CAIRO, Forbes International Tower has signed an agreement with US technology company Aedan Looking Glass (ALG) to develop a data centre within its planned $1 billion commercial development in Egypt’s New Administrative Capital, marking a further step in the country’s drive to attract foreign investment into digital infrastructure.
The agreement was signed on November 11 during the B20 USA Summit in Washington, in the presence of Egypt’s Planning and Economic Development Minister Ahmed Rostom, Investment and Foreign Trade Minister Mohamed Farid, and Egyptian Ambassador to the United States Mohamed El-Molla.
The Ministry of Planning and Economic Development confirmed the agreement but did not disclose the data centre’s investment value, computing capacity, financing arrangements or completion timetable.
Forbes International Tower is being developed by Saudi-backed Magnom Properties in collaboration with the Forbes brand. Announced in 2023, the sustainable commercial project is planned for the New Capital’s Central Business District, with total investment targeted at approximately $1 billion. That figure covers the wider tower development, not the newly announced data centre.
ALG, a US technology and security company, specialises in modular computing infrastructure, communications and systems designed for secure, resilient operations. The partners have not specified whether the Egyptian facility will use modular technology, provide commercial cloud services or support artificial intelligence workloads.
Rostom said the partnership would bring together American technological expertise and investment with Egypt’s digital infrastructure ambitions, strengthening bilateral economic ties and supporting the transition towards a knowledge-based economy.
The agreement comes amid growing investment in Egypt’s data-centre industry.
In September, Vodafone Business, Elsewedy Electric and Cassava Technologies announced plans to establish Africa Data Centres Egypt and sovereign AI infrastructure, targeting an initial $200 million in foreign direct investment and potential expansion to $1 billion. The project is designed to begin with 20 megawatts of computing infrastructure capacity, potentially rising to 200 MW.
Hassan Allam Digital Infrastructure separately announced approximately $400 million in initial investment following the award of a data-centre and cloud-services licence in June.
Egypt is developing a national strategy for data centres and cloud computing, linking investment incentives to electricity availability, renewable energy, telecommunications connectivity and regulatory approvals. On November 7, Farid outlined plans to facilitate land allocation and licensing for prospective investors.
The Forbes Tower agreement also reflects growing interest in integrating digital infrastructure with commercial real estate, potentially creating demand for localised computing, secure data storage and enterprise technology services.
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