Kuwaiti developer Urbnlanes has acquired 430 feddans of land on Egypt’s Mediterranean coast for a tourism and hospitality development previously estimated at EGP 80 billion, adding to growing Gulf investment in the North Coast.
Chief Executive Fady Emeel Abdalla announced the acquisition on November 11, according to Bloomberg Asharq, saying the company would disclose the project’s full details in early 2027. A launch is reportedly planned for next summer.
The acquisition follows negotiations reported by Bloomberg Asharq in June, when Urbnlanes was seeking to purchase the site for approximately EGP 7 billion from MoonView Real Estate Investment. Located in the Ras El Hekma–Sidi Heneish coastal corridor, the proposed development was expected to include hotels, holiday accommodation, entertainment and commercial facilities.
The final acquisition price and updated investment budget have not been disclosed.
Urbnlanes, part of Kuwait’s Emeel Abdalla Investment Group, plans to raise construction spending across its Egyptian developments to EGP 10 billion in 2027 from EGP 4 billion in 2026. It is targeting EGP 40 billion in contracted sales next year, compared with approximately EGP 12 billion projected for 2026.
The company reports an Egyptian land portfolio of about 600 feddans and a broader investment portfolio valued at approximately EGP 400 billion. Its hospitality pipeline includes around 1,200 serviced apartments and 600 hotel rooms, although these have not been specifically allocated to the Ras El Hekma project.
The acquisition follows the multi-billion investments in Ras El Hekma, transforming the Mediterranean coast into a destination for residential, tourism and hospitality investment.
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