Cairo: Prime Minister Mostafa Madbouly attended the signing of partnership agreements between Emaar Misr and City Stars to launch the Red Sea Marassi project on the Hurghada coast, with investments estimated at LE 900 billion. The development spans 2,426 feddans and is located just 30 minutes from Hurghada International Airport. It represents a strategic collaboration between Emaar Misr, a subsidiary of UAE-based Emaar Properties, and the Al-Sharbatly Group, and is designed to transform the Red Sea region into a premier global tourism and investment hub. The project draws inspiration from the success of Marassi North Coast, which has attracted millions of visitors within just a few years.
According to State Information Service Egypt, Red Sea Marassi will bring unprecedented tourism and leisure components to the area. The development features a 1.5-kilometer seafront with a private beach, swimmable lagoons, and an international-standard marina. It will also include internal waterways and 400 meters of sea docks, in addition to 12 luxury hotels, Maldives-style floating cabins, and over 500 waterfront shops and restaurants. The master plan further integrates schools, hospitals, an international convention center, and a wide range of sports and entertainment facilities, creating a fully self-contained destination.
The project is expected to generate 150,000 to 170,000 direct and indirect jobs across construction, hospitality, and retail, along with approximately 25,000 permanent positions once operations stabilize. It will also stimulate related service sectors such as Hurghada Airport, Safaga Port, and surrounding logistics and agricultural activities.
As part of this development, the Egyptian government has established a committee to survey Red Sea coastal lands in preparation for new investment regulations. This initiative forms part of a broader strategy to reassess and optimize the management of coastal real estate assets, maximize state revenues, and support the national plan to attract around $42 billion in foreign direct investment during the current fiscal year.
The Red Sea Marassi project underscores the growing confidence of Gulf investors in the Egyptian market. With strong commitments from Saudi Arabia, Kuwait, and Qatar, Cairo is reinforcing its economy and cementing its position as both a regional and international hub for tourism and investment.