Magnom Properties signs MoU with Schneider Electric and H2-Enterprises

Futuristic 'Forbes International Tower' becomes first globally to be powered by safe and emissions-free Liquid Organic Hydrogen Carrier technology

DUBAI, UAE, June 26, 2023 /PRNewswire/ -- Magnom Properties, a subsidiary of Rawabi Holding, has announced that the futuristic 'Forbes International Tower', designed by Adrian Smith + Gordon Gill Architecture (AS+GG Architecture), will be the first-of-its-kind project in the world to run entirely on the Liquid Organic Hydrogen Carrier (LOHC) system. The LOHC technology enables hydrogen to be stored, transported and released in a safe and environmentally friendly manner.

Under a Memorandum of Understanding (MoU) signed with Schneider Electric, a leader in energy management and automation, and H₂-Enterprises, a global hydrogen generation and energy storage solutions company, Magnom Properties will tap into the long-term potential of clean hydrogen to accelerate the zero carbon emission goals of the Forbes International Tower.

Using the proprietary technologies of H₂-Enterprises to create clean hydrogen by using previously non-recyclable plastics and other organic wastes as feedstock for its energy production and Schneider Electric's innovative digital solutions for energy management, the Forbes International Tower will tackle critical energy challenges and power the 24/7 needs of the tower's operations. The Forbes International Tower is currently planned in the UAE, Saudi Arabia and Egypt.

The MoU was signed by Othman A. Ibrahim, CEO, Rawabi Holding and Vice Chairman of Magnom Properties, and Maged Marie, CEO of Magnom Properties, with Sebastien Riez, Cluster President for the NEAL region, Schneider Electric, and Michael Stusch, Executive Chairman and CEO of H₂-Enterprises.

Amel Chadli, VP Digital Energy & Software, Schneider Electric Middle East & Africa, said: "By leveraging clean hydrogen technology, the Forbes International Tower exemplifies Schneider Electric's vision of Electricity 4.0 and our commitment to achieving net-zero buildings through decarbonisation of energy supply. This landmark project redefines the way we power and shape the built environment in the Middle East and Africa."

"The MoU marks the transition towards a zero-emission electrification of real estate, powered by hydrogen derived from LOHC," said Michael Stusch, Executive Chairman & CEO of H₂-Enterprises. "Embracing this innovative technology in future ready buildings across the globe will expedite the transition to a sustainable future."

The MoU addresses the twin challenges of waste pollution and the creation of clean energy, paving the way for both global energy transition and the emergence of the hydrogen economy.

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SOURCE Magnom Properties