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Kuwait’s UrbanLanes Developments is preparing to acquire a 1.8-square-kilometre plot of land in Ras El Hekma on Egypt’s North Coast for 7 billion Egyptian pounds ($135 million), according to a news report.
The company aims to develop a tourism project with investments expected to reach EGP 80 billion, Asharq Business reported, quoting unnamed sources.
The Kuwaiti developer is currently in the final stages of negotiations with MoonView to purchase the land, which was previously owned by Sky Abu Dhabi, a subsidiary of the UAE’s Diamond Group.
UrbanLanes, a subsidiary of the Kuwaiti Emeel Abdalla Investment Group, has executed over 100 real estate projects in Kuwait and Egypt, the report said.
(Writing by P Deol; Editing by Anoop Menon)
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