Emaar Misr and Citystars Unveil Landmark Red Sea Development

Egypt is set to welcome one of its largest-ever tourism investments as Emaar Misr and Citystars Properties join forces for a massive Red Sea project valued at 900 billion Egyptian pounds ($18.5 billion). The announcement, shared by Egypt’s cabinet, underscores the country’s growing ability to attract major Gulf investments.

The project, named Marassi Red Sea, will extend across more than 2,426 feddans (approximately 2,518 acres) of prime Red Sea coastline. Plans include the construction of 12 luxury hotels, alongside infrastructure that is expected to generate as many as 170,000 jobs across both construction and hospitality sectors.

According to government statements, the development should be completed within four years, cementing its role as a transformative tourism hub for the region. Once operational, the project is forecast to produce $200 million in annual revenue, Emaar Misr chairman Jamal Bin Theniyah revealed.

For Emaar Properties PJSC, Dubai’s largest developer, the project represents another milestone in its long-term commitment to Egypt. Founder Mohamed Alabbar noted that with Marassi Red Sea, the company’s overall investments in the country will rise to around $35 billion. Emaar Misr and Citystars will each hold a 50% stake in the venture.

This deal follows a wave of major Gulf investment in Egypt, including a landmark $35 billion UAE agreement last year focused on developing extensive areas along the Mediterranean coast.

This report is based on coverage from Bloomberg News