CAIRO: Egypt-listed real estate firm Emaar Misr for Development signed a deal to build a tourism development on the Egyptian Red Sea with Saudi Arabian and Emirati partners, saying the project could eventually generate investments worth 900 billion Egyptian pounds (US$18.58 billion).
Senior officials from the companies involved – Emaar Misr for Development, Sky Tower for Real Estate Development, and Golden Coast, which is owned by Saudi Arabia’s City Stars – made the announcement at a televised event in Cairo attended by Egyptian Prime Minister Mostafa Madbouly on Sunday.
Emaar Misr, almost wholly-owned by Dubai’s largest real estate developer Emaar, holds a stake in Sky Tower for Real Estate Development.
The project, dubbed Marassi Red Sea, would be launched soon, Hassan el Sharbatly, vice president of City Stars said.
“The project is expected to create revenues of between US$100-US$200 million annually from tourist activities,” the companies said in a statement.
The project was first announced in February this year.
Egypt has been seeking large-scale investment projects to boost its economy, which has been grappling with a protracted financial crisis and the economic reverberations of the war in Gaza between Israel and Hamas.
Last year Abu Dhabi sovereign wealth fund ADQ led a consortium to invest US$35 billion in Egypt to develop a 170-square-kilometre area on the Mediterranean.
© New Straits Times Press (M) Bhd
