Forbes and Magnom Properties announce partnership to build new ‘Forbes International Tower’ in Cairo

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An MoU to build on 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 of Forbes

Forbes and Magnom Properties teamed up at the 53^rd Annual Meeting at the World Economic Forum (WEF) in Davos, Switzerland solidifying a commitment to long-term sustainability to announce their plans to build an innovative, ecologically receptive tower set in the center of the emerging New Administrative Capital in Cairo, Egypt.

Envisaged by Adrian Smith + Gordon Gill Architecture (AS+GG), the premeditated ‘Forbes International Tower’ marks the start of a new era of building design as Magnom Properties, a subsidiary of Rawabi Holding, extends the frontiers of up-to-date construction to follow a zero-carbon strategy in partnership with Forbes.

The partnership, which commemorates 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 suitability, effectiveness, and output of cities.

A Memorandum of Understanding (MoU) to build on 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 of Forbes, in the presence of Othman A. Ibrahim, CEO of Rawabi Holding, and Vice Chairman of Magnom Properties; Maged Marie, Chief Executive Officer (CEO) of Magnom Group and architects Adrian Smith and Gordon Gill (AS+GG).

The partnership agreement derives under the framework of a global study that has reinforced the talent of real estate in the Middle East as a core driver of economic growth and investment of choice sustained by robust demand prerequisites, high GDP growth, and diversification strategies in the non-oil sector.

Forbes is 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 of Forbes.

Forbes continues to create impact around the world, whether it’s their reliable brand of journalism, summits to promote women’s rights or the power of entrepreneurial capitalism, to striving to build an avant-garde and responsible tower where companies can flourish in the heart of one of the most iconic cities in the world, Federle added.

Setting new standards for sustainability

Commenting on the launch and new partnership, Abdulaziz Al Turki, Group Chairman of Rawabi Holding and Chairman of Magnom Properties stated cities play a significant role in the fight to reach net zero and buildings, which are responsible for up to a third of greenhouse gas emissions worldwide, are a great opportunity to advance urban efficiency and build inclusive, resilient and sustainable communities.

A key pillar of Egypt’s ambitious vision for 2030 is Urban Development and the launch of the Forbes International Tower briefed to achieve a Platinum LEED certification, signifies its vision of setting new sustainability standards.

Othman A. Ibrahim, CEO of Rawabi Holding and Vice Chairman at Magnom Group said the launch of the project arises at a period when the overall macroeconomic outlook in Egypt remains favorable and investments in MENA are at an 8-year high, with studies projecting a 6.5 percent CAGR growth in real estate from 2022-2030 for the region, which is higher than the global market average.

Maged Marie, Chief Executive Officer at Magnom Group said the company is delighted to announce the signing of its agreement with Forbes at WEF 2023, where constructive dialogues on issues of global importance are inspiring action to form a healthier future for all.

Magnom Group is partnering with some of the best brands in the world to harness advanced technologies and deliver a carbon-neutral development that signifies the best in architectural design, green developing guidelines, and sustainable engineering and design.

Pioneering sustainable technologies

The visually striking, beautiful, pioneered Forbes International Tower by Adrian Smith and Gordon Gill Architecture is a contextually responsive soaring glass, steel, and photovoltaic-laced design. The tower forms 55 floors of flexible office space and two stories of high-end retail experiences and also includes enthralling curves of glass and steel that launch skyward, explains Adrian Smith.

The innovative commercial tower harnesses the power of surrounding natural resources and promotes energy performance standards with a solar panel rooftop, fully automated HVAC field devices, and advanced intelligent building technology. The affable biophilic designs assist in air circulation, bring nature indoors, and seek to improve worker well-being.

Gordon Gill added, the Forbes International Tower’ adheres to the greatest standards of green building principles and will utilize numerous advanced technologies in partnership with leading global partners to drive energy efficiency and reduce emissions.