Egypt to Construct an Eco-friendly Forbes Tower
The Forbes International Tower, a striking glass, steel, and photovoltaic-laced structure, is set to become a new icon in Cairo's skyline. Located in the north Central Enterprise zone of the New Administrative Capital, this luxury project is a joint venture between Saudi real estate developer Magnom Properties and Forbes, the renowned publisher of the Forbes rankings of CEOs, companies, and trends in the financial world5.
The Forbes International Tower, scheduled for completion in 20271, is a testament to the favourable macro-economic expectations in Egypt and the surge in investments in the MENA region, which has reached an 8-year high6. A Memorandum of Understanding for the development of the tower was signed at the Dome at WEF in Davos by Abdulaziz Al Turki and Mike Federle, CEOs of Magnom and Forbes respectively7.
This will be the first time Magnom has partnered with Forbes to brand a business tower. The Forbes International Tower will stand 55 floors tall, offering adaptable office space, and feature 2 storeys of premium retail experiences8. The design, by Adrian Smith + Gordon Gill Design, includes 'biophilic' layouts to assist in air circulation, bring nature inside, and boost employee well-being9.
The tower will also boast advanced sustainable features, such as a primary power source based on hydrogen2, solar panel roof, automated cooling and heating field devices, and intelligent structure technology3. Othman A. Ibrahim, CEO and Vice-Chairman of Rawabi Holding and Vice-Chairman of Magnom Residences, stated that projections for Egypt's property sector show a 6.5% CAGR development between 2022-30 for the region, which is more than the international market average10.
Mike Federle, CEO of Forbes, stated that the Forbes tower is being built to promote business prosperity in one of the most iconic cities worldwide11. The Forbes International Tower is set to be more than just a business hub; it's a symbol of the future, combining luxury, sustainability, and innovation in a way that reflects the ambitions of the New Administrative Capital and Egypt as a whole.
- The Forbes International Tower's sustainable features, including its hydrogen-based primary power source and solar panel roof, demonstrate a commitment to environmental science and climate-change mitigation.
- The joint venture between Magnom Properties and Forbes for this luxury project in Egypt's New Administrative Capital signifies a significant investment in the technology sector, as evidenced by the tower's innovative design and auxiliary technology features.
- The Forbes International Tower, with its biophilic layouts designed to boost employee well-being and its entire structure embodying the principles of science, aims to foster a productive business environment within the heart of Cairo.
