Egypt has signed one of its largest-ever private sector development deals, joining forces with Emaar Misr and Citystars Properties on tourism and real estate flagship along the Red Sea, representing nearly 1 trillion Egyptian pounds in investment. The project, dubbed Marassi Red Sea, will span 10 million square metres near Hurghada Airport and with investments worth 900 billion Egyptian pounds ($18.4 billion), according to a Cabinet statement issued Sunday. The agreement was signed in Cairo by Emaar Properties' Founder Mohamed Alabbar and Citystars Vice-Chairman Hassan Sharbatly, in the presence of Egyptian Prime Minister Moustafa Madbouly. Planned as a global destination, the mega-development will combine high-end island resorts, luxury homes, and large-scale hospitality and retail, echoing the success of Emaar's Marassi North Coast, which attracted more than four million visitors in three months—outperforming several established European holiday hotspots. Key features include 12 luxury hotels, Maldives-inspired floating villas, over 500 waterfront shops and restaurants, a state-of-the-art marina, extensive swimmable lagoons, and a 1.5 km elevated "Infinity Beach." Beyond leisure, the master plan integrates schools, hospitals, a conference hub, and sports and entertainment facilities, making it a full-scale urban destination. According to the statement, sustainability is central to the project, with large-scale afforestation, biodiversity initiatives, and green design standards. The project is expected to generate between 150,000 and 170,000 direct and indirect jobs during construction and create 25,000 permanent positions once operational. The deal highlights Egypt's strategy to draw foreign capital into large-scale, mixed-use infrastructure while positioning the Red Sea as a premier global hub for sustainable tourism, real estate, and investment. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
