Emaar Misr for Development is planning to start a $20 billion project on the Red Sea in Egypt, according to sources

Real estate company Emaar Misr for Development (EMFD.CA), listed on the Egyptian stock exchange, is about to reveal that it may invest up to $20 billion in a Red Sea project with Saudi Arabia’s Golden Coast and Sky Tower for Real Estate Development, according to sources at Emaar Misr on Sunday.

Emaar Misr is a real estate developer with an interest in Sky Tower. Emaar, the biggest developer of real estate in Dubai, owns nearly all of Emaar Misr.