Cairo, Egypt; August 12, 2008: Emaar Misr for Development S.A.E, the wholly-owned country subsidiary of Emaar Properties PJSC, has signed a Memorandum of Understanding (MoU) with The Ritz-Carlton Company LLC of Chevy Chase, Md., to manage a beachfront resort in Marassi, Egypt scheduled to open in 2012. The 6 km seafront land featuring the luxury resort is considered among the finest beaches in the region and stretches across the picturesque Sidi Abdel Rahman Bay on the Mediterranean.
Mr Sameh Muhtadi, Chief Executive Officer, Emaar Misr for Development S.A.E, and Mr Bob Kharazmi, Senior Vice President – The Ritz-Carlton International, signed the MoU, in Cairo, recently. As per the MoU, the proposed development will include a 150-room resort and 50 private villas, all in close proximity to a world-class golf course, thus bringing in the sheer luxury of golf-side living in a seafront environment.
Mr Muhtadi said: “Marassi is one of the premier mixed-use communities in Egypt, and every component of this world-class project has been carefully planned to create a distinctive lifestyle experience. Sidi Abdel Rahman is the most historic beach in Egypt and is a much-preferred Mediterranean tourist destination. Our MoU with The Ritz-Carlton calls for developing a luxury resort to further consolidate Marassi’s appeal to tourists and residents, and contribute to the region’s prosperity.”
Mr Kharazmi said: “The Ritz-Carlton is very excited at the prospect of developing Marassi, in partnership with Emaar Misr. We have set benchmarks for outstanding service and surroundings throughout the world including the Middle East. With the exceptional beachfront location, the many luxury amenities available and the ease of access from key European nations, this is a project with great potential for the growing collection of signature Ritz-Carlton resorts.”
Mr Marc Dardenne, Chief Executive Officer for Emaar Hospitality Group, said: “Emaar Hospitality Group works with global partners to ensure the highest standards in hospitality and leisure in Emaar’s master-planned communities. The Marassi resort, managed by The Ritz-Carlton, will be a sterling addition to the roster of Emaar Hospitality Group.”
The Ritz-Carlton at Marassi will be an elegantly designed resort that derives architectural and functional inspiration from its surrounding beachfront location. The resort will feature an extensive array of amenities including international restaurants and beverage outlets, and a spa. The proximity to a golf-course will give guests added leisure options. They can also pursue marine sports at the Marina Club in Marassi, which is the only one of its kind in the region.
Marassi has already emerged as a much-preferred leisure destination with a beach club set by the calm bay of Sidi Abdel Rahman. The Marina being developed has its own dry storage facility making it a preferred destination for marine sports and sailing enthusiasts.
The EGP 9.92 billion (AED 6.39 billion, US$1.74 billion) Marassi is a Mediterranean-styled self-sustaining lifestyle neighbourhood, easily accessible from Alexandria Burj El Arab and El Alamein airports, both offering direct connections to major European cities. The project is also in easy proximity to historic sites and offers residents the choice of desert safari, eco-tourism and diving pursuits.
The 6.25 million sq m gated community features premier leisure amenities including a world-class beach resort, a vibrant town centre, marina, golf course and hotels set amidst lush greenery and lagoons.
Emaar Misr is one of the largest investors in Egyptian real estate with an investment portfolio of EGP 31.67 billion (AED 20.33 billion; US$5.54 billion), and is developing the EGP 12 billion (AED 7.7 billion; US$2.1 billion) Uptown Cairo; the EGP 5.75 billion (AED 3.67 billion; US$1 billion) residential community located at the fifth district New Cairo City; and the EGP 4 billion (AED 2.56 billion; US$700 million) commercial cum residential development on the Cairo – Alexandria desert road.
