim is to provide a network of sophisticated office spaces for tenants and investors.