Egypt Unveils $18 Billion “Marassi Red Sea Edition” Mega Project to Transform Tourism
In the presence of Egypt’s Prime Minister Dr. Mostafa Madbouly and Minister of Housing, Utilities, and Urban Communities Eng. Sherif El Sherbiny, Emaar Misr Chairman Jamal Bin Theniyah announced the launch of the Marassi Red Sea Edition project on Egypt’s Red Sea coast. Spanning 2,426 feddans, the landmark development is set to attract investments of up to EGP 900 billion.
Bin Theniyah stated that the project aims to capture around 40% of international visitors annually, generating between $100 million and $200 million in yearly tourism revenues. He added that the development is expected to create approximately 170,000 direct and indirect jobs, positioning it as a key driver of Egypt’s tourism and economic growth.
The project will be developed by Sky Towers, an Emaar subsidiary, in partnership with Golden Coast for Hotels and Resorts. The first phase is scheduled for delivery within four years, with full completion expected over a 12-year horizon.
Featuring 12 luxury hotels—over four times the number currently available in Marassi North Coast—the project will include 4,000 rooms, suites, and floating cabins. In addition, it will offer more than 500 retail outlets and restaurants overlooking a world-class waterfront promenade.
Prime Minister Madbouly emphasized that the Egyptian state will receive a land-share allocation within the project, ensuring direct national benefit while deepening strategic cooperation with Gulf partners in advancing Egypt’s tourism sector.
The “Marassi Red Sea Edition” marks a significant step in Egypt’s strategy to expand its portfolio of mega-tourism and development projects, reinforcing the country’s standing as a premier regional and global destination for investment and travel.