Magnom Properties, a Saudi-controlled real estate firm and subsidiary of Rawabi Holding, is set to embark on the construction of a groundbreaking hydrogen-powered skyscraper in Egypt's New Administrative Capital (NAC) in 2025. The project, named the Forbes International Tower, will rise to 50 stories and is expected to be completed by 2030. With an estimated investment of $1 billion, the tower is poised to become the first Net Zero carbon building in the MENA region.

The NAC, a large-scale urban development launched in 2015 to alleviate congestion in Cairo and accommodate the country’s expanding population, is envisioned as Egypt’s future financial hub. The city, situated in the desert east of Cairo, will house government ministries, foreign embassies, and major businesses, with the capacity to accommodate approximately 6.5 million people upon completion. Despite these ambitions, local opinions on the development are divided, with concerns raised about the project's cost and priorities.

The design phase for the Forbes International Tower is slated to commence soon. A key feature of the building will be its embedded solar panels, which are expected to generate 25% of its electricity needs. The remaining energy will be supplied by clean hydrogen, transported to the site in liquid form. This innovative approach aligns with the Memorandum of Understanding (MOU) Magnom Properties signed last year (2023) with Schneider Electric and H2-Enerprises. The MOU outlines a collaboration to develop a Liquid Organic Hydrogen Carrier (LOHC) system tailored for the tower.

Financing for the Forbes International Tower will be secured through various debt-equity instruments. However, Magnom Properties is still deliberating at the group level whether to retain full ownership of the building. As Ahmed Kassem, the company’s Chief Investment Officer, stated, "The company is still at a group level discussing whether to retain full ownership of the building."