- Agreement between Saudi and Emirati investors to build vast tourism hub
- Development will create up to 170,000 jobs during construction
CAIRO, EGYPT – Egypt has signed a landmark deal with Saudi and Emirati investors to build a $18.6 billion tourism project on the Red Sea coast, officials said.
The plan is aimed at boosting foreign investment and attract more visitors.
The agreement, valued at 900 billion Egyptian pounds, was inked in Cairo in the presence of Prime Minister Mostafa Madbouly. It brings together Emaar Misr, the Egyptian arm of Dubai’s Emaar Properties, with Saudi-backed firms Sky Tower for Real Estate Development and Golden Coast, part of the City Stars group.
A new Red Sea hub
The project will cover more than 2,400 feddans – around 10 square kilometres – a short drive from Hurghada International Airport. Developers say it will feature 12 luxury hotels, a yacht marina, two boutique marinas and a 400-metre jetty.
Floating cabanas inspired by the Maldives, lagoons, private beaches, and more than 500 shops are also part of the plan.
The site will include schools, hospitals and wellness centres. A major hub called Marassi Wonders will hold a water park, a convention centre, sports arenas and entertainment venues. The development is scheduled for completion within four years.
Officials said the project will generate between 150,000 and 170,000 jobs during its construction phase, and support around 25,000 permanent roles once operational. “The project is expected to create revenues of between $100-$200 million annually from tourist activities,” the developers said in a statement.
Economic reforms and Gulf backing
Tourism remains a pillar of Egypt’s economy, contributing 1.4 trillion pounds in 2024, or 8.5% of GDP, and supporting 2.7 million jobs, government data shows. The sector is forecast to rise to 8.6% of GDP and nearly 2.9 million jobs this year, as Cairo aims to draw 30 million visitors annually by 2028.
Egypt has been racing to attract new capital to stabilise its currency and keep inflation low, leaning heavily on Gulf allies. Last year, Abu Dhabi’s sovereign wealth fund ADQ pledged $35 billion for a Mediterranean coastal zone.
The Red Sea deal signals renewed investor confidence as economic reforms take root. The Central Bank of Egypt reported record remittances of $36.5 billion in the 2024/25 fiscal year, while GDP growth in the first nine months of the year hit 4.2%, compared with 2.4% a year earlier.
