Arab Finance: Emaar Misr for Development is accelerating construction at its Marassi Red Sea project to boost its integrated tourism and residential destination on Egypt's Red Sea coast, according to an emailed press release.

More than 40 international and local consultants are currently working on the development alongside five contractors, with site preparation for the first phase nearing completion.

Emaar Misr has awarded construction contracts worth EGP 5.7 billion for the marina scheme within the project's first phase. The contracts cover 32 residential and commercial buildings, comprising around 750 units with a total built-up area exceeding 100,000 square meters. These buildings are expected to be delivered within four years.

Moreover, the EGX-listed developer is preparing to award contracts for a new villa phase comprising more than 1,000 residential units with a built-up area of approximately 300,000 square meters. The agreements are estimated at EGP 18 billion, with delivery targeted within four years.

Regarding the hospitality sector, Emaar Misr plans to establish several new hotel projects, including a boutique hotel, a five-star marina-front hotel, and an internationally branded hotel.

Overall, the developments will offer more than 400 hotel rooms and serviced apartments, alongside retail outlets and beach cabins. The estimated value of hospitality construction contracts stands at EGP 14.5 billion.

The Marassi development includes an international marina, an entertainment park, and a retail district.

Emaar Misr is also nearing the handover of the first phase of its Soul Luxury Beach Resort on the North Coast, where investments have exceeded EGP 112 billion.