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MARAKEZ announced a strategic partnership with Somabay to launch its first Red Sea project, Shams Soma, at the award-winning Soma Bay destination. The development spans 340,000 square metres and will include more than 600 residential units in the form of villas, semi-detached houses, chalets and lofts together with a hotel. Designed around a low-density masterplan that emphasises everyday living rather than seasonal use, the project integrates outdoor spaces and sea views with Soma Bay’s existing marina, golf courses, wellness facilities and beach access, according to the joint announcement issued August 23, 2026.
The statement from MARAKEZ described the venture as a step in the company’s expansion beyond its current destinations into new coastal markets with strong growth potential. It positions Shams Soma as the second coastal project for the developer after Ramla in Ras El Hekma and its first in the Red Sea region. Somabay Group CEO Ibrahim El Missiri stated that the collaboration adds an important dimension to Soma Bay’s ecosystem by combining MARAKEZ expertise in integrated urban communities with the destination’s natural assets and world-class infrastructure.
Vice Chairman of MARAKEZ Ahmed Dasha Badrawi said in the announcement, “This represents a new and important chapter in the growth journey of MARAKEZ, where we expand our presence on the Egyptian coasts, starting from the North Coast reaching Somabay, one of the most prominent and beautiful coastal destinations in Egypt. Through the Shams Soma project, we employ our expertise in developing integrated urban communities to present an exceptional destination that provides a distinctive lifestyle.” The partnership reflects broader momentum in Egyptian coastal real estate, where earlier Abu Soma Development agreements have targeted substantial residential and hospitality builds.
Abu Soma Development Company, which operates Soma Bay, has pursued multiple initiatives to expand the resort’s residential offering in recent years. A 2024 memorandum of understanding with REDCON Construction outlined EGP 1.7 billion in investment to deliver more than 2,000 residential units and several luxury hotels across phases that include Blanca, Bay West Valley and Reef Town, according to Zawya reports from that period. Those projects anticipated annual construction volumes rising from EGP 500 million in 2024 to EGP 1.2 billion in 2025, illustrating the scale of ongoing development at the Red Sea site.
Baker McKenzie Cairo provided legal counsel to Abu Soma Development Company on the transaction with MARAKEZ. The firm’s team, led by Senior Counsel Mohamed Ghannam and Managing Partner Ghada El Ehwany with support from Senior Associate Ahmed Shehata, advised on the co-development agreement signed August 22, 2026. El Ehwany described the mandate as supporting a milestone project that underscores the Red Sea coast’s growing appeal for investment, tourism and real estate activity.
Soma Bay has evolved from its origins as a tourism-focused resort into an integrated community with hotels, real estate and supporting amenities accumulated over decades of development. The addition of Shams Soma extends this trajectory by prioritising permanent residential options within an established destination that already offers diving, wellness and sporting facilities. Industry participants expect the project to contribute to sustained demand for quality Red Sea properties that serve both residents and visitors year-round.
