Egypt's Tabarak Acquires Project from Kuwait's Al-Babtain

Egyptian Tabaarak Holding Group has acquired a project belonging to the Kuwaiti Al-Babtain Group in the Maadi area of eastern Cairo, for $27 million (1.4 billion Egyptian pounds), while the company paid approximately $11.6 million (600 million Egyptian pounds) in project improvement fees. Ali Al-Sharbani, chairman of the board of directors of Tabaarak Holding, told Arabiya Business that the project’s investments are estimated at around $327.5 million (17 billion Egyptian pounds). It is a mixed-use development comprising residential, hotel, commercial, and administrative components. The project sits on a 38,000-square-meter plot with a total built-up area of approximately 240,000 square meters, and is scheduled to be launched by the end of this year or early next year.

The acquisition is part of an expansion strategy pursued by Tabaarak Holding, aimed at increasing and geographically diversifying its project portfolio. The chairman announced a new integrated urban development project in western Cairo on a 784-acre site near Sphinx International Airport, after the company acquired the land from the New Urban Communities Authority under a payment structure combining cash and in-kind components, with the in-kind portion representing about 30% of the deal’s value. Al-Sharbani also praised the future prospects of the area near the Grand Egyptian Museum, citing government plans to boost hotel capacity, and noted that the company is working on another project opposite Sphinx International Airport, covering approximately 240,000 square meters, focused on hosting hotel brands.

Tabaarak Holding’s expansion strategy has also extended to the Saudi market through Tabaarak International, which is repositioning the “Ox Riyadh” project to become entirely hotel-oriented, after it previously included residential and hotel units. The project will be managed under the “Ox” brand, owned by Minor Hotels Group, according to Al-Sharbani.