Emaar, Citystars Sign Deal to Develop Resort on Egypt’s Red Sea

Emaar Misr and Citystars Properties signed a deal for a development on Egypt’s Red Sea amounting to 900 billion pounds ($18.5 billion), the government said, as the North African nation keeps drawing interest from Gulf investors.

The development, Marassi Red Sea, will span 2,426 feddans (2,518 acres) and is planned to include 12 luxury hotels and provide up to 170,000 construction and hospitality jobs, according to a statement by the Egyptian cabinet, which described it as the country’s biggest touristic project on the Red Sea coastline.