Egypt has signed a major $18.5 billion investment agreement with Saudi and Emirati partners to develop a vast integrated tourism project along the Red Sea coast, marking one of the largest joint ventures of its kind.
The deal was unveiled Sunday at the Cabinet headquarters in the New Administrative Capital, in a ceremony attended by Prime Minister Mostafa Madbouly and senior ministers. Jamal Bin Theniyah, Chairman of UAE-based Emaar Properties, announced that more than 900 billion Egyptian pounds ($18.5 billion) will be invested in the “Marassi Red Sea” project, in partnership with Saudi Arabia’s City Stars Group.
Spanning 10 million square meters, the development is expected to generate between 150,000 and 170,000 direct and indirect jobs, including 25,000 permanent positions once operations begin. Hassan Sharbatly, Vice Chairman of City Stars, said the project would be “unique in its planning and services.”
Madbouly stressed the government’s commitment to boosting tourism and urban development.
“Tourism and urban expansion are top priorities. In the coming period, we will see major investments on both the Red Sea coast and the North Coast, making them year-round destinations,” he said.
He added that the project will include a world-class yacht marina, providing added value to Egypt’s economy, while also confirming the government’s share in the project’s built-up areas.
Emaar Misr for Development, a subsidiary of Emaar, disclosed to the Egyptian Exchange that its affiliate Sky Towers for Real Estate Development will lead the new project, in partnership with Golden Coast for Hotels and Resorts. The companies did not disclose their respective stakes or the completion timeline.
Emaar, the UAE’s largest listed real estate firm, has already made significant investments in Egypt, including the Marassi resort in Sidi Abdel Rahman on the Mediterranean and Uptown Cairo in the capital. Founder Mohamed Alabbar recently confirmed that Emaar Misr plans to invest around $1 billion in Egypt in 2025, adding to the $20 billion it has already invested since entering the market.
The agreement comes as Cairo intensifies efforts to attract Gulf capital, particularly from Saudi Arabia, Kuwait, and Qatar, and aims to secure $42 billion in foreign direct investment during the current fiscal year. The project is also part of “Egypt Vision 2030,” which targets turning the country into a global tourism and investment hub and increasing annual tourist arrivals to 30 million by 2028.
