Arab Finance: Real estate developer Emaar Misr has signed two construction contracts totaling EGP 14 billion with Rowad Modern Engineering and Innovo Group for the Infinity Beach and Island Living projects at Marassi Red Sea, as per an emailed press release.
The agreements bring the total value of construction contracts awarded for the development to approximately EGP 20 billion, representing one of the largest construction investments in Emaar Misr’s history. The company plans to accelerate work on the first phase, with unit handovers scheduled for 2029.
Under the first contract, Egypt-based turnkey contractor Rowad Modern Engineering will build 675 villas and townhouses at Infinity Beach, spanning a total built-up area of approximately 150,000 square meters.
Innovo Group will construct approximately 220 villas at Island Living, covering a built-up area of around 100,000 square meters.
Construction has also begun on the Marina buildings under an earlier contract with Arabian Construction Company (ACC). The phase comprises 32 residential buildings with 750 units across approximately 100,000 square meters.
Emaar Misr’s portfolio spans West and East Cairo, the North Coast, and the Red Sea region. Its developments include Marassi, Soul, Belle Vie, Cairo Gate, Uptown Cairo, Mivida, Mivida Gardens in New Cairo, and Marassi Red Sea.
