Magnom Properties and Forbes, joined hands to announce their plans to build an innovative, environmentally responsive tower set in the heart of the rising New Administrative Capital in Cairo, Egypt.
The partnership, which marks 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 livability, efficiency, and productivity.
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 buoyed by strong demand fundamentals, high GDP growth, and diversification strategies in the non-oil sector.
The launch of the project comes at a time when overall macroeconomic outlook in Egypt remains favorable and investments in MENA are at an 8-year high, with studies projecting a 6.5 per cent CAGR growth in real estate from 2022-2030 for the region, which is higher than the global market average.
Located in the northern Central Business District of Cairo’s New Administrative Capital, the innovative commercial tower harnesses the power of surrounding natural resources and elevates energy performance standards with a solar panel rooftop, fully automated HVAC field devices, and modern intelligent building technology. The harmonious biophilic designs assist in air circulation, brings nature indoors, and aims to enhance employee wellbeing.
Magnom Properties, a subsidiary of Rawabi Holding Group, is setting new benchmarks as part of its pioneering role in redefining the real estate sector by overseeing the construction of high-value commercial, residential and lifestyle projects in KSA, Egypt and the wider MENA region.