Innovo Construction Signs EGP 7.1 Billion Contract with Emaar Misr

Innovo Construction has signed a contract with Emaar Misr for Development to execute the construction works for Phase One of the Marassi Red project on the Red Sea, with a total contract value of approximately EGP 7.1 billion. The agreement comes as part of the ongoing collaboration between the two companies in delivering major real estate and tourism developments in the Egyptian market.

The project is among the prominent developments aimed at strengthening the Red Sea’s position as one of Egypt’s leading tourism and urban destinations, particularly amid the growing investment in integrated residential communities and developments that combine premium living experiences with distinctive tourism offerings.

The scope of work includes the construction and full finishing of 213 residential units across Parcels 3 and 5, comprising 102 units in Parcel 3 and 111 units in Parcel 5. The project has a total built-up area of 109,352 square meters, spanning a total land area of 361,047 square meters.

The project encompasses a comprehensive range of construction and external works, including the development of fully finished villas and townhouses, in addition to infrastructure works, roads, and earthworks across Parcels 3 and 5, as well as landscaping works in Parcel 3. The scope also includes the construction of security rooms and boundary walls surrounding the residential units, the development of artificial lakes across both parcels, and soil stabilization works, ensuring the integration of all project components in line with the design specifications and execution requirements.

The project is scheduled for completion within a contractual period of 27 months, in accordance with the agreed project timeline. This includes all construction, infrastructure, and external landscaping works, with a focus on delivering the project within the agreed schedule.

This agreement reflects the continued collaboration between Innovo Construction and Emaar Misr, building on their longstanding professional relationship, founded on mutual trust and cooperation in delivering major developments. It also highlights the importance of partnerships between construction and real estate development companies in supporting the sector’s growth and enhancing its capacity to deliver integrated projects that contribute to the development of Egypt’s urban and tourism destinations.

Eng. Mohamed Gamal, Managing Director of Innovo Construction, commented:

“This collaboration marks an extension of our strong and longstanding partnership with Emaar Misr. The project represents exceptional value and holds a distinguished position among Egypt’s leading tourism developments, reflecting the mutual trust and shared vision between both companies.”

About Innovo

Innovo is a leading construction and built environment innovator, specializing in the design, engineering, construction, development, and financing of infrastructure for major real estate projects across four continents. The company delivers integrated solutions covering every stage of project development, drawing on its technical and engineering expertise and its capabilities in managing and executing complex, multidisciplinary projects.

Innovo’s portfolio comprises more than 130 ongoing projects, including luxury residential developments, villa communities, educational facilities, commercial centers, and critical urban infrastructure projects. Headquartered in London, United Kingdom, the company maintains an international network of offices in Dubai, Abu Dhabi, Canada, Egypt, and Senegal, strengthening its presence across diverse markets and its ability to deliver projects tailored to the needs of each market.