Rizk: All portfolios of PARAGON DEVELOPMENTS are sustainable

Rizk: All portfolios of PARAGON DEVELOPMENTS are sustainable
03 / 03 / 2023
By Marwa Nassar - -

Bedeir Rizk, CEO of PARAGON Developments, underlined that all the company’s portfolios are sustainable.

He stressed “all the buildings the company has built today are green and all our portfolios are sustainable.”

He made the remark during the 13th CSR and Sustainable Development Forum which is organized by CSR Egypt. The event opened on Thursday in the Red Sea resort city of Hurghada.

Rizk expounded that PARAGON Developments is focused on developing better workspace buildings and it does this in a sustainable way, noting that the company depends on intelligent technologies in buildings, while maintaining the human sense of designing.

“So we’re one of the few companies I think that has only sustainable office buildings and so we cover all our roofs with solar panels,” Rizk highlighted.

“We start at the beginning of the designing process, which saves us a lot of money…if you try to build sustainably, you’re incurred well more costs,” he added.

Asked about means of financing these projects, he said “We do this today through self funding”, noting that the company also worked with banks but it hasn’t found the right sustainable products to work with.

He said the maturity of the banking products is still in the early stage.

He expounded “I think first, all the partnership should start early on… of the awareness level, even from the development companies or from the banking sector and then there’s a conversation to be held at the beginning of launching the products.”

With this conversations held early on, “the developer is able to work with the bank at the acquisition of the land level .. this is the milestone I’m going to achieve and I want you to be like partner through this journey,” he added.

He said this challenge is also found in the value chain, noting “I think this conversation is to be held in every step of the value chain with the banking sector early on” so that the company goes through this while the bank pledges to offer support and fund to improve the capability of the market.

Leave a comment

Your email address will not be published.

Related Articles