Egypt’s Minister of Housing, Utilities, and Urban Communities Assem El Gazzar has revealed that 49 stories of the 80-story Iconic Tower in the New Administrative Capital (NAC) have been built so far, thereby standing at 240 meters high, Invest-Gate reports.

Developed at the Central Business District (CBD), the Iconic Tower, which is set to be the tallest in Africa at about 400 meters, comes with investments worth USD 3 bn (EGP 46.9 bn), El Gazzar confirmed in a recent ministerial statement.

This came during the minister’s tour to keep abreast of the latest developments on the CBD project, which includes 20 mixed-use towers, in collaboration with the New Urban Communities Authority (NUCA) and China State Construction Engineering Corporation (CSCEC).

During the visit, El Gazzar further explained that NAC’s R3 District – also called “Capital Residence” – is 90% complete, while construction work on New Garden City (aka R5 District) is 82% done, the statement noted.

Last August, the official had indicated that 42 floors of the Iconic Tower, which extends across an area of 240,000 square meters at the CBD, have been carried out, according to a previous statement.