Egypt is moving forward with an ambitious tourism project, the second in two years, worth almost 16 billion euros, aiming to strengthen its position as a leading destination for luxury and sustainable tourism.
According to fvw, the new project, titled Marassi Red Sea, will be developed over a four-year period south of Hurghada and will cover an area of ??approximately ten square kilometers. The project includes the creation of twelve ultra-luxury hotels and floating accommodations inspired by the Maldives, marinas with two small ports, a 400-meter beachfront, private beaches, artificial lagoons as well as 500 shops and restaurants, schools, hospitals, wellness centers and sports facilities.
The project will be developed under a contract signed by the government with the UAE real estate company Emaar Misr.
According to government estimates, the mega project will create 150,000 to 170,000 jobs during construction, and about 25,000 permanent jobs after completion, while the annual benefit to the Egyptian economy is estimated at 85–170 million euros. The government believes that the investment will also boost Hurghada Airport, the Safaga port, the agricultural sector, transportation and retail.
The project is part of Egypt’s strategy to attract 30 million tourists annually by 2028. However, objections have been raised regarding its ecological footprint and the implementation schedule.
In February 2024, Egypt reached an agreement with a UAE company to further develop Ras Elhekma in the Egyptian Mediterranean, with capital of approximately 30 billion euros.
