Arab Finance: Kuwait-based Urbnlanes Development is seeking to acquire a 430-feddan land plot in Ras El Hekma on Egypt's North Coast for EGP 7 billion ($135 million), Asharq Business reported, citing two informed sources.

The developer intends to develop a tourism project on the land plot, including tourist and hotel units, as well as entertainment and commercial facilities, with expected investments of EGP 80 billion.

The company is currently in the final stages of negotiations to purchase the land from the real estate investment company MoonView.

Urbnlanes Developments, a subsidiary of the Kuwaiti conglomerate Emeel Abdalla Investment Group, has implemented more than 100 real estate projects in Kuwait and Egypt.

The acquisition offer follows the withdrawal of Sky Abu Dhabi Development Company from the project. The Emirati developer announced plans to develop the land in July 2025, but later exited the transaction.

Sources indicated that Sky Abu Dhabi recovered nearly EGP 900 million, previously paid to the landowner under the former development agreement. The company also reimbursed reservation deposits to customers who had contracted to purchase units within the project.

The North Coast region has witnessed a growing influx of real estate and tourism investments since the signing of the $35 billion Ras El Hekma development deal between Egypt and the UAE.

In November 2025, Qatari Diar signed an agreement with the Egyptian government to invest $29.7 billion in the Alam Al-Roum project.

In the first half (H1) of the fiscal year (FY) 2025/2026, foreign direct investment (FDI) in Egypt reached about $6 billion, compared to $5.5 billion in the previous FY.