ArabFinannce: Emaar Misr Development (EMFD), a subsidiary of UAE's Emaar Properties, officially inaugurated the EGP 950 million Address Marassi Golf Resort in Sidi Abdelrahman bay on the North Coast, according to an official press release.

The opening came in the presence of Minister of Tourism and Antiquities Khaled el Anani and Minister of Housing, Utilities, and Urban Communities Assem el Gazzar, in addition to Marsa Matrouh Governor Khaled Shoaib and other representatives from Emaar.

The new project is the second of nine hotels that Emaar Hospitality Group, a wholly-owned subsidiary of Emaar Properties, will open in the area.

Emaar Properties Chairman Mohamed Alabbar stressed that the Cairo-based subsidiary is keen on promoting diverse types of tourism that will contribute to enriching the Egyptian national income.

Yacht tourism will play a key role given that Marassi houses the largest yacht marina south of the Mediterranean with a 236-yacht capacity in addition to providing maintenance services, he added.

Alabbar added that the UAE group's investments in Egypt amount to EGP 200 billion, including an EGP 55 billion investment in Marassi and an EGP 11.5 billion investment in Emaar Misr’s newly-launched project, Cairo Gate, in west Cairo.

The company’s investments in its Sheikh Zayed land may amount up to EGP 37.8 billion in the coming period, the statement highlighted.

Earlier, Emaar Misr announced its plan for a new EGP 40 billion investment zone in Greater Cairo.

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