Egyptian tycoon Mohamed Morshedy’s firm buys iconic Fouda Tower for $49.7 million

Key Points

• The EGP2.5 billion ($49.7 million) deal boosts Morshedy Group’s high-end property portfolio and supports Cairo’s hotel capacity expansion.
• The 50-story Fouda Tower will be transformed into a mixed-use development with high-end residences and a premium hotel.
• Morshedy Group continues its growth with major projects like Skyline, set to be the world’s largest residential building.

Morshedy Group, the real estate firm led by Egyptian tycoon Mohamed Morshedy, has acquired Zamalek’s iconic Fouda Tower along with a 4,000-square-meter plot from a major state-owned bank. The company plans to convert part of the site into a modern parking facility to ease congestion and improve convenience for residents and visitors.

The EGP2.5 billion ($49.7 million) deal strengthens Morshedy Group’s presence in Egypt’s high-end property market and aligns with the government’s efforts to expand hotel capacity as tourism and business travel continue to grow.

Transforming Zamalek’s skyline

Morshedy Group is set to redevelop the 50-story Fouda Tower into a luxury mixed-use development featuring high-end residences and a premium hotel. CEO Nour Morshedy said the project will add value to the district while maintaining its unique charm.

Chairperson Wael Saada emphasized the company’s broader growth, including Skyline, a landmark residential project spanning 200,000 square meters. Designed by Egyptian architect Raef Fahmy in collaboration with Spain’s VDP Studio and world-renowned architect Mohamed Hadid, Skyline is set to become the world’s largest residential building.

Morshedy Group’s expanding portfolio also includes One Katameya, a mixed-use complex with eight commercial and administrative buildings alongside 30 residential buildings housing nearly 4,000 units, as well as Zahra, a large-scale development in New Alamein City.

A legacy of innovation

Founded in 1983, Morshedy Group has built a reputation for bold architectural designs, delivering homes to over 80,000 clients across Egypt. Its key division, Memaar Al Morshedy, was established with a vision to redefine Egypt’s real estate sector and has played a major role in shaping the country’s urban landscape for nearly four decades.

With the acquisition of Fouda Tower, Morshedy Group is reinforcing its position in Egypt’s luxury real estate market, expanding its footprint in Cairo, and preparing for the next phase of growth in the capital’s evolving property sector.