Emaar Misr's Ambitious $20 Billion Red Sea Project

In a significant development, Egyptian stock exchange-listed real estate firm Emaar Misr for Development is poised to announce a colossal Red Sea project, potentially involving investments up to $20 billion. This ambitious endeavor is in collaboration with Saudi Arabia's Golden Coast and Sky Tower for Real Estate Development, according to sources at Emaar Misr.

Reports indicate that Emaar Misr holds a stake in Sky Tower for Real Estate Development, positioning it strategically in the project's execution. The firm is almost wholly owned by Dubai's largest real estate developer, Emaar, signifying substantial backing and expertise.

This move underscores Emaar Misr's growth trajectory and potential in the regional real estate sector, highlighting its capacity to spearhead large-scale, high-value projects.

(With inputs from agencies.)