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Plans expansion in Egypt and Saudi Arabia, targets hospitality growth with IHG Hotels
Urbnlanes Developments, a subsidiary of Egypt- and Kuwait-based Emeel Abdalla Investments, launched NOI Residence, a 46-acre residential project in New Cairo, on Tuesday.
CEO Fady Emeel Abdalla said the project will include 240 villas, hotel apartment units, and a commercial area occupying 20 percent of the total project area. Construction will commence “soon,” with delivery scheduled within three years in four phases.
He declined to disclose the project costs but said the company is targeting total sales revenue of 40 billion Egyptian pounds ($813 million).
Abdalla said the project draws on the ‘Voronoi’ philosophy of spatial design, utilising geometric partitions inspired by Voronoi diagrams. Oko Plan and Hany Saad Innovations are the main consultants, while Studio Delave, a branding firm based in Dubai and the UK, developed its visual identity.
Abdalla also revealed plans for a 24-acre mixed-use project in New Cairo, set to launch in 2025 with residential and commercial elements at a total cost of EGP16 billion ($325 million). Urbnlanes is also exploring developments in Sheikh Zayed and Egypt’s North Coast, alongside preparations to enter the Saudi real estate market.
The Urbnlanes CEO said the company aims to expand its hospitality footprint through a partnership with IHG Hotels & Resorts to develop two Crowne Plaza hotels. The projects, located in Yellow Residence, New Cairo, and Levels Business Tower, NAC, represent a combined investment of EGP4 billion ($81 million) and 280 keys are slated for completion in 2028.
Urbnlanes’ Egyptian portfolio encompasses six projects, including NOI Residence, Levels Business Tower, Yellow Residence, Yellow Lane, East Lane, and Mid Lane, totaling investments of EGP46 billion ($935 million). Its Kuwaiti sister company has completed 100 projects, including 20 towers, three cities, and significant developments like the Dallal Complex and Shadadiyah University.
(1 USD = 49.21 EGP) |
