Egypt has signed a 900 billion EGP ($18 billion USD) partnership with Emaar Misr and Citystars to build Marassi Red Sea, a large-scale tourism and real estate project on the Red Sea coast. Spanning over 10 square kilometres, the development will be located just 30 minutes from Hurghada International Airport and is scheduled for completion within four years.
The resort will feature a world-class marina with one main harbour, two boutique marinas and a 400-metre waterfront pier. Plans also include 12 hotels offering both rooms and serviced residences, Maldives-inspired floating cabanas, private beaches, infinity shores, over 500 retail and dining outlets, schools, hospitals and wellness centres. A dedicated district called Marassi Wonders is also planned, with an international conference centre, an aqua park, sports facilities and commercial areas.
The agreement was signed in the New Administrative Capital by Mohamed Alabbar, founder of Emaar Properties, and Hassan El-Sharbatly, Vice Chairman of Citystars Group. Officials expect the project to generate between 150,000 and 170,000 jobs during construction and around 25,000 permanent roles once operational.
Prime Minister Mostafa Madbouly described the development as “a real qualitative leap on the Red Sea coast” and said it would deliver “huge economic returns” for the Egyptian state.
The Marassi Red Sea announcement follows another major investment deal signed in February 2024, when Egypt partnered with Abu Dhabi’s ADQ on a $35 billion USD plan to redevelop Ras El Hekma on the Mediterranean coast.
Sources: Daily News Egypt, Egyptian Streets, Cabinet of Egypt.
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