Egypt discusses $1 billion Forbes International Tower project

Egyptian government officials have met with executives from Forbes Global Properties and Magnom Properties to discuss expanding real estate investments in Egypt. The discussions focused on the Forbes International Tower project, located in the Central Business District of the New Administrative Capital, which involves an estimated investment of approximately $1 billion.

Minister of Planning and Economic Development Ahmed Rostam highlighted the real estate and construction sectors as strategic drivers for economic growth and job creation. He noted that the Egyptian economy has shown resilience, recording growth rates of 5% in the third quarter of the previous fiscal year and 5.2% during the first nine months of the same year.

Deputy Prime Minister for Economic Affairs Hussein Issa emphasized that the Forbes project reflects international confidence in the Egyptian market. The government aims to enhance the investment environment by implementing the State Ownership Policy Document, which seeks to increase private sector participation and attract foreign capital through incentives and streamlined procedures.