El-Khatib follows up on Forbes Global’s $1B tower in Egypt’s NAC
Updated 12/19/2024 2:02:00 PM
Arab Finance: The Egyptian Minister of Investment and Foreign Trade Hassan El Khatib has followed up on the talks regarding the development of Forbes International Tower by Forbes Global in Egypt’s New Administrative Capital (NAC) with investments of $1 billion, according to an official statement.
The discussions came during the minister’s meeting with Peter Hong, Chairman of Forbes Global Holding, to follow up on consultations to establish the tower.
El Khatib reviewed the government's efforts to complete the draft law, which will enable the planned Forbes Tower to attract global institutions to work from the NAC.
Hong believed that the financial and business zones law currently being discussed would give investors a push to work in the financial and business district in the NAC.
In June, Magnom Properties, a joint venture (JV) between Magnom Holding and the Saudi-based Rawabi Holding Group, submitted a proposal to execute the project.
In November 2023, it was reported that Magnom Properties partnered with BMW-owned Designworks to design a sensory façade for Forbes International Tower.
The tower aims to set a new benchmark for eco-friendly architecture, with the ultimate goal of achieving zero net carbon emissions.
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