Saudi Arabia, UAE firms sign $18.5B tourism megaproject for Egypt
The new deal forms part of Egypt’s Vision 2030 agenda as the government aims to secure $42 billion in foreign direct investment this year.
Egypt's Emaar Misr for Development has signed a deal with Saudi and Emirati companies to build a sprawling tourism development on the Egyptian Red Sea coast in a project that could spur investments worth 900 billion Egyptian pounds ($18.58 billion).
What happened: The deal was unveiled Sunday at the Egyptian cabinet, in a ceremony attended by Prime Minister Mustafa Madbouly and other senior ministers, Egyptian outlets reported.
Emaar Misr for Development is the Egypt-listed subsidiary of Emaar Properties, the UAE’s largest real estate firm. Emaar Properties Chairman Jamal Bin Theniyah announced that the company will invest in the Marassi Red Sea project over the next four years in partnership with Saudi Arabian property developer City Stars Group, Asharq Al Awsat reported.
The project is expected to generate between 150,000 and 170,000 jobs.
