Emaar Misr for Development has signed two construction contracts of two billion Egyptian pounds ($112.9 million) with UAE-based Arabian Construction Company (ACC) and Egyptian Orascom Construction to execute the first phase of Marassi Marina project in North Coast.
The agreement, signed with ACC, includes the execution of the first phase of Marina’s fully furnished apartments over a total area of 95,000 square metres, Emaar Misr highlighted in a statement on Wednesday.
The project will cover the delivery of 826 fully furnished apartments, as well as entertainment and commercial services spanning 4,500 sqm, the company said, pointing out that this project is set to be completed by 2020.
The second contact of Emaar Misr, the Egyptian unit of UAE property conglomerate, with OC, which is worth 800 million pounds, will cover building Marina Basin to welcome 300 yachts, including mega yachts that reach 60 metres in length, the company continued.
The Marina Basin is expected to be completed by 2020, according to the statement.
Commenting on both deals, chairman of Emaar Properties 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.”
“The Marina project and the unique amenities of Marassi, its beaches and golf courses will also include a collection of world-class award-winning hotels from our Emaar Hospitality Group which marks an important step towards attracting luxury tourism to the area all year round,” he added.
The entire project of Marina will include, once it is completed, 3,200 luxury apartments, 600 (five and four stars) hotel rooms and suites, in addition to Marina boardwalk spreading over three kilometres with 35,000 sqm of high-end retail, fashion and brands outlets, and famous restaurants.
This project will create thousands of direct and indirect job opportunities during and after construction, bolstering the North Coast’s economic growth throughout the year.