Real estate”Forbes and Magnom Properties to Develop Forbes International Tower in Egypt’s New Capital City”

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Magnom Properties and Forbes have announced their plans to construct a tower in the New Administrative Capital of Egypt that is designed to be environmentally responsible.

According to a press release, Forbes announced a partnership to brand a commercial tower on the last day of the 53rd Annual Meeting of the World Economic Forum in Davos, Switzerland,

which is the first time they have done so. During the forum, experts and leaders from various countries discussed the importance of incorporating sustainable and smart climate solutions in urban development to improve the quality of life and productivity of cities.

The Forbes International Tower, planned by Magnom Properties (a subsidiary of Rawabi Holding) represents a new era of sustainable building design as the company in partnership with Forbes, aims to achieve a zero-carbon construction strategy.

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At the Dome at WEF, a Memorandum of Understanding was signed by Abdulaziz Al Turki (Group Chairman of Rawabi Holding and Chairman of Magnom Properties), and Mike Federle (CEO of Forbes) to develop the project. Othman A. Ibrahim (CEO of Rawabi Holding, Vice Chairman of its Board of Directors and Vice Chairman of Magnom Properties) Maged Marie (CEO of Magnom Properties), and architects Adrian Smith and Gordon Gill were present at the signing.

The partnership agreement is formed in the context of worldwide research that has highlighted the significance of real estate in the Middle East as a major contributor to economic development and a preferred investment option.

Federle stated that Forbes is dedicated to making a lasting impact globally from their reliable journalism, collaborations to support women's rights, and contributing to a business-friendly environment in one of the highest regarded metropolises.

A main aspect of Egypt's desired Vision 2030 is Urban Development and the inauguration of Forbes International Tower set to receive a Platinum LEED certification showcases our purpose of instituting modern sustainability practices.