Arab Finance: Magnom Properties and Aedan Looking Glass (ALG) signed an agreement to develop a data center and advanced computing facility within the Forbes International Tower project in the New Capital, according to a statement.

Located in the Central Business District at the New Capital, the project represents a projected investment of $1 billion.

Minister of Investment and Foreign Trade Mohamed Farid highlighted Egypt's efforts to build an integrated ecosystem for international financial services by developing a legislative and regulatory framework that draws on the experience of leading global financial hubs.

Farid also stressed the importance of expanding the digital infrastructure, particularly data centers and advanced computing facilities, while ensuring access to the energy resources needed to support their operations.

These efforts aim to strengthen Egypt's position as a regional financial services hub.