Emaar Misr for Development (EMD) has signed two construction contracts worth EGP 2 bn for phase one of a luxury yacht marina with Arab Construction Company (ACC) and Egypt’s Orascom Construction Industries, Invest-Gate reports.

The contracts signal the start of constructing in the first phase of the mixed-use Marassi Marina project in the North Coast, according to an EMD statement.

The agreement inked with ACC, worth EGP 1.2 bn, involves the construction of fully-furnished Marina apartments with surrounding services over a total area of 92,000 square meters.

Expected to be completed by 2020, the project includes 826 fully-finished apartments in addition to over 4500 square meters of entertainment and commercial services.

While the EGP 800 mn second contract signed with Orascom includes building the complete marina basin designed to berth 300 yachts and equipped to welcome mega yachts that reach 60 meters in length. Construction of the basin is slated for completion by 2020.

“The Marina project and the unique amenities of Marassi, its beaches and Golf courses will also include a collection of world class award winning hotels from our Emaar Hospitality Group which marks an important step towards attracting luxury tourism to the area all year round,” Emaar Properties Chairman Mohamed Alabbar says.

The total project once completed will comprise 3,200 fully-finished luxury apartments, 600 four- and five-star hotel rooms and suites, as well as a marina boardwalk stretching over 3 kilometers with over 35,000 square meters of retail, food, and beverage outlets.