Schneider Electric has signed a Memorandum of Understanding (MoU) with Paragon Developments in an effort to enhance sustainability in the Egyptian real estate sector. The agreement states that Schneider Electric will provide smart sustainable building solutions for Paragon Developmentsโ administrative buildings, specifically โParagon 2โ and โParagon 3โ. The signing ceremony took place on the side-lines of the United Nations Climate Change Conference (COP28) taking place in Dubai, in the presence of Sebastian Riez, Cluster President of Schneider Electric Northeast Africa and Bedeir Rizk, CEO of Paragon Developments. ย
These solutions will utilize Schneider Electricโs EcoStruxure platform, which effectively manages critical smart building infrastructure and acts as a model for state-of-the-art sustainable smart buildings in the country that takes into consideration the particularities of economic, climatic and socio-cultural environment standards.
Commenting on the agreement,ย Sebastien Riez, Cluster President of Schneider Electric Northeast Africa, and Levantย said โThe challenges the world is facing because of climate change urged the need for solutions and mechanisms that would help us reduce carbon emissions and rationalize energy consumption. This is Schneider Electricโs role as it continues to be the preferred partner for Egyptian real estate developers by providing state-of-the-art sustainable technologies for smart buildings. Through our portfolio of solutions, we help developers manage and run smart buildings to ensure energy efficiency, enhance residentsโ quality of life, and fulfil our commitment to sustainability in Egypt as part of our six long-term sustainability commitments. By expanding our partnership with Paragon Developments, we reinforce the joint efforts to create smart, sustainable, and efficient administrative buildings in Egypt as we aspire to improve the safety, efficiency, and sustainability of the infrastructure of both existing and future smart buildings.โ
On his part,ย Bedeir Rizk, CEO of Paragon Developments, said โEmbarking on new partnerships with Schneider Electric to supply our projects with sustainable solutions, is synonymous with our vision of creating smart administrative projects that adhere to sustainability standards, which contributes to conscious consumption of natural resources and protects the environment. This, in return, will result in increased employee productivity. We are proud to be one the first real estate developers in Egypt to adopt and implement these unique projects.โ
The partnership framework enables Schneider Electric to implement advanced solutions in Paragon Developmentsโ administrative building, โParagon 2โ and โParagon 3โ, utilizing its longstanding knowledge and expertise through its EcoStruxure platform to manage critical smart building infrastructures such as Electricity, HVAC, Water, Gas, Data networks and Data Centres. Schneider Electric will also install Power Monitoring Expertย (PME), which monitors the energy consumption of the building, to keep track of unplanned downtime and maintain the operational efficiency of the building. Additionally, medium and low voltage packages, UPS Systems, Solar System Microgrids, firefighting systems, and Real Estate Management Software โ Planon will be provided.
Paragon Developments has outlined a solid expansion plan to invest in modern mixed-use buildings, integrating Schneider Electricโs advanced digital solutions to enhance its leadership in innovation and IoT technology, bolstering its shift towards a knowledge-based economy to achieve sustainable economic development. The company brings to the market a unique vision for administrative buildings in the New Administrative Capital (NAC), with a portfolio of projects designed and implemented to exhibit the highest standards of sustainability, providing an elevated customer service, whilst preserving the environment and promoting conscious resource consumption.
Paragon 3 is the companyโs latest and third addition to its portfolio of projects in the local market, which includes various areas ranging from 104 to 250 sqm. The company also owns Paragon 2, which is designed to implement sustainability standards. The project houses the iconic Paragon Hub which encompasses several meeting rooms, office spaces, shared workspaces, a gym, a childrenโs nursery, a restaurant and concept retail store. Exhibiting the latest technologies in buildings and operations, these buildings are environmentally friendly which qualified them to be accredited by the American LEED certificate for sustainable, environmentally friendly buildings. The company also owns Paragon 1, located in the financial district of the New Administrative Capital, which was delivered to clients according to agreed-upon contractual dates.
This MoU is an extension of the fruitful partnership established between Schneider Electric and Paragon Developments that started last year during COP27, held in Sharm El Sheikh.
Schneider Electric equipped Paragon 1, the first environmentally friendly administrative building in the New Administrative Capital built on an area of 23,316 SQM, with smart building and sustainable solutions. This partnership is a testament to Paragon Developmentsโ unwavering belief in the importance of sustainability as the focal point of urban planning and real estate development.
It is noteworthy to mention that Schneider Electric signed eight other memorandums of understanding with major real estate developers in the Egyptian market during COP27. These agreements involved equipping several residential, administrative, commercial, and industrial projects with smart solutions.
