Emaar Misr partners with Saudi, Emirati firms to launch US$18.6B Marassi Red Sea Tourism project

EGYPT – Emaar Misr for Development, a leading Egyptian real estate company, has partnered with Saudi and Emirati investors to launch an ambitious tourism development project along Egypt’s Red Sea coast.

Named Marassi Red Sea, this massive venture involves an investment of EGP 900 billion (US$18.6 billion), positioning it as a key driver for Egypt’s tourism growth and job creation.

Spanning an expansive 170 square kilometers, Marassi Red Sea occupies a strategic location just 30 minutes from Hurghada International Airport.

This prime coastal site offers excellent accessibility for both international tourists and domestic visitors, setting the stage for it to become one of the region’s major tourism destinations.

The project will include the development of 12 luxury hotels, multiple marinas, including a main marina and two boutique marinas, over 500 retail outlets, private beaches, lagoons, and Maldives-inspired floating cabanas.

Additional amenities will feature a large water park, convention and sports facilities, wellness centers, schools, hospitals, and recreational attractions, all integrated into a master-planned community known as Marassi Wonders.

According to official statements, the Marassi Red Sea development is expected to generate between 150,000 and 170,000 jobs during its construction phase.

Once completed, it will sustain approximately 25,000 permanent employment opportunities, contributing significantly to local economic growth and community development.

Egyptian Prime Minister Mostafa Madbouly and senior government officials were present at the project’s formal announcement, underscoring the government’s commitment to positioning tourism and urban development as top priorities.

The project aligns with Egypt Vision 2030, which aims to transform the country into a global tourism and investment hub.

The development is expected to generate annual tourism revenues ranging from US$100 million to US$200 million, reflecting strong economic potential.

Its scale and diversity aim to boost year-round visitor numbers and extend average stays, thereby strengthening Egypt’s hospitality sector.

Emaar Misr, a subsidiary of UAE’s Emaar Properties, will lead the project alongside Saudi Arabia’s City Stars Group and their affiliates, leveraging strong Gulf investment partnerships.

Marassi Red Sea’s innovative masterplan also incorporates sustainability measures including large-scale reforestation to protect and enhance the natural environment.

This landmark tourism development illustrates Egypt’s ongoing efforts to attract foreign investment, diversify its economy, and create a world-class destination on the Red Sea coast.

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