Ahmed Kamel – Egypt Daily News
In a move set to reshape Egypt’s position on the global tourism map, Prime Minister Mostafa Madbouly witnessed the signing of one of the country’s largest tourism development agreements to date. The landmark project, announced during a high-profile ceremony at the Cabinet headquarters in the New Administrative Capital, involves the development of over 10 million square meters along the Red Sea coast, with a total investment exceeding 900 billion Egyptian pounds (approximately $20 billion).
The agreement, signed between Emaar Misr for Development led by Emirati businessman Mohamed Alabbar and Saudi-owned Golden Coast for Hotels and Tourist Villages, marks the official launch of the “Marassi Red Sea” project, a sprawling luxury destination in the Abu Soma Bay area south of Hurghada. The development is envisioned as a transformative step in positioning Egypt as a premier destination for high-end, year-round tourism, particularly in the rapidly growing niche of yacht tourism.
A Vision Beyond the North Coast
During the event, Jamal Bin Theniyah, Chairman of Emaar Properties, described the project as a natural expansion of the company’s iconic “Marassi” development on Egypt’s North Coast. However, he noted that this new undertaking on the Red Sea comes with “unprecedented” investment levels and international ambition.
“The Red Sea coast is one of the most attractive tourism zones in the world,” Bin Theniyah said. “Marassi Red Sea will create a new global standard, generating around 150,000 direct and indirect job opportunities, along with 25,000 permanent positions. The project will significantly boost Egypt’s standing on the global yacht tourism map.”
Engineer Hassan El Shorbary, representing the Saudi partner group, praised the agreement as a model of balanced, fair partnership between international investors and Egyptian authorities. He said the project would be “unlike anything the world has seen” and would dramatically transform the Red Sea coastline into a hub of luxury tourism and sustainable development.
Strategic Location, Ambitious Timeline
Stretching across 10.2 million square meters (approximately 2,428 feddans), the development is strategically located near the existing Ras Soma and Soma Bay resorts, giving it a prime waterfront location with exceptional views and easy access to international transit routes. According to Emaar Misr, parts of the project are expected to be operational within four years, making it one of the most ambitious fast-track tourism developments in the region.
The master plan includes upscale residential units, luxury hotels, private beaches, man-made lagoons, and comprehensive leisure facilities. Emaar has also confirmed that sales will begin in the second half of 2025, with flexible payment plans extending up to eight years. The starting price for a chalet has been set at 18 million Egyptian pounds.
An Engine for Economic and Sectoral Growth
The scale and ambition of Marassi Red Sea underscore Egypt’s broader strategy to attract foreign investment, diversify its tourism offerings, and stimulate job creation across multiple sectors. With the Red Sea coast already a magnet for divers, sun-seekers, and water sports enthusiasts, the new development is expected to draw high-spending international tourists and investors alike.
The Egyptian government, which has prioritized tourism as a key pillar of economic growth, views the project as a cornerstone of its Vision 2030 agenda. Officials have repeatedly emphasized the importance of turning Egypt into a year-round, luxury tourism destination that can compete with global hotspots like Dubai, the Maldives, and the French Riviera.
The launch of the Marassi Red Sea project signals a new chapter in Egypt’s tourism and real estate sectors, combining world-class design, international investment, and government backing in a strategic location. As construction gets underway and anticipation builds, all eyes will be on how this ambitious vision unfolds—and how it will redefine luxury tourism on the Red Sea coast.
