The General Authority for Investment and Free Zones (GAFI) said on Tuesday, June 30, 2026, that the planned Forbes International Tower reflects growing confidence among international investors in the national economy, as authorities push to attract more strategic investments.
GAFI Chief Executive Mohamed Awad made his remarks during a meeting with a delegation from Saudi-based Magnum Properties, led by Majed Marei, to review progress on the estimated $1 billion project in the Central Business District of Egypt's New Capital. Awad said the Investment Ministry and GAFI remain committed to improving the investment climate through streamlining procedures, enhancing services and removing obstacles facing investors to accelerate the implementation of major projects.
The meeting reviewed plans for the tower, which is expected to serve as a global business and financial hub while attracting international companies specializing in technology and artificial intelligence. The two sides also discussed advanced technology cooperation, the proposed financial and business district law and expanding the use of Egypt's "golden license" to help boost foreign direct investment.