Emaar Misr's Ambitious Red Sea Venture: A Boost to Egypt's Economy
Emaar Misr for Development is partnering with Saudi and Emirati companies to develop a major tourism project on the Red Sea. Announced at a Cairo event with Egypt's Prime Minister in attendance, the Marassi Red Sea project aims to generate significant annual revenues, marking a vital investment in Egypt’s struggling economy.
Emaar Misr for Development, a real estate firm listed in Egypt, has unveiled ambitious plans to construct a tourism development on the Egyptian Red Sea. The initiative, in collaboration with Saudi Arabian and Emirati partners, could attract investments up to 900 billion Egyptian pounds ($18.58 billion).
The announcement was made by top officials from Emaar Misr, Sky Tower for Real Estate Development, and Golden Coast—owned by Saudi Arabia's City Stars—during a publicized event in Cairo. This gathering was attended by Egypt's Prime Minister Mostafa Madbouly. Notably, Emaar Misr, which is predominantly owned by Dubai's leading real estate developer Emaar, has a stake in Sky Tower.
The upcoming project, named Marassi Red Sea, is set to launch soon, disclosed Hassan el Sharbatly, vice president of City Stars. The development anticipates generating $100-200 million annually from tourism, marking a significant infusion into Egypt's economy, which has been impacted by prolonged financial challenges and regional conflicts.
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