Egypt on Sunday inked a partnership agreement with developers Emaar Misr and Citystars for a new $18.8 billion tourism project on the Red Sea coast. This information was revealed by the prime minister’s office. The “Marassi Red Sea” project will be constructed on the model of Emaar’s successful Marassi resort on the North Coast. Additionally, the project aims to enhance the Red Sea region’s position as a unique tourist destination. Also, it will join Egypt’s ambitious project Jirian in boosting Egypt’s economic and tourism growth potential.

Project Factsheet

Developer: Emaar Misr, in partnership with City Stars Group

Location: Ras Soma, on Egypt’s Red Sea coast

Total Area: S10.2 square kilometers or 2,400 acres.

Cost: approximately $18 billion

The signing ceremony of the Marassi Red Sea Project was witnessed by Egyptian Prime Minister Mostafa Madbouly at the government’s headquarters in the New Administrative Capital. The contract was signed by Mohamed Alabbar, founder of Emaar Properties, and Hassan Sharbatly, vice chairman of the Citystars Group.

Land Area

The project will be built on an area of 10.2 square kilometres. It will be located just 30 minutes from Hurghada Airport and is planned to be completed in four years.

Officials noted that the partnership was made possible after state agencies successfully concluded a settlement that extended the land use period and allowed Emaar to come in as the real estate developer for the ambitious project.

Marassi Red Sea Facilities

The resort will feature a vast waterfront with a private beach and swimmable lagoons. Additionally, it will consist of a world-class marina, a 1.5-kilometre long, 10-metre high elevated “infinity” beach. Also, it will include 12 luxury hotels, floating Maldives-style cabanas, and more than 500 shops and restaurants overlooking the water.

Furthermore, the Marassi Red Sea project will also include schools and hospitals. Also, it will include a multi-use “Marassi Wonders” area with an international conference centre, a commercial zone, a water park, and world-class sports facilities. There will be extensive green spaces and a wide-ranging tree-planting plan which are also part of the design.

Job Creation

The development is expected to provide between 150,000 and 170,000 direct and indirect jobs in construction, hospitality, and retail. Additionally, it will generate about 25,000 full-time jobs once the project is stable.

Also, it is expected to support other sectors such as Hurghada Airport, Safaga Port, and surrounding agricultural and logistical sectors.