Forbes International Tower data centre deal signed with Aedan Looking Glass

In brief: Aedan Looking Glass signed an agreement to develop the Forbes International Tower data centre in Egypt's New Administrative Capital. The project supports private-sector growth under the second edition of the government's State Ownership Policy Document, backing foreign investment in national digital infrastructure.

Planning and Economic Development Minister Ahmed Rostom and Investment and Foreign Trade Minister Mohamed Farid witnessed the signing of an agreement in Washington for the Forbes International Tower data centre. Under the deal, Aedan Looking Glass (ALG) will develop an advanced facility inside the tower project in the New Administrative Capital, according to a ministry statement reported by Masrawy. The ceremony took place during the Business 20 (B20) Summit 2026, held under the United States presidency of the Group of 20 (G20), with Egyptian Ambassador Mohamed El-Molla present.

What was announced

Speaking before the ceremony, Rostom said the agreement connects US technological expertise and investment with Egypt's fast-growing digital and sustainable infrastructure sector. In remarks reported by Al-Taameer, he said specialised partnerships directly strengthen trade and economic relations between Egypt and the US. The deal supports state efforts to build a digital economy grounded in knowledge and innovation, while opening new horizons for high value-added investments.

Egypt continues working to consolidate its position in the Middle East data centre industry, the planning minister said. That push runs alongside the growth of the information technology (IT) and artificial intelligence (AI) sectors, which Rostom said are central to improving national economic competitiveness. Expanding digital infrastructure and localising modern technology remain essential to attracting foreign investment, he said. He added that this prepares the domestic market to absorb advanced economic activities and supports sustainable development.

Real estate and earlier talks

Rostom also pointed to the broader role of construction, building and real estate investment in Egypt's economy. He said the sector acts as a primary driver of economic growth whose influence extends beyond property development to dozens of feeder industries and related business activities. According to Al-Taameer, this connection helps stimulate local production, attract capital and generate decent jobs across the wider economy.

The Washington signing followed earlier consultations led by the Ministry of Planning and Economic Development to attract foreign capital. In August 2026, Rostom met Michael Jalbert, Chief Executive Officer of Forbes Global Properties, and Maged Marie, chief executive of Magnom Properties. Those talks examined ways to expand the company's investments in Egypt and reviewed how real estate projects support sustainable development goals under Egypt Vision 2030. During the August meeting, government officials confirmed their readiness to provide facilities for expanding companies and to back the transfer and localisation of technology.

What happens next

Under the new agreement, the deal supports developing technological infrastructure inside the New Administrative Capital to draw global expertise and foreign capital to the Egyptian market. Integrating urban property development with digital infrastructure is intended to turn the new capital into a centre for advanced economic and technological activities.

Alongside the project, the government is moving to activate the second edition of its State Ownership Policy Document, Rostom said in the statement reported by Masrawy. That policy gives private companies greater space to lead development and carry out major investment projects. Expanding the private sector's role is designed to broaden the country's investment base, raise efficiency across economic sectors, accelerate growth and improve incomes and living standards for Egyptian citizens.

Read more: Qualcomm returns to the data center with Dragonfly chips and a Meta deal · Morocco’s ABA Life signs $40 million deal with Admaius Capital Partners · Google acquires Crusoe’s Wyoming data centre site for $17 billion campus

Sources: masrawy.com, Al-Taameer, Bloom Gate

Fact-checked against the linked sources before publication. Spotted an error? See our Corrections Policy.

Spotted an error? Email corrections@itmagazineme.com with the article link.