Prime Minister Dr. Mostafa Madbouly delivered a speech after attending the signing ceremony of partnership contracts between Emaar Misr and City Stars and the Egyptian government to launch the newest project, "Marassi Red Sea," which comes as a step that would strengthen the standing of Egypt's Red Sea region as a unique tourist destination.
At the start of his speech, the Prime Minister welcomed the fellow businessmen from the UAE and Saudi Arabia attending this important event, which comes within the framework of the Egyptian state's support for foreign direct investment in the promising sectors that distinguish Egypt, foremost among them tourism and real estate development.
The Prime Minister said that today we are witnessing the signing of a highly distinctive project, given its role in bringing about a real qualitative leap on the Red Sea coast, stressing the top priority the Egyptian state gives to tourism and urban development on its agenda. He pointed to the development the North Coast is witnessing during this period and its establishment as a destination for global tourism, which the Egyptian state had planned for in the past period, noting that the coming period will see more major investments, to be announced successively, in the North Coast region, as part of making it a year-round tourist destination and not only for the summer months.
The Prime Minister added that the massive project on the Red Sea coast, whose partnership contracts were signed today with two of the largest companies from fellow Arab countries the Kingdom of Saudi Arabia and the United Arab Emirates, represented by Saudi Arabia's City Stars and the UAE's Emaar, is being built on an area of 10 million square meters with investments exceeding EGP 900 billion, and aims to make the area a major destination for global tourism and offer a high level of international tourism, owing to its link with the establishment of international yacht marinas and other tourism components.
The Prime Minister stressed that, most importantly, the project will provide more than 150,000 job opportunities during its implementation and about 25,000 permanent jobs once the project is operational, so the economic returns for the Egyptian state are very large, in addition to the state's share of the built-up areas in the project.
Madbouly also stressed that the project is, by all measures, a gain for the Egyptian state in terms of development and providing job opportunities, in addition to creating added value for the Egyptian economy in the form of more tourist rooms and therefore higher income for the tourism sector, as well as a percentage of direct returns through the built-up areas allocated to the Egyptian state.
During his speech, the Prime Minister wished the two companies every success in implementing and building this giant project, the first phase of which we hope will be completed as soon as possible, and extended his thanks to all the concerned bodies that contributed to the project, especially the major role of Major General Amir Sayed Ahmed, Adviser to the President of the Republic for Urban Planning, in coordinating among all parties to finalize and issue the various necessary approvals and permits and in coordinating with the two investing companies, stressing that there is consensus among all the relevant ministries, authorities and bodies on implementing this project.
Concluding his speech, Dr. Mostafa Madbouly stressed that we will see other projects in this promising region, which he looks forward to announcing soon, representing a direct success for the Egyptian state in attracting more foreign direct investment and providing job opportunities for Egyptian youth in this highly distinctive region, which will become a top-level global tourist destination all year round and not just for a certain period or season, according to the official Facebook page of the Egyptian Cabinet.
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