A UAE-Saudi partnership on Egyptian land to develop 10.2 million square meters in the Red Sea, with investments of $18 billion

Al-Abbar and Al-Sharbatly sign strategic partnership contracts to implement the Marassi Red Sea project in the presence of the Prime Minister.

Osool Misr magazine exclusively reported the signing of partnership contracts between Emaar Misr, represented by Emirati businessman Mohamed Al-Abbar, and Golden Coast Hotels and Resorts, a subsidiary of the Saudi Al-Sharbatly Group, to develop the coastal land in the Abu Soma Bay area, south of Hurghada, with an area of ​​10.2 million square meters (2,428 acres), for the "Marassi Red Sea" project.

Dr. Mostafa Madbouly, Prime Minister, witnessed at the government headquarters in the New Administrative Capital the signing of partnership contracts between Emaar Misr and Golden Coast to launch Marassi Red Sea, with investments of EGP 900 billion, equivalent to $18 billion.

The signing ceremony was attended by Major General Amir Sayed Ahmed, Advisor to the President of the Republic for Urban Planning; Engineer Sherif El-Sherbiny, Minister of Housing, Utilities, and Urban Communities; and Engineer Hassan El-Khatib, Minister of Investment and Foreign Trade.

The contract was signed by Mohamed Alabbar, Founder of Emaar Properties; and Engineer Hassan El-Sharbatly, Vice Chairman of City Stars Group.

It was noted that this participation in the project would not have seen the light of day without the successful efforts of state agencies in reaching a settlement that extends the land use period and allows the state to replace Emaar Properties as the real estate developer to implement the project. This pioneering project is planned to be completed within four years.

A high-ranking official source stated in exclusive statements to Osool Misr that the plan is to complete and operate the pioneering project within four years, as the development of the entire area will take 12 years due to its large size. Emaar Misr's share of the project is 50%, while Golden Coast owns 50%. Emaar Misr is participating as a developer, building and developing the land, while Golden Coast is participating with land it has owned for 20 years.

Dr. Mostafa Madbouly, Prime Minister, stated that the Marassi Red Sea project is a step that will enhance the Red Sea region in Egypt's position as a unique tourist destination.

The Prime Minister extended special thanks to Major General Amir Sayed Ahmed, Advisor to the President of the Republic for Urban Planning, for his significant role in coordinating with all parties to complete and issue the necessary approvals and permits, and coordinating with the two investing companies. He emphasized that there is consensus with all relevant ministries, agencies, and authorities on the implementation of this project. Dr. Mostafa Madbouly confirmed that the project will contribute to supporting numerous sectors, including Hurghada Airport and Safaga Port, as well as the surrounding agricultural and logistics sectors. It will also provide approximately 150,000–170,000 direct and indirect jobs in the construction, hospitality, marinas, retail, and other sectors, with approximately 25,000 full-time jobs (hotels, retail, and marina operations) once the project is fully operational.

He added that the state will receive its share of the project's built-up areas.

For his part, Mohamed Alabbar, founder of Emaar Properties, emphasized that the Red Sea Marina project represents an exceptional experience by all standards.

The founder of Emaar Properties indicated that the company's total investments in Egypt have approached $35 billion over the past years. Jamal Bin Thaniah, Chairman of Emaar Properties, said that the Marassi Red Sea project embodies the spirit of cooperation between three countries with strong fraternal and historical ties. He explained that this investment cooperation comes under the patronage of President Abdel Fattah El-Sisi and within the framework of the Egyptian state's commitment to supporting urban development and attracting major investments.

He explained that Marassi Red Sea will add a new dimension to Egypt's tourism industry, targeting up to 40% of international tourists to the project's total visitors.

Engineer Hassan El-Sharbatly, Vice Chairman of the Golden Coast Group of Companies, confirmed that the Marassi Red Sea project has a 2-square-kilometer frontage and will include swimmable lagoons spanning an area of ​​1.2 million square meters, an international marina, and Maldives-style hotel units.

He continued, "We aim to open the first phase of the project by mid-2027, making it an honorable and unprecedented achievement in Egypt."

The first phase of the project

Emaar Misr has launched the first phase of the project, with prices ranging from EGP 11 to EGP 14 million for one-bedroom apartments, and up to EGP 95 million for large luxury villas. Payment plans extending up to seven years are available, with priority given to Arab and foreign customers with Egyptian residency.

The Marassi Red Sea project is located on an area of ​​​​2,428 acres on the Red Sea coast, just 30 minutes from Hurghada Airport. Marassi Red Sea includes a waterfront area with a private beach, swimmable lagoons, upscale restaurants, and private cabanas. It also features a world-class marina divided into a main marina and two boutique marinas, combining accommodation, hospitality, and shopping centers.

In addition, the project includes 400 meters of sea docks and navigable waterways running through the heart of the project. Marassi Red Sea offers a private marina for villas and a 1.5 km long, 10 meter high elevated "infinity" beach.

The project's investment features include 12 hotels, including hotel rooms and residential units, spread across all areas of the project, floating cabins inspired by the Maldives, and more than 500 shops and restaurants overlooking the waterfront. It also includes educational schools, hospitals, and treatment centers, as well as the Marassi Wonders multi-use area, which includes an international conference center, a commercial area, a water park, world-class sports facilities, and entertainment-focused residents' clubs.