Emaar Misr for Development, an Egyptian real estate company listed on the Egyptian stock exchange, signed a contract to build a tourist development along the Egyptian Red Sea. The project is expected to generate investments of up to 900 billion Egyptian pounds (18.58 billion dollars).

The announcement was made by senior officials of the three companies - Emaar Misr for Development (Emaar Misr for Development), Sky Tower for Real Estate Development (Sky Tower) and Golden Coast - owned by Saudi Arabia City Stars. It took place at a televised Cairo event on Sunday, attended by Egyptian Premier Mostafa Mdbouly.

Emaar Misr is almost entirely owned by Dubai's biggest real estate developer Emaar and holds a stake Sky Tower for Real Estate Development.

Hassan el Sharbatly said that the project, dubbed Marassi Red Sea would soon be launched.

The companies stated in a press release that the project was expected to generate revenues between $100 and $200 million per year from tourism activities.

The first announcement of the project was made in February of this year.

Egypt is looking for large-scale investment projects to help boost its economy, which has been struggling with a long-term financial crisis. It also has the economic repercussions of the Gaza war between Israel and Hamas.

The Abu Dhabi sovereign fund ADQ led an investment consortium that invested $35 billion last year in Egypt for the development of a 170,000,000 square kilometres area along the Mediterranean. ($1 = 48.4300 Egyptian Pounds) (Reporting and writing by Moemen Ezz and Mohammed Ezz; Editing and proofreading by Susan Fenton).

(source: Reuters)