“Marassi Red”: Saudi–Emirati Investment Transforms Soma Bay in Egypt into Global Destination

Cairo witnesses the signing of an investment deal between Egypt, the UAE, and Saudi Arabia to develop a coastal area on the Red Sea, establishing a major tourist city valued at approximately $25 billion, similar to the Ras El Hikma project on the Mediterranean coast signed last year.

The project, named “Marassi Red,” includes luxury hotels and resorts, yacht marinas, commercial and entertainment zones, along with 12,000 hotel rooms and 100,000 job opportunities. It is expected to attract around three million additional tourists and host more than 400 global brands across various sectors, as part of Egypt’s 2030 strategy to boost investment and tourism.

“Marassi Red” spans 10 million square meters (2,380 feddans) in a partnership between Emirati businessman Mohamed Alabbar, founder of Emaar, and Saudi investor Hassan Sharbatly. The project aims to transform Soma Bay into a global tourist destination.

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