Cairo – October 18, 2023

REDCON Group reached a new milestone in its history, announcingthe rebranding of its real estate development company, and changing its name to REDCON Properties instead of REDCON for Offices and Commercial Centres. This change aims to expand the Company’s scope to encompass all categories of real estate developments and strengthen its strategic position as a pioneer in the development ofsustainable communities within the real estate sector.

This shift is part of REDCON Group’s strategy for expansion in the construction and development field, leveraging on 30 years of experience of its parent company, REDCON Construction. REDCON Properties will continue this journey in real estate development, with sustainability being the core value, to develop smart and sustainable urban communities across various distinguished locations throughout Egypt.

“With this expansion, we are starting a new chapter in its growth in the real estate development field,” said Eng. Tarek El-Gamal, Chairman of REDCON Properties. “This comes after our significant success in creating administrative and commercial centres, as we aspire to shape future communities with innovative sustainability at heart, living up to the group’s history in the Egyptian market.”

Ahmed Abdullah, Vice Chairman of REDCON Properties, commented: “The rebranding will be followed by new projects with substantial investments. We plan to acquire prime land portfolios to replicate the outstanding success we achieved in our first project, Golden Gate, as our first sustainable mixed-use project. We aim to contribute to the advancement of green building, aligning with the sustainable development goals of Egypt’s 2030 Vision.”

The new brand of REDCON Properties reflects its values of innovation, inclusivity, and sustainability. REDCON Properties seeksto shape future communities and be a catalyst for sustainable change in the real estate sector, by raising awareness of the benefits of sustainability and implementing technological solutions in all aspects of its projects.

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About REDCON Properties:

REDCON Properties was established in 2019 as the development arm of REDCON Group, specializing in mixed-use real estate projects. The Company operates with sustainability as its core value, where it leads the Egyptian real estate sector in the implementation of sustainable building and green architecture, with Golden Gate as its first flagship project.

REDCON Properties derives its heritage from 30 years of experience withREDCON Constructions, which delivered more than 200 projects, among which are El Alamein Towers, Maspero Towers, Mansoura University, PwC Headquarters, Pharco, Electrolux, Bank Audi – the Company’s first green building that received a LEED silver certificate for its leadership in energy-saving designs and conservation of the environment.

REDCON Properties, leading in diverse mixed-use communities, announced that its Golden Gate Project has been granted the prestigious EDGE Advanced Preliminary Certificate for its commitment to sustainability and environmentally conscious construction practices, as five buildings within the project have been awarded this certification, with ongoing efforts by REDCON Properties to extend the same recognition to the remaining buildings.

This signifies a remarkable milestone in Egypt, with the project demonstrating substantial energy and water savings of up to 53% and 44% respectively, compared to conventional buildings. It establishes a new standard in Egypt for the number of buildings simultaneously receiving EDGE certification, showcasing our unwavering dedication to implementing sustainable construction practices across all REDCON Properties’ endeavors.

REDCON Properties remains steadfast in its dedication to adopting the latest sustainability technologies and solutions, in alignment with Egypt’s Vision 2030 sustainable development strategy. The Company is committed to setting a benchmark for real estate development, with a strong emphasis on quality and social responsibility.

“The achievement of the Golden Gate project in obtaining the EDGE Advanced Preliminary Certificate is the culmination of a sustainability journey we began over 15 years ago with the construction of the headquarters building of FAB in New Cairo,” stated Eng. Tarek El-Gamal, Chairman of REDCON Properties. “EDGE Certificate underscores our unwavering commitment to continue this sustainability journey by implementing effective practices in all our projects, aiming to reduce energy consumption and preserve natural resources. This direction not only reflects our commitment to environmental protection but also aims to enhance our position as a leading company in the real estate industry. Our certification achievement reflects our continuous efforts to uphold sustainability standards in every stage of our project development, setting us apart in this field.”

Ahmed Abdullah, Vice Chairman of REDCON Properties, remarked: “Green architecture and sustainable projects represent the future of the real estate market in Egypt and are significant attractions for investments, especially given the global trend towards green economy. Obtaining this certification further strengthens our position as a leading company in this sector. We take pride in the achievements of this project and eagerly anticipate presenting more projects that adhere to sustainability and innovation standards. We are extremely proud to achieve this milestone for our clients. Owning an environmentally friendly certified building in Golden Gate not only demonstrates our commitment to sustainability but also provides a healthy and energy-efficient environment, reducing operating costs and achieving outstanding economic returns for our project partners.”

REDCON Properties relies on the use of environmentally friendly building materials, high-efficiency mechanical, electrical, ventilation, and lighting systems, as well as an advanced waste management system to reduce its carbon footprint.

Furthermore, REDCON Properties is committed to recycling a portion of construction waste during the implementation phase, having exceeded 1500 tons of recycled waste during 2023 and the first quarter of the current year. These efforts are aimed at supporting environmental conservation and achieving sustainable development.

The Golden Gate project is located in New Cairo spanning an area of 160,000 square meters, with an investment cost of up to EGP20 billion. It comprises 29 buildings, including commercial and administrative buildings, offering a unique shopping and entertainment experience through the Street Retail concept. Additionally, it features the largest facade overlooking South 90 Street, positioning the project as a formidable competitor in the Egyptian real estate market.

Beltone Holding (“Beltone”), one of the fastest-growing financial institutions, announces that its wholly owned subsidiary, Beltone Leasing and Factoring, has signed the first syndicated factoring deal in Egypt worth EGP925 million for Redcon Properties.

The main aim of this agreement is to provide vital financial support to Redcon Properties, the real estate development arm of Redcon Group. Beltone Leasing and Factoring has joined forces with several leading factoring companies, contributing EGP512.5 million to the total deal, including Cairo Lease, Enmaa, Misr Finance, and AUR Leasing. Beltone Leasing and Factoring covered EGP412.5 million. Banque Misr acted as the escrow bank.

Tarek El Gamal, Chairman of Redcon Properties, commented: “In the context of the broader real estate sector, the signing of this joint factoring deal holds significant importance as it enables real estate developers to obtain the proper financing tools required to grow their development portfolio. It will enable us to accelerate the pace of construction of the Golden Gate project, a cornerstone commercial development in Egypt, especially in East Cairo. This strategic move underscores our commitment to employing diverse financial instruments for project financing, ensuring timely and successful project delivery”.

Ahmed Abdallah, Vice Chairman of Redcon Properties, stated: “Signing the first joint factoring deal in Egypt represents a milestone in the real estate industry. It makes us the first real estate development company to use this non-banking financial tool to finance our projects, opening the door for its use by other companies in the future to contribute to the sustainable growth of the real estate sector. It underscores the confidence of the financial institutions participating in the transaction in our impeccable financial position, the quality of our projects, and the level of demand. I am grateful to the participating financial institutions for their cooperation in completing the transaction in such record period, hoping for further collaboration in implementing other financing deals in the future”.

Ahmed Sherif, Managing Director and CEO of Cairo Leasing Company, pointed out that fruitful cooperation with financial leasing and factoring companies, especially those with financial solvency and appropriate technical capabilities, is the best way to finance various customer needs without negatively affecting the risks borne solely by the company and its financial solvency. He added, “We are working within the company to study the market in all its aspects, familiarizing ourselves with its financing requirements, estimating the size of expected growth and associated risks, and thus providing the necessary financing tools in accordance with the different needs of customers. This alliance also supports, in particular, the real estate development market and propels the growth of the Egyptian economy in general, which is one of the most important goals of the company due to its belief in sustainability and continuous development.”

Tarek Fouad El Fayoumy, CEO and Managing Director of Enmaa, said: “We are thrilled to collaborate with Beltone Leasing and Factoring, joining the syndication for Redcon Properties, the real estate development arm of Redcon Group. This emphasizes our commitment to serving diverse sectors in the Egyptian market”.

Ahmed Deif, Managing Director of Misr Finance, commented: “We are pleased to join this first syndicated factoring deal in Egypt to finance Redcon Properties. Together with our partners, we’re committed to supporting business growth, and injecting liquidity into our clients.  We look forward to replicating such innovative deals with other clients”.

Abdel Aziz El Sherbiny, Chairman of AUR Leasing and Factoring, confirmed that this syndication is one of the exceptional and innovative financing methods, which positions Non-Banking Financial Institutions as major supporters of the national economy.

Soha Soliman, Managing Director of AUR Leasing and Factoring, stated: “We are glad to be part of this transaction, which falls under the umbrella of finding unconventional solutions to support labor-intensive activities in light of the current economic conditions”.

Amir Ghannam, CEO of Beltone Leasing and Factoring, commented: “The syndicated factoring agreement with Redcon Properties is a testament to our commitment to fostering financial growth and inclusivity. As the first factoring product of its kind in Egypt, this agreement sets a precedent for future developments. We are delighted to cooperate with all the syndicate companies who have joined the transaction and would like to thank them for the professionalism shown throughout the entire process. We look forward to increase our offerings and syndicating many deals this year to the factoring and leasing market, to enhance engagement with all companies operating in the field and support the market to diversify the portfolios and risks”.

Bonyan for Development and Trade (Bonyan), the leading Real Estate Investment company focusing on acquiring and managing commercial real estate assets in Egypt, has successfully completed its eighth asset acquisition as part of its expansion strategy, adding a Grade A office building to its portfolio in Redcon Properties’ Golden Gate project. This is inline with Bonyan’s strategy of acquiring trophy commercial real estate assets cementing its position as the leading real estate investment company in Egypt.

The newly acquired building is located in the first phase of the sustainable Golden Gate community, in front of the American University in Cairo (AUC) on South 90^th Street, New Cairo. The acquired building is a green-certified office building with a BUA of 6,888 SQM.

“The transaction cements Bonyan’s strategy of becoming the leading real estate platform focused on the ownership of commercial real estate assets, generating returns through capital appreciation and rental revenues.  This is essentially taking a long position on the USD and a short position on the EGP by conducting EGP denominated leveraged acquisitions.” said Shamel Abouelfadl, Chairman of Bonyan.

Ahmed Abdullah, Vice Chairman of REDCON Properties, stated: “Collaborating with Bonyan enhances our position and the Golden Gate project as a sustainable, mixed-use project that relies on the latest and modern technological solutions with a futuristic architectural design. We have contracted with more than 50 international trade brands to be present at the Golden Gate project as unit deliveries commence in 2024, as we aim to create a distinctive attraction zone in New Cairo. This follows our great success in achieving our sales target for 2023, totaling EGP11 billion.”

Eng. Tarek El-Gamal, Chairman of REDCON Properties, commented: “The future of the real estate sector lies in establishing mixed-use projects. Our cooperation with Bonyan emphasizes the importance of our vision to establish green projects that support environmental sustainability, which simultaneously combine modernity with proper construction principles.”

Golden Gate project is located in a prime location at the heart of New Cairo, with first-phase investments set at EGP 15 billion. The project occupies a total area of approximately 160,000 square meters and boasts the largest façade overlooking South 90^th Street, stretching over 1.25 kilometers in front of the American University in Cairo.

Bonyan currently holds a diversified asset base consisting of 8 commercial assets across East and West Cairo. Currently two thirds of the company’s assets are geared towards Grade A offices with mostly multinational tenants while the remaining are in retail assets.

Bonyan was acquired by Compass Capital for Financial Investments, an alternative asset manager focusing on value investing, in July 2018 with the plan of establishing Egypt’s leading Real Estate Investment platform focusing on capital appreciation and rental yield.

Bonyan continues to seek growth through acquisitions of commercial and logistics real estate assets, to further enhance its portfolio and maximize shareholder returns.

Cairo, 27 August 2023 – REDCON Properties has announced that Eng. Muhammad AbdelMagied has been named as Chief Executive Officer. This strategic transition comes as the Company continues to reinforce its stature as a pioneer in sustainable development in the real estate development sector. 

With an impressive career spanning over 36 years, Eng. Abdelmagied brings a wealth of expertise in a multitude of engineering and management disciplines, devising innovative solutions to navigate potential risks, successfully managing projects through their various stages. 

Eng. Abdelmagied’s professional journey showcases his unwavering commitment to excellence, starting his career in 1986 as an architect, accumulating extensive experience in Design, Real Estate Development, Construction Management, and Facility Management of large-scale and mega projects across Egypt, and MENA region. In addition to his proven track record in managerial positions in distinguished Egyptian firms in the field of construction, consultancy, and real estate development. In 2022, he joined REDCON Properties as Deputy CEO, and is now appointed as the new CEO. 

“We are thrilled to welcome Eng. Muhammad AbdelMagied as our new CEO,” said Mr. Ahmed Abdallah, Vice Chairman of REDCON Properties “His remarkable experience and accomplishments in real estate and construction make him the ideal leader to steer our company forward in the upcoming phase. His success as Deputy CEO encouraged us to make the decision of entrusting him to take on the responsibilities of CEO. We are confident that under his guidance, REDCON Properties will continue to flourish, and our commitment to delivering excellence in every project will be further strengthened.” 

Eng. Abdelmagied holds a bachelor’s degree in Architectural Engineering from Cairo University in 1986, and he further enriched his knowledge in construction management diploma from the American University in Cairo, middle management skills diploma from the European Union program for private sector development, and in 2014 he obtained a Diploma in Arbitration in Engineering disputes. 

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About REDCON Properties 

REDCON Properties was established in 2020 as the development arm of REDCON Construction, specializing in mixed-use real estate projects. The company operates with sustainability as its core value, where it leads the Egyptian real estate sector in the implementation of sustainable building and green architecture, with Golden Gate as its first flagship project. 

REDCON Properties derives its heritage from 30 years of experience of REDCON Constructions, which delivered more than 200 projects, among which are El Alamein Towers, Maspero Towers, Mansoura University, PwC Headquarters, Pharco, Electrolux, Bank Audi – the Company’s first green building that received a LEED silver certificate for its leadership in energy-saving designs and conservation of the environment. 

REDCON for Offices and Commercial Centers, the newly established development arm of REDCON Construction, achieves EGP 1 billion in sales in its first nine months of operations with Golden Gate, its first project located in New Cairo, and finalizes leasing agreements for 3000 square meters with 23 international brands. 

The success in attracting various international brands before the completion of construction reflects the confidence in Golden Gate as a leading and sustainable mixed-use project in Egypt, which guarantees the highest return on investment for customers and provides an exceptional experience in shopping, work environment, and entertainment. 

Achieving such a milestone is supported by the project’s unique features, in applying sustainable construction and green architecture principles that aim to reduce carbon emissions by improving energy and water consumption efficiency, contributing to the overall improvement of the environmental quality of the community. Such principles are implemented throughout the whole construction process of the project, from planning and site selection to design, construction, operation, and building maintenance. 

“Our adherence to sustainable development is a key pillar in our projects’ success, as we are committed to applying green architecture development principles in our flagship project Golden Gate. aiming to create a sustainable mixed-use community. We are working on integrating these principles into the company’s internal policies as well as ensuring applying such principles across all aspects of the project through our collaboration with four major consulting partners who specialize in sustainable development and building.” explained the Chairman of REDCON for Offices and Commercial Centers, Eng. Tarek ElGamal.  

Mr. Ahmed Abdullah, Vice Chairman of REDCON for Offices and Commercial Centers, elaborated “The results the project achieved within nine months from its launch, especially its leasing agreements with international brands before the ground-breaking, confirm the project’s appeal to investors and some of the most renowned international brands that prioritize sustainability as a key pillar for their business. We are thrilled to have achieved our targeted sales for 2022, and we are looking forward to achieving sales revenues of EGP 5 billion, in addition to lease agreements, in 2023.” 

Eng. Hisham Moussa, CEO of REDCON for Offices and Commercial Centers, stated “The success of the project in attracting investors and business owners comes as a result of the project’s unique features delivering an exceptional shopping and entertainment experience through the concept of Street Shopping, as well as its prime location in New Cairo. Moreover, we are proud to introduce Golden Gate as a truly green community providing all required facilities for managing specialized commercial, administrative, and service entities.” 

With a total investment cost of EGP 20 billion, Golden Gate is in a prime location in the heart of New Cairo. It has the largest façade overlooking the main axes in front of the American University in Cairo and spans an area of 160,000 square meters. The first phase spans 128,000 square meters and consists of 25 integrated buildings, including administrative, entertainment, commercial, and open spaces as well as indoor pedestrian walkways. 

Offering an integrated experience under one roof, the Golden Gate will bring together different international brands to meet clients’ various needs, including a hypermarket and entertainment venues. The project also comprises the largest indoor parking space in Egypt with two-storey underground car parking utilizing 100% of the total land area of the project. 

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About REDCON 

REDCON for Offices and Commercial Centers – one of the Redcon companies, was established to specialize in constructing real estate projects with multiple uses. It is one of the leading companies in using sustainable and green building methods in the real estate sector in Egypt through its primary project, Golden Gate. 

REDCON for Offices and Commercial Centers has been working in the real estate sector for roughly 30 years and it is one of the top five construction companies in Egypt. The company has delivered over 200 projects since its inception in 1993. These projects include El Alamein Towers, Maspero Towers, Mansoura University, PwC Headquarters, Pharco, Electrolux, Bank Audi (the Company’s first green building that received a LEED silver certificate for its leadership in energy-saving designs and conservation of the environment), and many others.  

Cairo, 7^th of November 2022: As part of the company’s efforts to integrate sustainability into construction projects, REDCON signed two memorandums of understanding with Schneider Electric on the eve of COP 27, the first was between REDCON and Schneider and the second was between REDCON for Offices and Commercial Centers for its flagship project Golden Gate. 

The signing ceremony was attended by Eng. Tarek El Gammal Chairman of REDCON, Mr. Ahmed Abdalla, Vice Chariman of REDCON and Mr. Sebastian Riez, North East Africa & Levant Cluster President and Fouad Zayed, Vice President of Schneider Electric for Digital Power in North East Africa & Levant Cluster. 

The first MOU aims to build smart buildings and sustainable projects by cooperating with Schneider Electric, one of the leading firms in sustainable development globally through the use of their EcoStruxure™ platform. This is an open platform that allows for interactive use at homes, buildings, data centers, infrastructure and industries and is considered as one of the latest and most modern systems for control that includes tried and test programs and systems of a global standard. The platform will help to control and maintain the infrastructure of the project which includes electricity, heating, air conditioning, water, gas, data centers, databases, DCIM, traffic, security and command and control centers. This is all aiming to create a model that suits the Egyptian economy, its environment, and social and cultural norms, this will help REDCON to better integrate sustainable development in engineering and construction. The second MOU will aim to use the BMI-6D model as a new and innovative way to manage and design projects, incorporate sustainability, as well as energy use in all aspects of the REDCON’s projects. 

Eng. Tarek El Gammal, Chairman of REDCON, stated that “The cooperation will serve to better build a greater understanding of what green buildings are and how can REDCON implement them using sustainable development models. We see these as the future of real-estate projects and that in parallel with COP 27 being held in Egypt, serve as a sign for the way forwards in the construction field. REDCON is working to implement the concept of green standards and sustainable development in its Golden Gate project whilst working to adhere to the EDGE Certification, which is a certificate that is environmentally friendly that is recognized in more than 130 countries. Added to this, Golden Gate’s rooftops are all covered in solar panels to help reduce energy consumption from the public grid.”  

Mr. Sebastien Riez, North East Africa & Levant Cluster President stated “The MOU being signed with REDCON will allow for the use of sustainable technologies that reduce power consumption, streamlines power usage, use sustainable development to build a strong data center and futuristic industries. He further clarified that “Digital Transformation and efficient power consumption are intertwined paths for the future which requires further innovation to digitalize and ensure operational efficiency to make a real impact on the global efforts to combat climate change.” 

REDCON for Offices and Commercial Centers is a founding member of the Egyptian Green Building Council (EGBC), a member of Chapter Zero, UN Global Compact Network in Egypt as well as a member of African Business Leaders. The company’s vision focuses primarily on sustainable development as Golden Gate, through its green building design, covers 9 of the 17 UNSDGs. 

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About ROCC 

REDCON Offices and Commercial Centers (ROCC) is a REDCON Construction subsidiary that specializes in the development of mixed-use real estate projects. It is one of the leading companies to sue sustainable methods of development in the real – estate sector in Egypt through its flagship project Golden Gate. REDCON for Construction has been in the real estate field for no less than 30 years and it is considered as one of the top 5 construction companies in Egypt, it has delivered over 200 projects since its inception in 1993. Some of these projects include Al Alamien Towers, Maspero Towers, Mansoura University, the new headquarters of PWC, Pharco, Electrolux, Audi Bank (Currently First Abu Dhabi Bank) among others. REDCON is considered as one of the first, if not the first, construction companies to build green buildings in Egypt, its first project was Audi Bank (Currently First Abu Dhabi Bank) which was awarded the LEED Silver certificate for its pioneering designs to save on energy consumption and is friendly to the environment.  

About Schneider Electric 

Schneider Electric is leading the Digital Transformation of Energy Management and Automation in 

Homes, Buildings, Data Centers, Infrastructure and Industries. With global presence in over 100 

countries, Schneider is the indisputable leader in Power Management – Medium Voltage, Low Voltage 

and Secure Power, and in Automation Systems. We provide integrated efficiency solutions, combining 

energy, automation and software. In our global Ecosystem, we collaborate with the largest Partner, 

Integrator and Developer Community on our Open Platform to deliver real-time control and operational 

efficiency. We believe that great people and partners make Schneider a great company and that our 

commitment to Innovation, Diversity and Sustainability ensures that Life Is On everywhere, for everyone 

and at every moment. 

For more information please visit: https://www.se.com/en/