Skip to content Skip to Search
Skip navigation

Aldar-owned Sodic to launch Nobu brand in Egypt

By Pramod Kumar
Aldar
Struan Mckenzie, chief operating officer of Nobu Hospitality, Trevor Horwell, CEO of Nobu Hospitality, Ayman Amer, general manager of Sodic, and Heba Makhlouf, chief investment officer of Sodic, at the signing ceremony

The Egyptian real estate subsidiary of Abu Dhabi’s Aldar Properties is set to launch two hotel projects that will include branded Nobu residences and restaurants.

Sodic and the US-based luxury lifestyle brand have agreed to develop the projects in West Cairo and North Coast.

“The expansion of Sodic’s luxury property development portfolio underscores the demand for new real estate concepts in prime locations in Egypt and our belief in the long-term growth potential of the market,” said Talal Al Dhiyebi, group CEO of Aldar Properties and chairman of Sodic.

A consortium comprising Aldar and Abu Dhabi investyment holding company ADQ owns 85.52 percent of Sodic.

Aldar in November partnered with Nobu Hospitality to launch a new luxury hotel, branded residences, and a fine dining experience at Abu Dhabi’s Mamsha Al Saadiyat.

The agreement will see the Abu Dhabi-listed developer build a five-star hotel featuring 165 luxurious rooms and suites, including the rooftop Nobu villa.

Japanese chef Nobu Matsuhisa, actor Robert De Niro and film producer Meir Teper founded the global lifestyle brand in 1994. Initially focused on restaurants, it expanded into branded hotels in 2013 with its first location in Las Vegas.

The Nobu Hotel and Residences Cairo, located in Sodic’s development in New Zayed – West Cairo, will consist of single-family residences and upscale apartments, becoming a part of The Estates Residences.

The project will be in close proximity to attractions, including the Pyramids, the Great Sphinx, and the highly anticipated Grand Egyptian Museum, scheduled to open later this year.

With 440 acres of beachfront and Mediterranean sea views, the new North Coast development in Ras El Hikma will house Nobu Hotel and Residences.

The Egyptian developer reported revenue of AED335 million (EGP 2.7 billion) and sales of AED976 million in the first half of 2023.

Sodic has expanded its landbank by recently acquiring the Caesar backplot and the 440-acre residential project on the North Coast of Egypt.

Latest articles

PIF's Starbucks shareholdings were cut almost by half from 6.3 million shares to 3.8 million

PIF slashes Starbucks stake as it cuts US stocks by $15bn

Saudi Arabia’s Public Investment Fund (PIF) has slashed its US equity holdings by 42 percent to $20.6 billion, including its stake in Starbucks, the global coffee chain that has suffered calls for a boycott as a result of the Gaza conflict. The latest US government data highlights funding challenges facing the Saudi giga-projects.  The filing […]

Tunisia olives

Soaring olive oil exports help Tunisia balance books

Tunisia’s soaring olive oil exports have almost doubled to close to $1 billion in just five months, helping it claw back its current account deficit.   However the increased revenues merely “paint over the cracks” and the country is still probably heading towards a sovereign default, according to an economic expert. Tunisia’s current account deficit narrowed […]

Iraqi prime minister Mohammed Shia Al-Sudani attends licensing rounds for 29 oil and gas exploration blocks at the oil ministry's headquarters in Baghdad

Falling oil prices deepen Iraq’s fiscal imbalances, says IMF

Iraq’s fiscal imbalances have worsened due to significant fiscal expansion and lower oil prices, according to the International Monetary Fund (IMF). “The ongoing fiscal expansion is expected to boost growth in 2024 at the expense of a further deterioration of fiscal and external accounts and Iraq’s vulnerability to oil price fluctuations,” the Washington-based fund said in […]

Saudi aluminium producer Talco is offering 12 million shares

Aluminium producer Talco announces Saudi IPO

Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […]