Signify Egypt and Paragon Developments sign MoU
The partnership aims to develop a comprehensive ecosystem of lighting solutions based on Signify's latest global technologies, contributing to improved energy efficiency, enhanced operational safety, and increased user comfort within smart working environments. This collaboration comes at a time when Egypt's real estate market is rapidly shifting towards sustainability and digitization as key pillars for the future.
As part of its deep commitment to sustainability, Signify Egypt will provide IOT, LED lighting solutions capable of energy-saving by up to 80% compared to conventional systems, delivering long-term operational efficiency. The company will also supply eco-friendly products that are PVC-free, RoHS-compliant, and recyclable lighting solutions to reduce the carbon footprint and supporting Paragon in achieving smart building certifications without compromising design or performance quality.
In line with its commitment to knowledge transfer, Signify Egypt will offer technical training and full knowledge support to the Paragon team, ensuring optimal operation of the systems and maximum efficiency and sustainability. The partnership is built around the latest global trends in workspace design, such as space management, focus on user health and well-being, skylight Sensor's technology, combined with Technology of 3D printing to create highly efficient, sustainable, and customized solutions with lower environmental impact.
Mohamed Saad, CEO of Signify Africa, commented: "This partnership marks a strategic step toward redefining the role of lighting in the real estate sector, not just as a technical component, but as a powerful tool for achieving synergy between innovation, sustainability, and user experience. By integrating smart lighting solutions, we are able to enhance quality of life within urban developments and create modern living environments that truly reflect the essence of well-being."
He added: "We believe the shift toward smart and sustainable buildings starts with the details and lighting is one of the most important drivers of this transformation. Through this collaboration with Paragon, we reaffirm our joint commitment to utilizing the best of global technology in service of people and the planet, delivering tangible added value to developers and end users alike."
Eng. Bedeir Rizk, CEO of Paragon Developments, stated that strategic partnerships, such as the collaboration with Signify, represent a pivotal step in the company's journey and its philosophy of regenerative development, which aims to create smart and sustainable urban systems that seamlessly integrate work, living, and culture into a holistic experience.
He added: 'At Paragon, we see real estate development as a responsibility that goes beyond construction. We aim to build adaptive spaces that embody a renewed urban philosophy. We integrate technology at the core of our design processes, developing architectural systems that enhance user experience and lifestyle, while committing to environmental sustainability. This collaboration is a clear expression of our commitment to Egypt's Vision 2030, by adopting smart and sustainable solutions at every stage of our project development. It is not merely a technical partnership, but part of a comprehensive strategy to redefine the real estate development standards in the Egyptian market—where technology meets design, and sustainability becomes the foundation of every project we develop today and in the future.'
It is worth noting that this partnership includes collaboration to explore and develop key projects that reflect the gradual and growing impact of the alliance. The aim is to expand its scope to include the development of smart and integrated lighting solutions across a range of mixed-use projects managed and developed by Paragon. This ambitious expansion embodies the shared vision between Paragon and Signify to lead the future of smart and sustainable real estate development in Egypt and the region.
About Signify
Signify (Euronext: LIGHT) is the world leader in lighting for professionals, consumers and the Internet of Things. Our Philips products, Interact systems and data-enabled services deliver business value and transform life in homes, buildings and public spaces. In 2024, we had sales of EUR 6.1 billion, approximately 29,000 employees and a presence in over 70 countries. We unlock the extraordinary potential of light for brighter lives and a better world. We have been in the Dow Jones Sustainability World Index since our IPO for eight consecutive years and have achieved the EcoVadis Platinum rating for five consecutive years, placing Signify in the top one percent of companies assessed. News from Signify can be found in the Newsroom, on X, LinkedIn and Instagram. Information for investors is located on the Investor Relations page.
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