Egypt has unveiled the pioneering “Red Sea Marinas” project in partnership with Emaar Properties from the UAE and City Stars from Saudi Arabia, with investments estimated at around $18.5 billion. The project aims to enhance tourism and self-development in the region and is considered one of the largest investment plans in this field. With its diverse designs and outstanding infrastructure, this project is expected to become a prominent destination that combines natural beauty with upscale tourism experiences.
Details of the “Red Sea Marinas” Project
Egypt has announced the launch of the giant “Red Sea Marinas” project in partnership with Emaar Properties and City Stars, with massive investments nearing $18.5 billion. The project will cover an area of up to 10 million square meters along the Red Sea coast, making it one of the largest tourism and development projects in the region. It features multiple components that reflect its significance, including over 1.1 million square meters of water spaces, along with three world-class marinas that accommodate luxury tourist yachts.
Investments and Economic Opportunities
The “Red Sea Marinas” project includes more than 4,000 hotel rooms designed to meet the needs of various visitor categories, in addition to over 500 retail stores offering a diverse shopping experience. Official estimates suggest that the expected revenues from the project will reach about $200 million annually. The project will also provide 150,000 job opportunities during the construction phase and nearly 25,000 permanent jobs upon completion, reflecting its direct impact on the local economy and job opportunities.
Impact of the Project on Egyptian Tourism
Egyptian Prime Minister Dr. Mostafa Madbouly confirmed that the “Red Sea Marinas” project represents a significant qualitative leap for Egyptian tourism. He explained that this project will transform the Red Sea area into a year-round global destination and enhance Egypt’s position on the international tourism map. This will positively reflect on local culture and support the ecosystem of hotels and tourism activities in the region.