A zero-carbon business tower is being built in Cairo by Magnom Properties and Forbes, which is expected to house high-end retail stores.
The planned ‘Forbes International Tower’ has been conceptualised by Adrian Smith and Gordon Gill Architecture (AS+GG Architecture), and Magnom Properties, which is a subsidiary of Rawabi Holding.
“The visually striking, beautifully futuristic ‘Forbes International Tower’ has a contextually responsive soaring glass, steel, and photovoltaic-laced design. The tower features captivating curves of glass and steel that launch skyward to form 55 floors of flexible office space and two stories of high-end retail experiences,” Adrian Smith said in a statement.
The partnership was announced on the concluding day of WEF 2023. It is the first time Forbes has branded a commercial tower and aims to enhance employee well-being.
A Memorandum of Understanding 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 driver of economic growth and investment of choice.
“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.”
In addition, investments in Mena are at an 8-year high, with studies predicting a 6.5% CAGR growth in real estate from 2022–2030 for the region, which is higher than the global market average, according to 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, 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.”
According to Gordon Gill, the Forbes International Tower adheres to the highest standards of green building principles and will utilize several advanced technologies in partnership with leading global partners to drive energy efficiency and reduce emissions. Marked by a conscious commitment to exploring low carbon pathways. More information will be made available soon.
“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.
