Magnom Properties and Forbes joined hands at the 53rd Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland, to announce their plans to build an innovative, environmentally responsive tower set in the heart of the rising New Administrative Capital in Cairo, Egypt.
Envisioned by Adrian Smith + Gordon Gill Architecture (AS+GG Architecture), the planned ‘Forbes International Tower’ marks the start of a new era of building design as Magnom Properties, a subsidiary of Rawabi Holding, pushes the boundaries of modern construction to pursue a zero-carbon strategy in collaboration with Forbes.
The partnership, which marks the first time that Forbes has branded a commercial tower, was announced on the concluding day of WEF 2023 where world leaders and experts discussed, amongst other important topics, the need for mainstreaming smart and sustainable climate solutions in urban development to enhance the livability, efficiency, and productivity of cities.
The partnership agreement comes under the backdrop of a global study that has underpinned the strength of real estate in the Middle East as a core driver of economic growth and investment of choice buoyed by strong demand fundamentals, high GDP growth, and diversification strategies in the non-oil sector.
“We are excited to partner with Magnom Properties to work with the world-renowned architect, Adrian Smith, and build the first sustainable international tower under the Forbes name,” said Mike Federle, CEO, Forbes. “Forbes continues to create impact around the world, whether it be our trusted brand of journalism, summits to promote women’s rights or the power of entrepreneurial capitalism, to endeavoring to build a cutting-edge and responsible tower where businesses can thrive in the heart of one of the most iconic cities in the world.”
Commenting on the new partnership and launch, Abdulaziz Al Turki, Group Chairman of Rawabi Holding and Chairman of Magnom Properties, said: “Cities play a critical role in our race to reach net zero and buildings, which are responsible for up to a third of greenhouse gas emissions globally, are a great opportunity to improve urban efficiency and build inclusive, resilient, and sustainable communities. A key pillar of Egypt’s ambitious Vision 2030 is Urban Development, and the launch of the Forbes International Tower, primed to achieve a Platinum LEED certification, reflects our vision of setting new standards in sustainability.”
Othman A. Ibrahim, CEO, Rawabi Holding, Vice Chairman of its Board of Directors and Vice Chairman of Magnom Properties, added: “The launch of the project comes at a time when overall macroeconomic outlook in Egypt remains favourable and investments in MENA are at an 8-year high, with studies projecting a 6.5% CAGR growth in real estate from 2022-2030 for the region, which is higher than the global market average.”
Maged Marie, CEO, Magnom Properties, said: “We are partnering with some of the best brands in the world to harness advanced technologies and deliver a carbon neutral development that represents the best in architectural design, green building standards, and sustainable engineering and specification.”
“Having launched Forbes Global Properties, our first real estate brokerage business, three years ago, we are taking an important step forward in our real estate plans with the development of Forbes International Tower, the first commercial building in the world with the Forbes brand,” said Peter Hung, President, Licensing and Branded Ventures, Forbes.
