A general view of the area on the Red Sea coast where the Marassi Red Sea project will be built. Photo courtesy of Egyptproperty website.
Prime Minister Mostafa Madbouly witnessed the signing ceremony.
The EGP 900 billion (approximately $18 billion) agreement was signed by Mohamed Alabbar, founder of Emaar Properties, and Hassan El-Sharbatly, Vice Chairman of City Stars Group.
The signing took place in the presence of Housing Minister Sherif El-Sherbiny, Investment and Foreign Trade Minister Hassan El-Khatib, and Presidential Adviser for Urban Planning, Gen. Amir Sayed Ahmed.
Officials noted that the project was made possible following the successful conclusion of state-led settlement procedures, which extended land-use rights and formalised Emaar’s role as the master developer. The development is scheduled for completion within four years.
Building on the success of Emaar Misr’s project Marassi North Coast—a development that has attracted millions of visitors and reshaped the Mediterranean tourism map—the new Red Sea venture is set to create a similar impact, the Egyptian government stated.
The government highlighted that Marassi North Coast drew over 4 million visitors in just three months, compared to the 3 million annual visitors to some European destinations.
Marassi Red Sea
Covering 2,426 feddans along the Red Sea coast, just 30 minutes from Hurghada International Airport, Marassi Red Sea will feature luxury island living, high-end hospitality, and exclusive marine experiences, blending modern design with the natural beauty of the Red Sea.
The project will feature 12 luxury hotels, offering both hotel rooms and serviced residences, as well as a world-class marina with a main harbour and two boutique marinas, complemented by a 400-metre waterfront pier and navigable canals.
It will also include private beachfronts, infinity shores, and Maldives-inspired floating cabins and more than 500 retail and dining outlets, schools, hospitals, and wellness centres.
Marassi Red Sea will also feature Marassi Wonders, a multi-use district comprising an international conference centre, commercial zone, aqua park, sports facilities, and lifestyle clubs, alongside vast green spaces, landscaped gardens, and a large-scale afforestation plan to promote sustainability and biodiversity.
It is expected to provide 150,000–170,000 direct and indirect jobs during the development phase, and around 25,000 full-time jobs once operational.
The project will also support surrounding sectors, including Hurghada Airport, Safaga Port, agriculture, logistics, and retail.
Officials emphasised that the mega project aligns with Egypt’s vision to strengthen its tourism and real estate sectors, positioning the Red Sea as a premier global destination for sustainable luxury tourism.
The landmark agreement is the second involving a mega-touristic project in Egypt.
In February 2024, Egypt signed a landmark agreement worth $35 billion with the UAE’s ADQ to develop the Ras El-Hekma region on the North Coast into a world-class Mediterranean city. The megaproject, covering over 40,000 feddans, will include residential districts, luxury resorts, business hubs, a marina, and a free economic zone—marking Egypt’s largest-ever foreign direct investment.
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