Emaar Misr for Development (EMD) of Egypt has signed two construction contracts for the first phase of the Marasi Marina project worth EGP2bn ($112.36m).
The contracts were signed with Arab Constructions Company (ACC) and Orascom Construction Industries.
Planned to be developed in the northern coast of Egypt, the Marasi Marina project will include 3,200 fully finished luxury apartments, 600 (4-5 star) hotel rooms and suites, marina boardwalk stretching over 3km with more than 35,000 m2 of high-end retail and F&B outlets.
Emaar Misr said that the first contract with ACC, worth EGP1.2bn ($67.77m), will include the construction of the first phase of 826 Marina apartments with surrounding services over 92,000 m2. This is expected to be completed by 2020.
The second contract, with Orascom, is worth EGP800m ($45.17m) and will include building the complete marina basin designed to berth 300 yachts and equipped to welcome the Mediterranean’s mega yachts that reach 60mts in length. This project is also expected to be completed by 2020.
The project, which aims to attract luxury tourism to the area throughout the year, is expected to provide thousands of job opportunities, both direct and indirect, the company said.
Emaar Properties chairman Mohamed Alabbar said: “Our unwavering confidence in the promising Egyptian market and the investor-friendly policies of the government drive us to develop unique world-class projects in Egypt that compete internationally.”
In 2017, Investment and Housing ministers of Egypt met the representatives of Emaar Misr and discussed future investments.
The UAE investor was supposed to lead the construction of a new capital 45km (28 miles) east of Cairo. However, the Egyptian government and Alabbar failed to close the deal in 2015.
Egyptian Investment Minister and the head of Emaar Misr had inspected the proposed site for a project in the northern region of al-Alamein.
Emaar Misr is part of Dubai developer Emaar Properties.