Emaar and Al-Sharbatly Invest 900 Billion EGP in a Tourism Project in Egypt
In a significant investment in Egyptian tourism, Emaar and Al-Sharbatly Group announced an injection of 900 billion EGP (approximately 18.5 billion USD) into the “Marassi Red Sea” project. This integrated tourism project is considered a landmark in efforts to develop tourism in Egypt, enhancing the country’s role as a leading destination in the region.
Details of the “Marassi Red Sea” Project
The investments in “Marassi Red Sea” are evenly distributed between Emaar Misr and Al-Sharbatly Group, as stated by Mohamed Alabbar, founder of Emaar Properties, in remarks to Asharq. According to a statement issued by Emaar Misr, its subsidiary, Sky Tower for Real Estate Development, will oversee the project in collaboration with Golden Coast for Hotels, Tourist Villages, and Entertainment Projects. The specific shares of the two companies in this massive project have not been disclosed.
Alabbar indicated that construction work on the “Marassi Red Sea Edition” project is set to begin within three months, with expectations for the first phase of the project to be completed within two years. This reflects Emaar’s commitment to developing large real estate projects in Egypt.
Massive Investments and Job Creation
In addition to the investment of 900 billion EGP, the “Marassi Red Sea” project is one of several initiatives that Emaar has implemented in Egypt, where the company is the largest publicly listed real estate developer in the UAE. The “Marassi” project, located on the Mediterranean coast, spans over 1,500 acres, and the company’s portfolio includes the “Uptown Cairo” project, which covers 4.5 million square meters in Cairo. According to Alabbar, Emaar’s total investments in Egypt have surpassed 35 billion USD.
This tourism project is expected to create between 150,000 to 170,000 job opportunities and features an extensive waterfront, along with plans to build 12 hotels and thousands of hotel rooms, thereby enhancing the tourism infrastructure in the region and creating an attractive environment for tourists.
Regulating Investment on the Red Sea
The Emaar project comes at a time when the Egyptian government is striving to boost investments along the Red Sea coast, having formed a specialized committee to review and amend regulations related to these lands. This step aims to increase the investment returns from these properties, according to an official document obtained by Asharq. The government also intends to prepare new areas along the Red Sea to attract more investors.
The new plans include enhancing projects similar to the “Ras Al-Hikma” project on the Mediterranean coast, which have attracted interest from major companies such as Emaar, SODIC, and Orascom Development to develop projects across thousands of acres.
Government Efforts to Encourage Investment
These measures reflect the government’s approach to reassess and manage tourism properties, contributing to market regulation and achieving greater returns from tourism projects. Cairo aims to attract foreign direct investments worth up to 42 billion USD during the current fiscal year, focusing on attracting capital from the Gulf, particularly from Saudi Arabia, Kuwait, and Qatar.
In this context, the Urban Communities Authority recently imposed standardized fees on real estate projects along the North Coast and suspended dealings with about 50 companies until their situations are resolved. Egypt also plans to announce 4 to 5 large investment areas along the Red Sea, reflecting clarity and planning to maintain large-scale investments in the country.