Egyptian real estate developer Emaar Misr has awarded construction contracts worth EGP14 billion ($271 million) to Rowad Modern Engineering and Innovo Group for residential developments at its Marassi Red Sea project.

The agreements bring the total value of construction contracts awarded for Marassi Red Sea to approximately EGP20 billion ($388 million), marking one of the largest construction investments in Emaar Misr’s history as the company accelerates development of the Red Sea destination.

Emaar Misr expands Marassi Red Sea development

Under the first contract, Egypt-based turnkey contractor Rowad Modern Engineering will construct 675 villas and townhouses for the Infinity Beach development, covering a built-up area of approximately 150,000 square metres.

Innovo Group will construct approximately 220 villas at Island Living, spanning around 100,000 square metres of built-up area. Construction has also started on the Marina buildings under an earlier contract awarded to Arabian Construction Company. The development comprises 32 residential buildings containing 750 units across approximately 100,000 square metres.

Emaar Misr plans to accelerate construction of the first phase of Marassi Red Sea, with handovers of completed units scheduled to begin in 2029.

Emaar Misr strengthens Red Sea property portfolio

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, was first announced in February 2025 with expectations to create revenues of between $100-$200 million annually from tourist activities.

The latest contracts expand Emaar Misr’s presence in Egypt’s growing Red Sea real estate market as the developer continues to diversify its portfolio beyond Cairo and the North Coast.

Emaar Misr’s portfolio spans West and East Cairo, the North Coast and the Red Sea region, with developments including Marassi, Soul, Belle Vie, Cairo Gate, Uptown Cairo, Mivida, Mivida Gardens in New Cairo and Marassi Red Sea.

The company’s continued investment in Marassi Red Sea reflects the growing development activity along Egypt’s Red Sea coast, where major developers are expanding luxury residential, hospitality and tourism projects to serve rising domestic and international demand.