Prime Minister Mostafa Madbouly on Monday evening witnessed the signing of partnership contracts between the Egyptian government, Emaar Misr and the City Stars for their “Marassi Red Sea” project, at the government’s headquarters in the New Administrative Capital.
This move aims to bolster Egypt’s Red Sea region as a unique tourist destination and enhance the country’s economic and tourism growth potential.
The project is backed by investments totaling LE900 billion.
The signing was attended by Minister of Housing, Utilities, and Urban Communities Sherif al-Sherbiny, Minister of Investment and Foreign Trade Hassan al-Khatib, and the Advisor to the President for Urban Planning, Amir Sayyid Ahmed.
The contracts were signed by the founder of Emaar Properties Mohamed Alabbar, and the Vice Chairman of the City Stars group of companies, Hassan al-Sherbatly.
This project partnership would not have come to fruition without the successful efforts of state agencies to settle the land utilization period and secure the state’s right to install Emaar as the real estate developer to implement the project.
This pioneering project is planned to be finished within four years.
This follows comes after years of experience in developing the Marassi North Coast, transforming it into the beating heart of the Mediterranean. It cemented the region’s status on the global tourism map, attracting more than four million visitors in just three months, compared to the three million visitors other European cities attract annually.
The new project will create a qualitative leap for Egypt’s Red Sea region in the coming years, solidifying its place on the global tourism map.
It will enhance and develop its existing features within a framework of sustainable development, transforming it into a more attractive area for further investments to boost the national economy.
The Marassi Red Sea will span an area of 2,426 feddans (about 2,518 acres) on the Red Sea coast, just 30 minutes from the Hurghada Airport.
This will reinforce the region as an attractive investment destination after the project’s completion, attracting people towards its blend of a sophisticated island lifestyle with lavish hospitality.
It will also offer unparalleled marine experiences in the heart of the Red Sea’s enchanting nature.
The “Marassi Red Sea” project includes features unseen in any other tourism or entertainment project. These include a private beachfront with swimming lagoons, upscale restaurants, and private cabanas, in addition to a world-class marina that is divided into a main marina and two boutique marinas, which merge accommodation, hospitality, and shopping centers.
In addition, the project features 400-meter-long sea piers and navigable water channels that extend into its heart.
The Marassi Red Sea project will also provide a private marina for its villas and a raised 1.5 km-long, 10-meter-high “Infinity Beach.”
At the forefront of the project’s investment features is the launch of 12 luxury hotels that include hotel rooms and residential units distributed to serve all areas of the project.
It will also feature floating cabins inspired by the Maldives, and over 500 shops and restaurants overlooking the waterfront.
The project will include schools, hospitals, and treatment centers.
It also features a multi-use area called Marassi Wonders, which includes an international conference center, a commercial zone, a water park, world-class sports facilities, and recreational clubs for residents.
The project will dedicate vast green spaces that lend a unique natural character to the destination, with open gardens and designated picnic areas. It also includes an extensive afforestation plan that suits the Red Sea’s coastal climate to enhance biodiversity and improve air quality.
Emaar Misr aims to create a balanced environment that combines luxurious living with nature preservation, helping to put the Red Sea on the map for sustainable tourism.
This giant project will contribute to reinforcing the Red Sea’s position as an integrated investment and tourism area, increasing its ability to attract tourists and investors from around the world.
This reflects the Egyptian government’s vision to support major projects that drive the national economy.
The project is expected to support several sectors, including the Hurghada Airport and Safaga Port, in addition to the surrounding agricultural and logistical sectors.
It will also provide 150,000–170,000 direct and indirect jobs in the construction, hospitality, marina, retail, and other sectors, as well as approximately 25,000 full-time jobs (hotels, retail, marina operations) once the project is stable.
