Cairo – Mubasher: Magnom Properties and Forbes announced their plans to build an innovative, environmentally responsive tower set in the heart of the rising New Administrative Capital (NAC) in Egypt.
The partnership, which marks the first time that Forbes has branded a commercial tower, was announced on the concluding day of the 53rd Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland, according to a press release.
During this forum, leaders and experts from all over the world discussed the need for mainstreaming smart and sustainable climate solutions in urban development to enhance the livability and productivity of cities.
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.
A Memorandum of Understanding (MoU) to develop the project was signed at the Dome at WEF by Abdulaziz Al Turki, Group Chairman of Rawabi Holding and Chairman of Magnom Properties, and Mike Federle, CEO, Forbes, in the presence of Othman A. Ibrahim, CEO of Rawabi Holding, Vice Chairman of its Board of Directors and Vice Chairman of Magnom Properties; Maged Marie, CEO, Magnom Properties; and architects Adrian Smith and Gordon Gill.
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.
Mike Federle, CEO, Forbes, said: “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.”
For his part, Al Turki of Rawabi Holding and Magnom Properties, stated: “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.”