Marassi Red Sea project launched with investments of EGP 900 billion, modeled on "Marassi North Coast"
Prime Minister Dr. Mostafa Madbouly witnessed yesterday evening, at the government headquarters in the New Administrative Capital, the signing of partnership contracts between Emaar Misr and City Stars and the Egyptian government to launch their newest project, "Marassi Red Sea," in a step that would strengthen the standing of Egypt's Red Sea region as a unique tourist destination and help boost Egypt's economic and tourism growth potential, with investments of EGP 900 billion. The signing was attended by Eng. Sherif El-Sherbiny, Minister of Housing, Utilities and Urban Communities; Eng. Hassan El-Khatib, Minister of Investment and Foreign Trade; and Major General Amir Sayed Ahmed, Adviser to the President of the Republic for Urban Planning.
The contract was signed by Mohamed Alabbar, founder of Emaar Properties, and Eng. Hassan El-Sharbatly, Vice Chairman of the City Stars Group. It was noted that this partnership in the project would not have seen the light without the success of state agencies' efforts in reaching a settlement that extends the land-use period, as well as securing the state's dues for substituting Emaar as the real estate developer to implement the project. The pioneering project is planned to be completed in four years.
The project comes years after the experience of Marassi North Coast, the project that became the beating heart of the Mediterranean, strengthened the region's standing and put it on the global tourism map, attracting more than 4 million visitors in three months compared with 3 million annually for other European cities.
The project will help bring about a qualitative leap for Egypt's Red Sea region in the coming years, cementing its presence on the global tourism map, enhancing and developing its existing advantages within a framework of sustainable development, and turning it into an area that attracts more investment with the aim of strengthening Egypt's national economy.
The Marassi Red Sea project is being built on an area of 2,426 feddans on the Red Sea coast, just 30 minutes from Hurghada Airport, which will strengthen the area as an attractive investment destination once the project is implemented. The project will blend upscale island living with luxury hospitality and offer unparalleled marine experiences in the heart of the Red Sea's enchanting nature.
Marassi Red Sea includes features unprecedented in any other tourism and entertainment project, including a waterfront with a private beach and swimmable lagoons, upscale restaurants and private cabanas, in addition to a world-class marina divided into a main marina and two boutique marinas, combining residences, hospitality and shopping centers.
In addition, the project includes 400-meter-long marine berths and navigable water canals running through the heart of the project, and Marassi Red Sea offers a private marina for the villas and an elevated "Infinity" beach 1.5 km long and 10 meters high.
Topping the investment features of the project is the launch of 12 luxury hotels comprising hotel rooms and residential units, distributed to serve all areas of the project, Maldives-inspired floating cabins, and more than 500 shops and restaurants overlooking the waterfront.
The project includes schools, hospitals and medical centers, as well as the mixed-use Marassi Wonders zone, which includes an international conference center, a commercial area, water parks, world-class sports facilities and entertainment-focused residents' clubs.
The project will also allocate extensive green spaces that give the tourist destination a distinctive natural character, with open gardens and dedicated walking areas. The project includes an extensive afforestation plan suited to the coastal climate of the Red Sea, to enhance biodiversity and improve air quality, as Emaar Misr seeks to create a balanced environment that combines residential luxury with nature conservation, helping to place the Red Sea region on the map of sustainable tourism.
This giant project will help strengthen the Red Sea's standing as an integrated investment and tourism region and increase its ability to attract tourists and investors from around the world, reflecting the Egyptian government's vision of supporting major projects that drive the national economy.
It was noted that the project will support many sectors, including Hurghada Airport and Safaga Port, as well as the surrounding agricultural and logistics sectors, and will provide about 150,000 to 170,000 direct and indirect jobs in construction, hospitality, marinas, retail and other sectors, and about 25,000 full-time jobs once the project is stabilized (hotels, retail, marina operations), according to the official Facebook page of the Egyptian Cabinet.
