Noi Residence New Cairo heralds a new era in luxury living and regional real estate and hospitality collaboration
A landmark partnership agreement between Kuwaiti real estate giant Urbnlanes and UAE-based STORY Hospitality, a subsidiary of Abu Dhabi Capital Group, sees STORY Hospitality appointed as the exclusive operator and manager of the hospitality component within Urbnlanes’ flagship project, Noi Residence in New Cairo.
The exciting new strategic agreement marks a major milestone in Egypt’s evolving hospitality sector, paving the way for a new era of collaboration between regional powerhouses in real estate and hospitality.
The project will introduce a new concept of extended-stay hotel apartments to the Egyptian market, blending luxury residential living with world-class hospitality services.
The agreement was recently signed by Eng. Fadi Abdalla, CEO of Urbnlanes, and Mr. Victor Abou Ghanem, CEO of STORY Hospitality.
Eng. Fadi Abdalla commented,
This agreement is the first of its kind in Egypt’s real estate market and represents a transformative step forward in our mission to align with the Egyptian government’s tourism strategy. We’re excited to begin with our flagship project, Noi Residence New Cairo, and look forward to future cooperation across a range of landmark developments.”
He added that the partnership aims to redefine hospitality in Egypt by introducing the concept of extended-stay hotel apartments – a timely solution that supports the national goal of doubling the current capacity of 250,000 hotel rooms by 2028 to host 30 million tourists by 2030.
Eng. Shady Abdalla, Co-CEO of Urbnlanes, reinforced the urgency of hospitality development in Egypt, citing a current deficit in hotel rooms that fails to meet growing demand.
This is why we are committed to collaborating with visionary and trusted partners like STORY Hospitality to help fill this gap and deliver world-class hospitality solutions,” he said.
Speaking on behalf of STORY Hospitality, Victor Abou Ghanem stated,
This partnership not only represents another proud milestone for STORY Hospitality, but also echoes our long-term vision to raise hospitality standards across the region. We are proud to work on projects that deliver excellence with purpose and passion as expand our global footprint.”
STORY Noi Residences in New Cairo - one of the fastest-growing and most dynamic regions in the Middle East – heralds a new era in luxury living, with the project comprising 300 serviced residences, outdoor swimming pool, all-day dining restaurant, a dedicated laundry service, workspaces, indoor and outdoor kid’s play areas, fitness and wellness facilities and a medical wellness centre, a 24-hour concierge and full resident support services at reception.
Victor Abou Ghanem, CEO of STORY Hospitality, shared his enthusiasm for the venture, noting the great potential for Egypt to become a global leader in tourism:
Egypt has all the ingredients for success – from its rich heritage to its growing infrastructure and government support. The full opening of the Grand Egyptian Museum this July is set to be a game-changer, and we are proud to be part of this exciting transformation,”
he said.
