Egypt on Sunday signed a partnership agreement with developers Emaar Misr and Citystars for a new EGP 900bn ($18.8bn) tourism project on the Red Sea coast, the prime minister's office said. The "Marassi Red Sea" project, to be built on the model of Emaar's successful Marassi resort on the North Coast, aims to enhance the Red Sea region's position as a unique tourist destination and boost Egypt's economic and tourism growth potential. The signing ceremony was witnessed by Egyptian Prime Minister Mostafa Madbouly at the government's headquarters in the New Administrative Capital. The contract was signed by Mohamed Alabbar, founder of Emaar Properties, and Hassan Sharbatly, vice chairman of the Citystars Group. The project will be built on an area of 2,426 feddans (10.2 square kilometres) just 30 minutes from Hurghada Airport and is planned to be completed in four years. Officials noted that the partnership was made possible after state agencies successfully concluded a settlement that extended the land use period and allowed Emaar to come in as the real estate developer for the project. The resort will feature a vast waterfront with a private beach and swimmable lagoons, a world-class marina, and a 1.5-kilometre long, 10-metre high elevated "infinity" beach. It will also include 12 luxury hotels, floating Maldives-style cabanas, and over 500 shops and restaurants overlooking the water. The project will also include schools, hospitals, and a multi-use "Marassi Wonders" area with an international conference centre, a commercial zone, a water park, and world-class sports facilities. Extensive green spaces and a wide-ranging tree-planting plan are also part of the design. The development is expected to provide between 150,000 and 170,000 direct and indirect jobs in construction, hospitality, and retail, and about 25,000 full-time jobs once the project is stable. It is also expected to support other sectors such as Hurghada Airport, Safaga Port, and surrounding agricultural and logistical sectors. The project comes after the success of the Marassi North Coast development, which the statement said had become the "beating heart of the Mediterranean" and attracted more than 4 million visitors in three months.
