Emaar Misr Leads $18.5B Red Sea Tourism Development with Gulf Partners

Emaar Misr for Development, a prominent Egyptian real estate firm nearly wholly owned by Dubai's Emaar, is leading a major tourism development project on Egypt's Red Sea coast in partnership with Saudi Arabia's Golden Coast and Sky Tower for Real Estate Development. The project, named Marassi Red Sea, is expected to attract investments between $18.58 billion and $20 billion, with projected annual tourism revenues of $100-$200 million. This initiative was announced at a high-profile event in Cairo attended by Egyptian Prime Minister Mostafa Madbouly, emphasizing its importance in Egypt's strategy to draw investment amid ongoing economic challenges and regional instability linked to the Gaza conflict. Emaar Misr's stake in Sky Tower underscores its central role in the project's execution and reflects its expanding influence in the regional real estate market. The development aligns with broader efforts to boost Egypt's economy through large-scale foreign investments, following significant recent commitments such as the $35 billion Mediterranean area project led by Abu Dhabi's ADQ. This venture highlights the growing collaboration between Egyptian, Saudi, and Emirati entities to develop lucrative tourism infrastructure in the region.