Monday, 25 May 2026
Egypt’s $29 billion “Marassi Red Sea” mega project set to redefine Red Sea coast
In a bold move set to position Egypt as a premier global tourist destination, leading real estate developers Emaar Misr and City Stars have signed an agreement with the Egyptian government to launch the Marassi Red Sea project—a landmark tourism development on the Red Sea coast, with projected investments of 900 billion Egyptian pounds (approximately $29 billion USD).
The signing ceremony, attended by Prime Minister Dr. Mostafa Madbouly at the government’s new administrative capital, marks the beginning of what is being described as the largest tourism project ever attempted on Egypt’s Red Sea coastline. Also present were key ministers and officials, including the ministers of Housing and Investment, and senior executives from both companies.
Building on the success of the Marassi North Coast project—which has transformed Egypt’s Mediterranean shoreline into a bustling tourism hub and attracted millions of visitors—the new Marassi Red Sea development is set to spread across a vast 2,426-acre site, located just a half-hour from Hurghada International Airport. The ambitious project will create a stunning mosaic of luxury resorts, green spaces, and vast water features, set against the breathtaking backdrop of the Red Sea.
Upon completion, Marassi Red Sea will feature:
- 12 luxury hotels and thousands of hotel rooms, offering a variety of accommodation options to suit every traveler’s taste.
- A sweeping beachfront with private beaches, swim-friendly lagoons, and world-class marinas, including both a main marina and two boutique marinas.
- Over 500 waterfront shops and restaurants, alongside floating cabanas inspired by the Maldives.
- Extensive leisure and entertainment facilities - from an international conference center, shopping areas, and water parks to world-class sports facilities and exclusive residents’ clubs.
- A comprehensive set of educational and healthcare facilities, as well as the multi-use Marassi Wonders district.
The design emphasizes sustainable development, with large green areas, open gardens, and ambitious tree-planting schemes, aiming to blend luxurious modern living with the preservation of Red Sea’s unique natural environment.
Egyptian officials highlight that Marassi Red Sea is projected to directly and indirectly create between 150,000 and 170,000 jobs, making it one of the most significant contributors to employment in the region. Upon completion, approximately 25,000 permanent full-time positions are expected in hospitality, retail, marina operations, and related fields.
The project will also support sectors beyond tourism, providing a boost to regional airports, ports, agriculture, and logistics networks—a move welcomed as integral to Egypt’s wider economic growth strategy.
Emaar founder Mohamed Alabbar and City Stars Vice Chairman Hassan El-Sharbatly emphasized the project’s potential to establish the Red Sea as a rival to the world’s most exclusive resort destinations, offering unparalleled hospitality experiences, sustainable luxury, and vibrant cultural attractions—all on Egyptian soil.
Prime Minister Madbouly underscored the government’s commitment to championing transformative investments that drive economic prosperity and showcase Egypt’s natural beauty to the world. The Marassi Red Sea development is anticipated to be completed within four years.
As Egypt opens this new chapter in redefining summer living and world-class leisure on the Red Sea, it warmly invites international visitors, investors, and partners to be part of this exciting journey.