Riyadh - Sharikat Mubasher: Magnom Properties, the real estate arm of the Saudi-based Rawabi Holding, sets sights on developing and launching the Forbes International Tower project in Saudi Arabia and the UAE, CEO Maged Marie revealed.

As the exclusive developer of Forbes towers in the GCC countries and Egypt, Magnom plans to set up two towers in the Kingdom and the UAE, with investments exceeding $1 billion for each, Marie stated in an interview with Alarabiya Business.

The tower will span 100,000 square meters and include administrative and commercial units.

Marie noted that the company is expected to unveil the project masterplan in 2025 among its real estate expansion plans.

Magnom Properties studies launching the two towers under the Forbes brand within the upcoming period, with plans to finish three projects in Egypt, Saudi Arabia, and the UAE within the next five years.

It is worth noting that Magnom Properties is developing a 50-story Forbes International Tower in Egypt’s New Administrative Capital with direct investments estimated at $1 billion.

The tower, expected to be completed within 36 months, will be the first hydrogen-powered skyscraper in the world that will be operated by 100% renewable energy and eco-friendly resources.