The Kuwaiti company Urbnlanes, a subsidiary of Emeel Abdalla Investments, signed a partnership agreement with STORY Hospitality, which manages a portfolio of leading hotel and commercial brands worldwide and is a subsidiary of Abu Dhabi Capital Group, one of the UAE’s leading investment firms, Invest-Gate reports.

The agreement was signed on behalf of Urbnlanes by Eng. Fadi Abdalla, CEO of the company, and on behalf of STORY Hospitality by Mr. Victor Abou Ghanem, CEO of the group, in the presence of Mr. Hossam Heiba, CEO of the General Authority for Investment and Free Zones in Egypt.

The signing ceremony was also attended by Mr. Emeel Abdalla, Chairman of Emeel Abdalla Investments, senior representatives from Abu Dhabi Capital Group, and several prominent Egyptian public figures.

On this occasion, Eng. Fadi Abdalla stated that this agreement—the first of its kind in the Egyptian real estate market—relates to the company’s flagship project, Noi Residence New Cairo, and marks the beginning of future cooperation between both parties in various projects within the local and regional markets.

Abdalla added that the agreement will create a significant shift in Egypt’s hospitality sector by establishing the concept of extended vacations in hotel apartments. This initiative aligns with the Egyptian government’s plans to double the current hospitality capacity of 250,000 hotel rooms by 2028, in order to meet the target of welcoming 30 mn tourists by 2030.

Eng. Shady Abdalla, Co-CEO of Urbnlanes, noted that there is a shortage of hotels and hotel rooms in Egypt, which currently has around 250,000 units built over many years—a number that does not match the current and projected tourist influx. For this reason, Urbnlanes is focusing on serving Egypt’s hospitality sector and forging partnerships with reputable companies such as Abu Dhabi Capital Group.

Mr. Abubaker Al Khoori, GCEO of Abu Dhabi Capital Group, emphasized that this partnership represents not just another milestone for STORY Hospitality, but also reflects ADCG’s long-term vision to elevate hospitality benchmarks in the region alongside a solid and renowned partner. He expressed pride in supporting a brand that consistently delivers excellence and is expanding its global footprint with purpose and passion.

Mr. Victor Abou Ghanem, CEO of STORY Hospitality, expressed his enthusiasm for the upcoming cooperation, pointing out that Egypt has all the capabilities to achieve a leading global position in the tourism and hospitality sector—particularly following significant infrastructure development and the strong government focus on tourism and antiquities. He also highlighted the full opening of the Grand Egyptian Museum next July as a key milestone.