Emaar Misr to Lead $18.5 Billion Red Sea Tourism Development
Emaar Misr for Development has partnered with Saudi and Emirati firms to develop a major tourism project on the Egyptian Red Sea, potentially attracting 900 billion Egyptian pounds in investments. The project, Marassi Red Sea, aims to generate substantial annual revenue from tourism as part of Egypt’s economic revitalization efforts.
In a landmark agreement, Emaar Misr for Development, a significant player in Egypt's real estate market, has teamed up with partners from Saudi Arabia and the UAE to embark on a large-scale tourism development project on the Egyptian Red Sea coast. This venture is projected to draw a staggering 900 billion Egyptian pounds ($18.58 billion) in investments.
The announcement was made during a high-profile event in Cairo, featuring senior officials from Emaar Misr, Sky Tower for Real Estate Development, and Golden Coast, a subsidiary of Saudi City's City Stars. Egyptian Prime Minister Mostafa Madbouly was also in attendance, underlining the project's significance.
Named Marassi Red Sea, the project is poised to generate $100-$200 million in annual revenue from tourism. This endeavor is part of Egypt's broader strategy to attract substantial investments to stabilize its economy, which has been hit hard by a persistent financial crisis and ongoing conflict in the Gaza region.
Google News