Introducing Marassi Red Sea: Emaar Misr and Saudi-owned real estate developer Citystars Properties will develop an EGP 900 bn integrated tourism project on the Red Sea — dubbed Marassi Red Sea — under a contract inked with the Madbouly government, according to a cabinet statement. The development is slated for completion in four years, aiming to boost the Red Sea’s status as a global tourism destination.

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Think Marassi North Coast — but on the Red Sea: The new project is modeled after Emaar’s flagship Marassi in the North Coast, which has become a magnet for mns of visitors and a fixture on the Mediterranean tourism map. The government hopes to replicate that success in the Red Sea, positioning the area as a year-round global destination.

Here’s what you can expect from the development: The 2.4k-feddan development is located 30 minutes from Hurghada International Airport and will include 12 luxury hotels, thousands of hotel rooms and residential units, and more than 500 waterfront shops and restaurants. The project will also include a world-class marina, private beaches, and boutique marinas.

A lot more than just a summer destination: The development will house an international conference center, schools, hospitals, sports and leisure facilities, and the Marassi Wonders entertainment zone, which will include a waterpark and sports clubs. The project is expected to generate USD 200 mn in annual revenues, Emaar Misr chairman Jamal Bin Theniyah said.

Who owns what? Emaar Misr will hold 50% of the project and Citystars will own the other half, Emaar Properties founder Mohamed Alabbar told reporters.

The project will create 150k-170k direct and indirect jobs during construction. Once it officially opens its doors, the project is expected to employ 25k people.

We had an idea this was coming: Sources told Asharq Business in June that Emaar Misr was developing a 10 mn sqm integrated Red Sea tourism project in partnership with Citystars on a Citystars-owned plot. At the time, it was reported that the project will generate over EGP 500 bn in revenues once completed.

More to come? “We will see more projects in this promising area and we look forward to announcing them soon,” Prime Minister Moustafa Madbouly said.

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