Emaar Misr Signs $269.6 Million Red Sea Project Contract, Delivery in 2029

en.Wedoany.com Reported - On September 14, Emaar Misr signed two construction contracts with Rowad Modern Engineering and Innovo Group, with a total value of EGP 14 billion, covering the Infinity Beach and Island Living residential clusters in Phase One of the Marassi Red Sea project. Following the signing of these contracts, the cumulative value of construction contracts awarded for Marassi Red Sea has increased to approximately EGP 20 billion. The Phase One residences are scheduled for delivery in 2029.

Among them, Rowad Modern Engineering will be responsible for the construction of 675 villas and townhouses in the Infinity Beach cluster, with a total gross floor area of approximately 150,000 square meters; Innovo Group will be responsible for the construction of approximately 220 villas in the Island Living cluster, with a total gross floor area of approximately 100,000 square meters. The two new contracts together cover approximately 895 residential units and approximately 250,000 square meters of gross floor area.

Another residential portion of Phase One of Marassi Red Sea has already been contracted to Arabian Construction Company, with a contract value of approximately EGP 5.7 billion, covering 32 residential buildings and approximately 750 residential units in the marina area, with a total gross floor area of approximately 100,000 square meters. This portion has now entered the construction stage. With the addition of the new EGP 14 billion contracts, the three confirmed residential construction contracts for Phase One of the project total close to EGP 20 billion.

Marassi Red Sea is located in Ras Soma along Egypt's Red Sea coast, with a total site area of 2,426 feddans, equivalent to approximately 10.19 million square meters. Emaar Misr's parent company disclosed that the project is expected to involve a total investment of approximately EGP 900 billion and is being advanced through cooperation between Emaar Misr and Sky Tower. The overall master plan includes residential communities, 12 luxury hotels, approximately 4,000 hotel rooms and serviced apartments, as well as marina, retail, dining, and leisure facilities.

The project was officially launched in September 2025. According to official disclosures by Emaar Misr, Marassi Red Sea is being jointly developed by Sky Tower and Golden Coast for Hotels, Tourist Villages and Entertainment Projects, and is positioned as an integrated tourism and residential project. With the addition of the two new residential construction contracts, clear construction contracting arrangements have now been established for all three Phase One clusters: Infinity Beach, Island Living, and Marina.