Urbnlanes enters as Sky AD reportedly exits

Kuwaiti developer Urbnlanes is in final negotiations to acquire a 430-feddan plot in Ras El Hekma for EGP 7 bn (USD 137 mn), where it plans to set up a tourism and hotel project with expected total investments of EGP 80 bn, two sources told the Arabic press. The move follows the reported withdrawal of Sky Abu Dhabi Developments (Sky AD) from its previous development agreement on the site, according to the sources.

The exit: Sky AD — the real estate arm of UAE-based Diamond Group — recovered EGP 900 mn it had paid to the landowner and refunded all customer down payments, the sources said. Sky North — as the project was called — was planned to span 430 feddans across five phases with a total investment of EGP 80 bn.

Worth noting: Urbnlanes has been building out a hospitality arm in Egypt ahead of any potential North Coast move, having partnered with Story Hospitality — a subsidiary of Abu Dhabi Capital Group — in April 2025 to expand extended-stay living in the country.

Another Chinese textile project

China’s Zhejiang Hongda will set up a USD 20 mn textile manufacturing and processing plant in Qantara West under a newly inked contract with the Suez Canal Economic Zone. The project will earmark 70% of its output to international markets and create 500 direct jobs.

DATA POINT- Qantara West has so far secured 53 projects worth USD 1.5 bn and spanning industry, service, and logistics.