Minister of Investment and Foreign Trade Mohamed Farid said the Forbes International Tower project reflects the attractiveness of the Egyptian market and the confidence of global institutions and brands in the Egyptian economy, stressing the importance of major projects in strengthening Egypt's position as a regional hub for business, services and investment.
Farid made the remarks during talks with CEO and Board Member of Forbes Global Properties Michael Gilbert and CEO of Magnom Properties Maged Marie on the latest developments of the Forbes International Tower project in the Central Business District of the New Capital, with targeted investments of around $1 billion.
The meeting reviewed the project's latest developments and work plans for the coming period, as well as updates on its design, implementation and financing, and ways to enhance cooperation and coordination among relevant entities to support the completion of the project in line with its set targets.
Farid said the Ministry of Investment and Foreign Trade continues to work toward creating a more competitive investment environment, streamlining procedures and facilitating services for investors, in a way that supports the expansion of private investment and strengthens the Egyptian economy's ability to attract more domestic and foreign capital.
The Minister noted that the project is aligned with the ministry's efforts to attract foreign direct investment, increase value-added investments, strengthen private-sector participation in economic activity and attract global brands to the Egyptian market, thereby enhancing the competitiveness of the business environment.
For his part, Gilbert said the Forbes International Tower represents a distinctive addition to Egypt's business community and an attractive destination for global companies and investors. He affirmed continued cooperation with the Egyptian side and Magnom Properties to support the project's development in accordance with the highest international standards.
Marei reviewed the latest progress on the project and the company's plans for the coming period, stressing that it seeks to develop a world-class project that enhances the New Capital's appeal as a destination for business and investment and reflects the stature targeted by the Forbes brand.
The Forbes International Tower is designed to serve as a global model for smart and sustainable buildings by enhancing energy efficiency, providing low-emission solutions and offering an advanced range of smart services and solutions tailored to the business community.
Farid reaffirmed the ministry's continued support for major investment projects and its efforts to strengthen coordination with all relevant entities to accelerate their implementation, attract additional foreign direct investment and maximize their contribution to economic growth.
Both sides stressed the importance of continued cooperation and coordination in the coming period to support the project's development, enhance its contribution to attracting international investment and global companies, and consolidate Egypt's position as an attractive regional destination for business and investment.