{"id":710653,"date":"2026-06-16T00:00:00","date_gmt":"2026-06-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=710653"},"modified":"2026-06-16T02:49:53","modified_gmt":"2026-06-16T02:49:53","slug":"urbnlanes-enters-as-sky-ad-reportedly-exits","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/06\/16\/urbnlanes-enters-as-sky-ad-reportedly-exits\/","title":{"rendered":"Urbnlanes enters as Sky AD reportedly exits"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Kuwaiti developer Urbnlanes<\/strong><strong> is in final negotiations to acquire a <\/strong><strong>430-feddan plot in Ras El Hekma for EGP 7 bn (USD 137 mn)<\/strong>, where it plans to set up a tourism and hotel project with expected total investments of EGP 80 bn, two sources told the <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/economics\/136468\/%D8%A3%D9%88%D8%B1%D8%A8%D9%86-%D9%84%D9%8A%D9%86%D8%B2-%D8%A7%D9%84%D9%83%D9%88%D9%8A%D8%AA%D9%8A%D8%A9-%D8%AA%D8%B3%D8%B9%D9%89-%D9%84%D9%84%D8%A7%D8%B3%D8%AA%D8%AD%D9%88%D8%A7%D8%B0-%D8%B9%D9%84%D9%89-430-%D9%81%D8%AF%D8%A7%D9%86%D8%A7-%D8%A8%D8%B1%D8%A3%D8%B3-%D8%A7%D9%84%D8%AD%D9%83%D9%85%D8%A9\/?utm_term=Autofeed&utm_campaign=ebx-egy&utm_medium=Social&utm_source=Twitter&Echobox=1781507568\" style=\"\">Arabic press<\/a>. The move follows the reported withdrawal of Sky Abu Dhabi Developments (Sky AD) from its <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/16\/sky-ad-breaks-ground-on-egp-80-bn-ras-el-hekma-project\/\" style=\"\">previous development agreement<\/a> on the site, according to the sources.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The exit:<\/strong> Sky AD \u2014 the real estate arm of UAE-based Diamond Group \u2014 recovered EGP 900 mn it had paid to the landowner and refunded all customer down payments, the sources said. Sky North \u2014 as the project was called \u2014 was planned to span 430 feddans across five phases with a total investment of EGP 80 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Worth noting:<\/strong> Urbnlanes has been building out a hospitality arm in Egypt ahead of any potential North Coast move, having <a target=\"_blank\" href=\"https:\/\/urbnlanes.com\/kuwaiti-urbnlanes-partners-with-story-hospitality-a-subsidiary-of-abu-dhabi-capital-group-to-elevate-hospitality-in-egypt\/\" style=\"\">partnered with Story Hospitality<\/a> \u2014 a subsidiary of Abu Dhabi Capital Group \u2014 in April 2025 to expand extended-stay living in the country.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Another Chinese textile project<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>China\u2019s <\/strong><strong>Zhejiang Hongda will set up a USD 20 mn textile manufacturing and <\/strong><strong>processing plant in Qantara West<\/strong> under a newly inked <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/SCZONE.EG\/posts\/%D8%A8%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-20-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%88%D9%84%D8%A7%D8%B1%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A%D8%A9-%D9%82%D9%86%D8%A7%D8%A9-%D8%A7%D9%84%D8%B3%D9%88%D9%8A%D8%B3-%D9%8A%D8%B4%D9%87%D8%AF-%D8%AA%D9%88%D9%82%D9%8A%D8%B9-%D8%B9%D9%82%D8%AF-%D9%85%D8%B4%D8%B1%D9%88%D8%B9-zhejiang\/1326511496292900\/\" style=\"\">contract<\/a> with the Suez Canal Economic Zone. The project will earmark 70% of its output to international markets and create 500 direct jobs. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT- <\/strong>Qantara West has so far secured 53 projects worth USD 1.5 bn and spanning industry, service, and logistics. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The land purchase would host a tourism and hotel project worth an expected EGP 80 bn<\/p>\n","protected":false},"author":1,"featured_media":710654,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,72,12453,7388],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-710653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-enterpriseam","tag-qantara-west-industrial-zone","tag-ras-el-hekma","wpautop","entry"],"acf":{"mongo_id":"e7296cfa-ad0d-4586-99c1-771ef092f489","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/1396.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Urbnlanes enters as Sky AD reportedly exits","related_issue":[710636],"teaser":"The land purchase would host a tourism and hotel project worth an expected EGP 80 bn"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Urbnlanes enters as Sky AD reportedly exits - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/06\/16\/urbnlanes-enters-as-sky-ad-reportedly-exits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Urbnlanes enters as Sky AD reportedly exits\" \/>\n<meta property=\"og:description\" content=\"The land purchase would host a tourism and hotel project worth an expected EGP 80 bn\" \/>\n<meta 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