Saudis industrial group Rawabi Holdings announces the commencement of a billion dollar Egypt’s Hydrogen-Powered Skyscraper. The project is one of a kind in the region and will be carried out by Magnon Properties, a subsidiary of the Saudi based company.
This tower is among a series of ambitious plans by Egypt’s acting President Abdel Fattah Al_Sisi who has received backing from investors who visualize Egypt as a huge asset with basis on the country’s large population and strategic position in Africa.
Completion Date of Egypt’s Hydrogen-Powered Skyscraper
According to the company’s director, Karim Dayhoud, the 50- storey office space tower is expected to be completed by 2030 and will be the first in the region and will be constructed in the New Administration Capital being constructed in Egypt as a way to relieve Cairo of its large population. The tower will combine 75 % clean liquid hydrogen and 25% solar power to run the offices, cyber security as well as high-speed VIP elevators. It is an ambitious attempt considering it will be the first practice on hydrogen power at such a large scale.
The project has been met with mixed feelings from locals who are torn between the proposed progress and the difficult financial situation that a project of such magnitude could submit the country to.
The1billion dollar project has been compared to 20 towers constructed in the Chinese district of Cairo and only cost 3 billion dollars in general.
These makes the proposed Forbes International Tower seem overpriced despite its sophisticated design and elegance.
However, investors are certain the new project will improve the countries productivity and reduce mismanagement.
Moreover, media group Forbes and Chicago based architects Gordon Gill and Adrian Smith are among developers of this transformational project which will include a helipad, cybersecurity as well as high speed elevators to serve Government ministries, embassies and businesses to be hosted within the monument. Upon completion, it will be the first of its kind in the Middle East and North Africa and will offer buyers, tenants and investors a chance to use its facilities throughout the entire region.
Egypt intends to build a city of over 6 million people to the east of Cairo and in the desert as Egypt plans to position itself as a Greenleaf energy economy hub.
Funding of the Project
Funding for the tower will mainly include debt equity instruments with discussions ongoing on whether the company can manage 100% ownership of the tower once it is complete. In 2021, the company bought land in the business district of the proposed city with plans to construct twin towers in Riyadh and Dubai. This was part of a 2015 project by the government to reduce the population in Cairo by creating a new base of operations.
Lastly, Infrastructural development has caused a strain on the country’s budget, causing increased debts as well as draining the foreign currency. With pressure mounting from the International Monetary Fund, the government has been forced to cap public investment. Ministries were transferred to the city as from July 2023, but a few residents have moved in, and construction continues on infrastructure including rail links to the new city.
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