Latest opening takes Emaar Properties’ investments in Egypt to more than $12.5bn
Dubai-based Emaar Properties has opened the $59.4 million Address Marassi Golf Resort in Egypt.
The resort is the second of nine hotels that Emaar Hospitality Group will open in the Sidi Abdelrahman bay area on the country’s north coast.
Emaar’s Mohamed Alabbar stressed it was business as usual for the company, despite the world being in the middle of the economically crippling Covid-19 crisis.
“Despite challenges that are being faced across the globe at the moment, at Emaar we continue to keep our focus on the future”, he said.
Address Marassi Golf Resort, designed as a Tuscan style low-rise resort, counts with 48 rooms and suites overlooking Marassi’s 18-hole signature golf course, which was designed by renowned designer Peter Harradine, in addition to 82 serviced apartments.
The resort also features five restaurants, two outdoor swimming pools, one indoor pool, and the world-class The Spa at Address, in addition to a private 250 sqm ballroom.
The development houses the largest yacht marina south of the Mediterranean, with a 236-yacht capacity, in addition to boasting the first international marina in the North Coast area with the capacity to host luxury yachts that reach up to 150 metres in length.
Emaar Misr, the Egyptian arm of the property giant, first opened the EGP1.5bn ($93.8m) Al Alamein Hotel in 2018 in Sidi Abdelrahman bay.
Alabbar noted that Emaar Properties’ investments in Egypt amount to EGP200bn ($12.5bn), including a EGP55bn ($3.4bn) investment in the entire Marassi area and an EGP 11.5bn ($719m) investment in Emaar Misr’s newly-launched project, Cairo Gate. While the company’s investments in its Sheikh Zayed land may amount up to EGP37.8bn ($2.4bn) in the coming period.