• Emaar Misr, Saudi and Emirati investors to build $18.6 bln Red Sea complex.

• Marassi Red Sea to cover 10.2 km² with hotels, marinas, malls and schools.

• Project to create up to 170,000 jobs during construction and 25,000 permanent positions.

Egyptian developer Emaar Misr for Development has signed a landmark deal with Saudi and Emirati investors to build a big tourism project on the Red Sea coast valued at about 900 billion Egyptian pounds ($18.6 billion). The agreement, announced yesterday was formalized in Cairo in the presence of Prime Minister Mostafa Madbouly.

The partnership brings together Emaar Misr, a subsidiary of Dubai-based Emaar Properties, with Sky Tower for Real Estate Development and Golden Coast, linked to Saudi conglomerate City Stars.

The project, named Marassi Red Sea, will stretch across 2,426 feddans (10.2 km²), located 30 minutes from Hurghada International Airport.

Plans include 12 luxury hotels, a main marina and two boutique marinas, a 400-meter jetty, Maldives-inspired floating cabanas, private beaches, lagoons, over 500 retail outlets, schools, hospitals, and wellness centers. A multi-purpose hub called Marassi Wonders will feature a water park, convention center, sports facilities, and leisure attractions. The design also incorporates large-scale reforestation to enhance sustainability.

During construction, Marassi Red Sea is expected to generate 150,000 to 170,000 jobs, with around 25,000 permanent positions once completed. Delivery is planned within four years. According to City Stars vice-chairman Hassan el Sharbatly, the resort could generate $100 million to $200 million annually from tourism activities.

The announcement follows talks first reported in February 2025 and comes as Egypt seeks fresh foreign investment to shore up its cash-strapped economy, strained by liquidity challenges and regional fallout from the Gaza conflict.

Cairo has increasingly turned to Gulf partners in recent years. In 2024, Abu Dhabi sovereign fund ADQ committed $35 billion to develop a 170 km² Mediterranean coastal zone.

The launch of Marassi Red Sea also coincides with record gains in Egypt’s tourism sector. In 2024, tourism contributed 1.4 trillion Egyptian pounds, equal to 8.5% of GDP, and supported 2.7 million jobs. For 2025, the sector is forecast to reach 8.6% of GDP and 2.9 million jobs, with the government targeting 30 million visitors by 2028.