Cairo: Minister of Investment and Foreign Trade Mohamed Farid highlighted the significance of the Forbes International Tower project as an indicator of the Egyptian market's attractiveness and the confidence that global institutions and brands have in the Egyptian economy. He emphasized the crucial role of major projects in reinforcing Egypt's status as a regional hub for business, services, and investment.
According to State Information Service Egypt, Farid's remarks came during discussions with Michael Gilbert, CEO and Board Member of Forbes Global Properties, and Maged Marie, CEO of Magnom Properties. The talks focused on the latest developments of the Forbes International Tower project located in the Central Business District of the New Capital, which aims to attract investments totaling around $1 billion.
The meeting addressed the project's current status and future plans, covering aspects such as design, implementation, and financing. It also explored ways to enhance cooperation and coordination among relevant entities to ensure the project's successful completion in line with its objectives.
Farid reiterated the Ministry of Investment and Foreign Trade's commitment to fostering a competitive investment climate by streamlining procedures and facilitating services for investors. This approach is intended to support private investment growth and bolster the Egyptian economy's capacity to draw more domestic and foreign capital.
The Minister noted that the project aligns with ongoing efforts to attract foreign direct investment, boost value-added investments, and increase private-sector involvement in economic activities. It also seeks to bring global brands into the Egyptian market, thereby enhancing the business environment's competitiveness.
Michael Gilbert described the Forbes International Tower as a unique addition to Egypt's business landscape and an appealing destination for international companies and investors. He confirmed ongoing collaboration with the Egyptian partners and Magnom Properties to ensure the project's development meets top international standards.
Maged Marie discussed the project's recent progress and outlined the company's future plans, emphasizing the aim to create a world-class project that elevates the New Capital's attractiveness as a business and investment hub, reflecting the prestige associated with the Forbes brand.
The Forbes International Tower aspires to be a global exemplar of smart and sustainable architecture by improving energy efficiency, offering low-emission solutions, and providing advanced smart services and solutions tailored for the business community.
Farid reassured that the ministry will continue to support major investment projects and strengthen coordination with all relevant entities to expedite their implementation, attract additional foreign direct investment, and maximize their economic growth contributions.
Both parties underscored the importance of sustained cooperation and coordination in the forthcoming period to bolster the project's development, enhance its role in attracting international investment and companies, and solidify Egypt's position as a desirable regional destination for business and investment.