Large Tourism Project Sealed with Regional Partners

Egypt has secured an $18.5 billion investment agreement with Emirati and Saudi partners to construct a large tourism complex on the Red Sea coast. The project, named "Marassi Red Sea," was signed in the presence of Prime Minister Mostafa Madbouly and involves Emaar Properties from the UAE and Saudi Arabia's City Stars Group.

The development, spanning 10 million square meters, is projected to create up to 170,000 jobs, including 25,000 permanent positions. The project will feature a world-class yacht marina. The Egyptian government is emphasizing tourism and urban development, with the project aligning with "Egypt Vision 2030," which aims to boost tourism and investment.

Emaar Misr for Development, the Egyptian subsidiary of Emaar, will lead the project with Sky Towers for Real Estate Development and Golden Coast for Hotels and Resorts. Emaar has already invested significantly in Egypt, with plans to add $1 billion in new investments in 2025, building on the $20 billion already committed.

This agreement is part of Egypt's broader strategy to attract Gulf capital, targeting $42 billion in foreign direct investment this fiscal year. The project is expected to contribute to Egypt's goal of becoming a global tourism and investment hub, aiming to increase annual tourist arrivals to 30 million by 2028.