Ebny Developments partner with Prime Hospitality Group to manage, operate Prime Residence Heliopolis and involving a $10M investment

EBNY Developments has signed a cooperation protocol with Prime Hospitality Management Group (PHMG) to manage and operate its new residential hotel project, Prime Residence Heliopolis, with an investment of $10 million.

This partnership aligns with EBNY Developments’ strategic vision to diversify its real estate portfolio in key areas of Egypt.

Moreover, Prime Residence Heliopolis, located on Al-Thawra Street in Heliopolis, near major thoroughfares and Cairo International Airport, marks the company’s second project launch in 2024, following the Waves Complex in May.

Furthermore, during a press conference held alongside the signing, Abdallah Kamel, Chairman of EBNY Developments, highlighted that Prime Residence Heliopolis is an innovative project offering a new concept to clients.

“The luxurious residential hotel provides high-quality services and is strategically positioned near the airport and various entertainment centers, making it an ideal investment opportunity,” Kamel added.

He added that this project comes within the framework of the company’s expansion plan, offering a set of new projects, including in the foremost residential, administrative, commercial, medical, hotel and entertainment ones. These projects are exceeding $400 million in investments.

For his part, EBNY Executive Director Mohamed Islam noted the noticeable shift in client preferences towards high-quality real estate units, viewing property as a safe and profitable investment.

Islam emphasized the company’s commitment to delivering unique projects that cater to this evolving demand, with Prime Residence Heliopolis exemplifying these high standards and diverse unit sizes.

In addition, Khaled El Sayyad, Chairman and Managing Partner of Prime Hospitality, expressed his enthusiasm for partnering with EBNY Developments, recognizing the company’s innovative approach and strong client trust.

“This collaboration enhances Prime Hospitality’s expansion plans in Egypt, aiming to reach 1,000 residential hotel units and launch new projects,” El Sayyad added.

Moataz Amin, CEO and Managing Partner of Prime Hospitality, added that Prime Residence is the sixth project under the Prime brand, boosting the group’s operational capacity to approximately 450 residential hotel units.

Notably, this expansion reinforces Prime Hospitality’s position as the leading company in Egypt, managing serviced apartments and holiday homes.