Signatures were placed between Egypt and Emaar for the unprecedented tourism investment in the Red Sea

The Egyptian government signed an agreement on Sunday with Emaar Misr and Citystars to develop “Marassi Red Sea,” a new tourist complex that aims to turn Hurghada into an international luxury destination.

The investment is worth 900 billion Egyptian pounds (approximately 18-19 billion dollars) and covers an area of 2,426 feddans — more than 10 square kilometers. The completion of the project is scheduled to take four years.

According to the plans, Marassi Red Sea will include:

• 12 luxury hotels and Maldives-style floating bungalows,
• A marina with international standards, featuring a main port and two smaller ones,
• 400 meters of waterfront dock, private beaches, artificial lagoons, and “infinity shores,”
• a commercial and entertainment center with 500 stores and restaurants,
• schools, hospitals, wellness centers, and sports facilities.

The government estimates that the construction will create 150,000–170,000 jobs and approximately 25,000 permanent positions after it begins operating. The annual revenue for the Egyptian economy is estimated to be between $100-200 million.

Despite the ambitions, questions are raised about the environmental impact on a particularly sensitive marine ecosystem, as well as whether the ambitious four-year deadline is realistic. The strong presence of Gulf investment funds also indicates the strategic nature of the agreement, at a time when the Egyptian economy is seeking a lifeline.

The new project comes after the success of “Marassi North Coast” in the Mediterranean, which attracted more than 4 million visitors in three months, surpassing many European summer destinations.