Morshedy Group has announced the acquisition of the iconic Zamalek Tower, previously owned by a major state-owned bank, for EGP 2.5 bn, Invest-Gate reports. The move is part of the company’s strategy to expand its footprint in Egypt’s real estate sector and contribute to the state’s plans to increase the number of hotel units.

The group has also secured an adjacent 4,000 sqm plot to develop a modern parking facility that will serve the tower.

Nour Morshedy, Owner & CEO of Morshedy Group, stated, “The redevelopment of Zamalek Tower will have a significant impact on enhancing the area, offering a unique experience for residents and visitors while preserving the surrounding natural beauty.”

She added that the group plans to transform the over 50-story tower into a luxury hotel and residential project.

Founded in 1983 by Mohamed Morshedy, Morshedy Group has established itself as a leader in innovative real estate development. With a portfolio of over 21 major projects and a customer base exceeding 80,000 clients, the company continues to set new benchmarks in the industry.

Wael Seada, CEO of Morshedy Group, highlighted some of the company’s landmark developments, including Skyline, designed by Egyptian architect Raef Fahmy, Spain’s VDP Studio, and global architect Mohamed Hadid. Once completed, Skyline is expected to be the world’s largest residential building, spanning approximately 200,000 sqm in the heart of Katameya.

Seada also pointed to One Katameya, a multi-purpose development featuring eight commercial and administrative buildings alongside 30 residential towers with a total of 3,966 units. Additionally, the company is developing Zahra, a luxury project in New Alamein, located at km 124 on the North Coast, just 15 minutes from Alamein Airport.