Egyptian Tycoon Mohamed Morshedy's Firm Buys Iconic Fouda Tower For 49.7 Million

Morshedy Group, the real estate firm led by Egyptian tycoon Mohamed Morshedy, has acquired Zamaleks 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 Groups presence in Egypts high-end property market and aligns with the governments efforts to expand hotel capacity as tourism and business travel continue to grow.

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 companys broader growth, including Skyline, a landmark residential project spanning 200,000 square meters. Designed by Egyptian architect Raef Fahmy in collaboration with Spains VDP Studio and world-renowned architect Mohamed Hadid, Skyline is set to become the worlds largest residential building.

Morshedy Groups 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.