Egypt seals massive $18.5 billion tourism project with UAE, Saudi partners

Dubai: Egypt has sealed one of its largest investment agreements to date, a $18.5 billion venture with Emirati and Saudi partners to build a vast integrated tourism complex along the Red Sea coast.

The deal, unveiled Sunday at the Cabinet headquarters in the New Administrative Capital, was signed in the presence of Prime Minister Mostafa Madbouly and senior ministers. 

Jamal Bin Theniyah, chairman of UAE-based Emaar Properties, said more than 900 billion Egyptian pounds would be poured into the “Marassi Red Sea” project in partnership with Saudi Arabia’s City Stars Group.

Covering 10 million square meters, the development is expected to generate up to 170,000 jobs, including 25,000 permanent positions once operations begin. Hassan Sharbatly, vice chairman of City Stars, called the project “unique in its planning and services.”

Madbouly said the venture reflects the government’s focus on expanding tourism and urban development. “Tourism and urban expansion are top priorities,” he said, noting the project will feature a world-class yacht marina and confirming the government’s share in the built-up areas.

Emaar Misr for Development, the developer’s Egyptian subsidiary, disclosed to the stock exchange that its affiliate Sky Towers for Real Estate Development will lead the project in partnership with Golden Coast for Hotels and Resorts. Neither company disclosed its stake or the timeline for completion.

Emaar, the UAE’s largest listed developer, has already invested heavily in Egypt, with projects including Uptown Cairo and the Marassi resort on the Mediterranean. 

Founder Mohamed Alabbar recently said Emaar Misr plans to add $1 billion in new investments in 2025, on top of $20 billion already committed since entering the market.

The agreement comes as Cairo intensifies efforts to attract Gulf capital, aiming to draw $42 billion in foreign direct investment this fiscal year. 

The project is aligned with “Egypt Vision 2030,” which seeks to transform the country into a global tourism and investment hub and lift annual tourist arrivals to 30 million by 2028.