Magnom Properties and Forbes are partnering to build a carbon-neutral commercial tower in the Northern Central Business District of Egypt’s New Administrative Capital. The “Forbes International Tower” designed by AS+GG Architecture will set new standards for green design. This project marks a new era of building design as Magnom Properties, a subsidiary of Rawabi Holding, partners with Forbes to push for sustainable construction.
The 'Forbes International Tower' is a futuristic design made of glass, steel, and photovoltaics. It has 55 floors of flexible office space and two stories of high-end retail with amazing glass and steel curves that extend upward.
The innovative commercial tower in Egypt's New Administrative Capital uses natural resources, solar panels, and modern technology for energy efficiency. The biophilic design also helps to boost air circulation and employee well-being.
Forbes announced the partnership on the last day of WEF 2023. This marks the first time that the company will have its branding on a commercial tower. It was also discussed how cities need smart and eco-friendly ways to make them better places to live, work and be more efficient.
ATTRACTIVE INVESTMENT PROSPECTS
A global study shows that real estate in the Middle East drives economic growth and is a popular investment option. Strong demand, high GDP growth, and non-oil industry diversification are all contributing factors. These findings are also key to the partnership agreement.
Forbes CEO, Mike Federle, announced the partnership with Magnom Properties to work with architect Adrian Smith and build the first sustainable international tower under the Forbes name. By doing so Forbes continues to make an impact around the world. Building an innovative and sustainable tower where businesses can thrive in the heart of an iconic city is the next step in the company’s plans.
Abdulaziz Al Turki, Group Chairman of Rawabi Holding and Chairman of Magnom Properties, commented on the importance of this sustainability-driven approach. In summary, he highlighted that the construction of sustainable and environmentally friendly buildings is important in reaching net zero emissions. This is because the construction industry is responsible for a third of greenhouse gas emissions globally. So, there is a major opportunity to improve urban efficiency and build inclusive, resilient, and sustainable communities.
He also stated that the launch of the Forbes International Tower, which is set to achieve a Platinum LEED certification, reflects the company’s vision of setting new standards in sustainability. But also that the projects fit nicely in line with Egypt's ambitious Vision 2030 for Urban Development.
REAL ESTATE GROWTH
The CEO of Rawabi Holding, Othman A. Ibrahim, stated that the launch of the project comes at a favourable time for investments in the Mena region. Studies project a 6.5% CAGR growth in real estate from 2022-2030 for the region, higher than the global market average. So, the partnership comes at an ideal moment in time.
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