Eng. Tarek El-Gammal, Chairman of REDCON Properties, Elected to UNGC Board by Majority Vote for a Three-Year Term

REDCON Properties announced the election of Eng. Tarek El-Gammal, Chairman of the Board, as a member of the Board of the United Nations Global Compact (UNGC). This appointment, decided by a majority vote of the General Assembly members, will see Eng. El-Gammal serve a three-year term.

This significant recognition underscores the unwavering dedication and sustained efforts of Eng. El-Gammal in advancing sustainable development goals and the UNGC’s objectives through REDCON Properties’ projects.

Eng. Tarek El-Gammal remarked, “Green and sustainable building are the cornerstone of contemporary construction. We are relentless in pursuing cutting-edge technologies and sustainability solutions, aligning with the UN’s sustainable development goals. We are also committed to setting a benchmark in real estate development that emphasizes quality and social responsibility, exemplified by the Golden Gate project, Egypt’s first fully sustainable green community.”

As a trailblazer in the sectors of real estate development and green building in the Egyptian market, Eng. El-Gammal’s involvement with the UNGC Board will encompass strategic guidance, consultancy, oversight, and collaboration with key stakeholders to achieve the council’s goals over the coming three years. He is also an active participant in the African Business Leaders Coalition (ABLC) and has represented both the ABLC and UNGC at numerous prestigious international forums.

REDCON Properties reiterates its steadfast commitment to the principles of sustainability and sustainable development across all its projects. The Company diligently strives to meet global sustainable development goals through its contributions to UNGC.

Pyramids Run

Grateful to be a part of the incredible Sphinx Run at The Pyramids! Redcon Properties proudly sponsored this memorable event, supporting El Nas hospital young heroes, organized by Stamina and Sphinx Run.

REDCON Properties’ Golden Gate Project Awarded Prestigious EDGE Certification for Sustainable and Environmental Practices

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 leads the way in arranging Syndicated Factoring Facility worth EGP925 million for Redcon Properties

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 Successfully Acquires its Eighth Commercial Real Estate Asset in REDCON Properties’ “Golden Gate” Project

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 90th 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 90th 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.

REDCON Properties Names Eng. Mohamed Abdelmagied as its New CEO 

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 Achieves Sales of EGP 1 Billion in its First Year of Operation 

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.  

REDCON And Schneider Electric Sign Two Memorandum of Understanding on Sidelines of COP 27 Merging Sustainability into Engineering and Construction in ROCC’s Golden Gate Project to Reinforce The Concept Of Green Buildings 

Cairo, 7th 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/  

ROCC signs a leasing agreement with Fashion International Group (FIG) to include 18 international leading franchised brands at Golden Gate. 

Ahmed Abdallah: The agreement is the beginning of a series of global partnerships to realize the concept of ‘Outdoor Retail Experience.’ 

Cairo, Egypt – 7 September 2022 –  As a testament to its credibility in fulfilling its plans, REDCON for Offices and Commercial Centers (ROCC), has signed a leasing agreement with Fashion International Group (FIG), a multinational retail company with more than 20 international leading franchised brands, to include 18 international leading franchised brands in Golden Gate project, ROCC’s first mixed-use development (commercial – administrative – entertainment). The agreement was signed in the presence of Mr. Ahmed Abdullah, Vice chairman of ROCC’s Board of Directors. Eng, Hisham Moussa, the Chief Executive Officer of ROCC and Mr. Adel Al Bana, Chief Operating Officer of FIG.  

The agreement includes 18 high-end fashion and retail stores from FIG’s franchised brands that complement the essence of the Golden Gate project, which is considered one of the leading mixed-use developments that provides distinguished services to ROCC’s clients. The agreement is part of ROCC’s strategy to create a distinctive lifestyle destination and set a new benchmark in integrated services.   

Ahmed Abdullah, Vice chairman of ROCC’s Board of Directors, expressed his excitement about this agreement, mentioning that this agreement is the beginning of a series of global partnerships planned to fulfill ROCC’s vision and provide a unique shopping experience to its clients. The demand for the Golden Gate project has exceeded all expectations since its launch, whether on the administrative or commercial front. ROCC has attracted the attention of many potential groups in record time, including some of the most famous international and local franchised brands that cater to all age groups and provide the ultimate retail and dining experience through the new concept of “Outdoor Street Retail”. 

“This comes as a result of ROCC’s awareness of the added value of the commercial real estate sector by providing a different and distinctive experience to the clients and pioneers of the project. This helps ROCC in fulfilling its vision of achieving sustainability and integrated excellence with international quality and standards supported by the sustainable development consultancy ‘DCarbon’, a lead in sustainability consultancy, and ‘Eco Strategies,’. ROCC is keen on obtaining the ‘EDGE’ green building certification, a global system established by the International Finance Corporation (IFC) to assess green buildings and ensure building efficiency in the use of energy, water and construction resources.”, Abdullah added. 

Hisham Moussa, the CEO of ROCC, confirmed that ROCC is interested in providing the best engineering designs. Thus, ROCC has partnered with specialized consulting entities, most notably ‘WATG’ office in London for the concept design, ‘SWA’ for the landscape design, ‘Walker’ as an international parking consultant, and Dr. Usama Okeil as a traffic consultant. In addition to Savills, a global real estate consultancy, JLL, for real estate services and investments management, REDCON Project Management, and Hill International for facility management. Finally, ‘Archvision Consultancy Co.’ for Engineering Consultancy, Amr Abdel Rahman Design and Engineering Consulting Office ‘AACE’ as a structure consultant, and Engineer Hani Ali’s “EMG” office. The goal is to come up with a design that combines modernity and originality to match the surrounding urban theme, and consecutively reflects the Egyptian spirit, culture, and civilization, as well as the downtown area vibe similar to many countries of the world. 

Adel Al Bana, Chief Operating Officer of FIG, said that ROCC was able to impose a distinctive lifestyle for the first time in the Egyptian market, by launching a sustainable landmark according to international quality and standards for commercial and administrative projects. He expressed his appreciation for ROCC’s efforts to provide a distinctive retail and dining experience, as Golden Gate includes a luxury shopping zone, unique dining choices and provides an innovative experience through a six-meter façade window. This gives ROCC’s clients a better chance to learn about all the options and products offered by a variety of 400+ stores. 

Golden Gate is a one-of-a-kind sustainable concept, focusing on creating an upscale lifestyle destination that re-imagines the way people work, shop, dine and play. Golden Gate is a mixed-use development (commercial – administrative – entertainment) on a total of 160,000 square meters plot, comprising of about 100,000 square meters of commercial space, and another 100,000 square meters of administrative office space. Golden Gate is a 1.2 km long project that includes the most efficient underground parking to accommodate up to 8,000 vehicles. The mixed-use project is located in the heart of New Cairo with the largest facade of the project overlooking South 90th Street in front of the American University in Cairo, located between two monorail stations making it easily accessible from any area in Cairo.  

ROCC aims to fully develop Golden Gate project, which will be implemented in two phases; first phase deliveries are expected in the first quarter of 2024 and the second phase in 2025.   

REDCON PROPERTIES SIGNS MOU WITH HONEYWELL FOR ITS PIONEERING SUSTAINABLE COMMUNITY “GOLDEN GATE” 

CAIRO, Egypt, May 30, 2023 – REDCON Properties – the newly established developer arm of REDCON Group, have signed a Memorandum of Understanding (MoU) with Honeywell (Nasdaq: HON) that outlines plans to incorporate advanced smart community and sustainability solutions at Golden Gate, the developer’s pioneering project in New Cairo.  

The MoU provides a framework for collaboration between the companies, and paves the way for Honeywell to provide smart city, community and sustainability solutions along with consultation services for Golden Gate; REDCON Properties first mixed-used development, which will become Egypt’s benchmark for smart communities.  

Ahmed Abdallah, Vice Chairman of REDCON Properties said: “Golden Gate is a critical project as it will set a benchmark of more sustainable communities. We want to collaborate with the best technology providers for smarter solutions incorporated in the project. We’re excited to explore this potential with Honeywell to support the success of our first community project as we build a unique lifestyle destination and set new basis in integrated services.”  

“Honeywell is proud to collaborate with REDCON Properties to help set the standard for smarter and more sustainable communities in the important market of Egypt, while supporting the government’s plans to enhance urban living,” said Ahmed Saleh, business director, Honeywell Building Technologies, North Africa. “We look forward to working with REDCON Properties on making the Golden Gate project a reality and create an example for future communities in the region.”  

Covering an area of 160,000 sqm in the heart of New Cairo, the Golden Gate community includes five districts comprised of mixed-use buildings, standalone offices, retail and a luxury shopping zone. The community will take a sustainability-first approach in its design and construction including the materials used for buildings and walkways and by incorporating renewable energy and water and energy efficiency solutions, electric vehicles and other features aimed at reducing its overall carbon footprint. Golden Gate is based on the values of sustainability and interconnectivity, designed to meet Egypt’s sustainability goals and wider climate change commitments.  

Demonstrating capabilities to drive sustainability initiatives for buildings, Honeywell and Egypt’s Ministry of Communications and Information Technology signed an MoU late last year to advance the energy efficiency of government buildings across Egypt. 

Egypt’s Vision 2030 has placed a strong emphasis on the importance of increasing innovation and achieving national development, both economically and environmentally. Urban expansion has been outlined as a key pillar within the Vision, in which forming smarter cities will help accommodate a growing population and improve quality of life. 

Honeywell is committed to strategically expanding its presence in Egypt and North Africa, enabling more sustainable cities and communities and leading the digitalization of key industry verticals such as airports and transportation, datacenters, healthcare, commercial real estate and hospitality.  

Operating from Cairo, Honeywell works with some of Egypt’s key government and private sector entities in the fields of smart cities, building automation, oil and gas, refining and petrochemicals, defense, aviation, infrastructure development, logistics, security and fire safety. The company has been present in Egypt for more than 50 years and is committed to providing the best talent and technologies to support development across Egypt’s major industries. 

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About REDCON Properties 

REDCON Properties was established in 2022 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 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. 

About Honeywell Building Technologies 

Honeywell Building Technologies (HBT) is transforming the way every building operates to help improve the quality of life. We are a leading building controls company with operations in more than 75 countries supported by a global channel partner network. Commercial building owners and operators use our hardware, software and analytics to help create safe, efficient and productive facilities. Our solutions and services are used in more than 10 million buildings worldwide. 

About Honeywell 

Honeywell (www.honeywell.com) delivers industry specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom