Cairo: The Egyptian government signed partnership contracts with Emaar Misr and City Stars to launch their latest project, Marassi Red Sea, with investments amounting to 900 billion Egyptian pounds. The agreement marks a significant step towards boosting the country's tourism infrastructure.
According to Bahrain News Agency, the contract was signed by Mohamed Alabbar, founder of Emaar Properties, and engineer Hassan Sharbatly, vice chairman of City Stars Group. The signing ceremony was attended by Dr. Mostafa Madbouly, the Prime Minister of Egypt, highlighting the project's importance at a national level.
The Marassi Red Sea project spans 2,426 feddans along the Red Sea coast. The development will feature marinas suitable for navigation, 12 luxury hotels, and over 500 shops and restaurants with waterfront views, aiming to attract both domestic and international tourists.
Additionally, the project will include essential amenities such as schools, hospitals, and medical centers. A key attraction will be the multi-use Marassi Wonders area, designed to offer various activities and services to visitors and residents alike.