Developer Emaar inaugurates Address Marassi Golf Resort in Egypt

Egypt’s Emaar Misr and Emaar Hospitality Group inaugurated the first Address Hotels + Resorts property in Egypt with investment worth EGP950m.

The Address Marassi Golf Resort located in the Sidi Abdelrahman bay, is the second of nine hotels that Emaar Hospitality Group will open in the area, and is in line with the Egyptian government’s directions to develop the North Coast area.

Mohamed Alabbar at Emaar Properties said that the North Coast area, particularly the Sidi Abdelrahman bay area, has a distinct nature incomparable to anywhere else worldwide.

The Egyptian state is undertaking massive urban projects in the area which will soon turn the region into a global urban touristic centre.

Alabbar stressed that Emaar Misr is keen on promoting diverse types of tourism that will contribute to the country’s 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.

The Address Hotels + Resorts is Emaar Hospitality Group’s first hospitality brand which was launched in 2008.

“Despite challenges that are being faced across the globe at the moment, at Emaar we continue to keep our focus on the future,” said Alabbar.

Emaar Properties’ investments in Egypt amount to EGP200bn, including a EGP55bn investment in Marassi and an EGP11.5bn investment in Emaar Misr’s newly-launched project, Cairo Gate.

The company’s investments in its Sheikh Zayed land may amount up to EGP37.8bn in the coming period.

Address Hotels + Resorts currently counts with a portfolio of eight operating hotels, the Address Marassi Golf Resort being its ninth.

In related company news, Emaar scrapped off all job titles across the company as part of measures aimed at focusing on ‘talent not titles’, Mohamed Alabbar said last week.

In April, it implemented a new salary structure, with Alabbar personally taking a 100 per cent salary cut.

Read: Dubai’s Emaar chairman takes 100% salary cut, assures employees ‘this too shall pass’