Saudi firm to build $1 billion hydrogen-powered skyscraper in Egypt's new capital

A Saudi-owned real estate company, Magnom Properties, is set to begin construction on a $1 billion, 50-story skyscraper in Egypt's new capital, aiming to make it the first office tower powered by clean hydrogen.

Set for completion by 2030, the Forbes International Tower will be a high-tech, net-zero carbon building developed in partnership with Forbes and U.S. architects.

Magnom's ambitious plan to power the tower with clean hydrogen, alongside solar panels generating 25% of its electricity, aims to make it the first net-zero carbon tower in the Middle East and North Africa. This approach not only supports sustainability but could also mitigate risks from Egypt's frequent power outages.

The project is part of Egypt's broader effort to develop its new capital, a massive city being built to accommodate over 6 million people. Although infrastructure development is ongoing, including rail links, few residents have moved in yet. The city is one of several mega-projects initiated by President Abdel Fattah El-Sisi.