Emaar Misr signs $18.5 billion deal to transform Egypt’s Red Sea tourism

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At a Glance

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• Emaar Misr inks $18.5 billion deal for Red Sea luxury tourism hub.
• The project aims to rival Dubai, attract global travelers and investors.
• Thousands of jobs expected as Egypt boosts foreign currency inflows.

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Emaar Misr, the Egyptian arm of Dubai’s Emaar Properties, has signed a landmark $18.5 billion Red Sea tourism development deal, marking one of the largest foreign direct investments in Egypt’s real estate and travel sectors.

The agreement signals a major push to position the Red Sea coast as a global luxury destination rivaling Dubai and the Mediterranean.

The megaproject, developed in partnership with Saudi Arabia’s City Stars and UAE-based investors, aims to create Marassi Red Sea, a flagship tourism and luxury real estate hub that blends world-class resorts, entertainment, and hospitality.

Officials say the project is expected to reshape Egypt’s high-end tourism footprint while unlocking billions in long-term revenue.

Red Sea luxury development targets global travelers

The deal, announced at a televised ceremony in Cairo attended by Prime Minister Mostafa Madbouly, unites Emaar Misr for Development, Sky Tower for Real Estate Development, and Golden Coast, a subsidiary of City Stars.

Hassan el Sharbatly, vice president of City Stars, said the project will launch “very soon,” with projected annual revenues between $100 million and $200 million from tourism, leisure, and property sales.

The Red Sea development is positioned to attract international travelers, luxury investors, and second-home buyers, with thousands of jobs expected to be created across hospitality, construction, and retail.

Egyptian officials emphasized that the project will significantly enhance the country’s Red Sea appeal, already famous for its diving, resorts, and cultural experiences.

Gulf sovereign wealth funds back Egypt’s tourism

The Red Sea megaproject is the latest example of deepening Gulf investment in Egypt’s economy. In 2024, Abu Dhabi’s sovereign wealth fund ADQ led a record $35 billion investment to redevelop a vast Mediterranean coastal zone, cementing the single-largest FDI inflow in Egypt’s history.

For Emaar Misr, this deal builds on a robust portfolio of luxury communities, including Uptown Cairo, Mivida in New Cairo, Marassi on the North Coast, and Cairo Gate in Sheikh Zayed.

Over the past 15 years, the developer has become a cornerstone of Egypt’s luxury real estate and hospitality market, helping drive the nation’s broader economic revival strategy.

Red Sea Resorts poised for global spotlight

Egypt is increasingly turning to mega tourism projects to fuel growth, boost foreign currency inflows, and diversify its economy amid persistent inflation and economic challenges. 

The Red Sea, with its pristine coastline and established resort towns, is fast becoming the centerpiece of this strategy.

With Emaar Misr’s $18.5 billion investment, Egypt is positioning the Red Sea alongside Dubai, Saudi Arabia’s Red Sea Global, and Mediterranean luxury hubs as one of the world’s premier high-end tourism destinations.