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Emaar Misr for Development has entered into an agreement with Saudi and Emirati partners to develop a large-scale tourism project on Egypt's Red Sea coast. The project, named Marassi Red Sea, is expected to attract investments of around INR 900 billion (USD 18.58 billion). It is designed to cover an area of 170 square kilometres and aims to generate USD 100-200 million in annual revenues through tourism-related activities. The project was first revealed earlier this year and is being viewed as part of Egypt's wider strategy to attract foreign investment amid ongoing economic challenges.
Emaar Misr for Development, a subsidiary of Dubai's Emaar Properties, has signed an agreement with Saudi Arabia's City Stars and the Emirati-backed Sky Tower for Real Estate Development to launch a tourism project on the Red Sea. The announcement was made at a televised event in Cairo, attended by Egypt's Prime Minister Mostafa Madbouly and senior representatives of the involved companies. Advertisement
The upcoming development, called Marassi Red Sea, will be built on a 170-square-kilometre site. Company officials stated that the project has the potential to attract investments worth nearly INR 900 billion (USD 18.58 billion). They also highlighted that the project is expected to generate between USD 100 million and USD 200 million in annual revenues from tourism activities once operational.
Emaar Misr holds a stake in Sky Tower, while Golden Coast, which is part of the partnership, is owned by Saudi Arabia's City Stars. Hassan El Sharbatly, vice president of City Stars, mentioned that the project would be launched soon. The plan was initially unveiled in February this year, but the agreement formalizes the collaboration between the parties involved.
This announcement comes at a time when Egypt has been actively seeking large-scale foreign investments to support its struggling economy. The country continues to face financial pressures, further compounded by the regional instability linked to the Gaza conflict. In a similar move last year, Abu Dhabi's sovereign wealth fund ADQ led a consortium to invest USD 35 billion in Egypt for the development of a 170-square-kilometre project on the Mediterranean coast.
Source- Reuters
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