Marakez (Fawaz Alhakir) Signs 40 Billion Shams Soma Deal in Soma Bay
Saudi Marakez (Fawaz Alhakir Group) Signs 40 Billion Deal for “Shams Soma” Project in Soma Bay, Red Sea
Hurghada, Red Sea — 22 August 2026. In the largest Saudi real-estate move into Egypt’s Red Sea corridor this year, Marakez — the Egyptian development arm of Saudi Arabia’s Fawaz Alhakir Group — has signed a revenue-sharing agreement with Soma Bay Tourism Development to build a mixed-use resort called “Shams Soma” on 100 feddans (≈ 340,000 sqm) inside the Soma Bay peninsula, about 45 km south of Hurghada.
Two sources familiar with the deal told Asharq Bloomberg that the project targets EGP 40 billion in lifetime revenue and is scheduled to open sales before the end of 2026. The figure represents revenue projection over the lifetime of the development, not upfront investment or guaranteed sales.
Why This Deal Matters for Red Sea Real Estate
Shams Soma is Marakez’s first project outside Cairo and the North Coast. Until now, the developer’s Egyptian portfolio has focused on Cairo commercial centers (Mall of Arabia, District 5) and the North Coast (Ramla). The Soma Bay move is a clear signal that institutional Saudi capital is now targeting the Red Sea corridor, alongside El Gouna, Sahl Hasheesh, and Makadi.
For Hurghada investors, three things are worth watching:
- Anchor-developer effect: A confirmed institutional entry typically lifts the broader market — comparable to Orascom Development’s expansion of El Gouna in the early 2000s and to the recent Saudi-backed moves into Sahl Hasheesh.
- Resale liquidity: New flagship supply tends to refresh interest in adjacent projects (Sahl Hasheesh, Makadi Heights, Magawish), improving exit conditions for existing owners.
- Rental yields: Adding 100 feddans of hotel and residential units to Soma Bay strengthens year-round occupancy on the entire peninsula, which feeds back into nightly rates at competing managed units.
About the Developer — Marakez / Fawaz Alhakir
Marakez was founded in 2015 with paid-up capital of 500 million. Its Egyptian portfolio spans roughly 1,100 feddans across eight projects, including Mall of Arabia and District 5 in Cairo, Ramla on the North Coast, plus commercial assets in Tanta and Mansoura. Parent group Fawaz Alhakir is one of Saudi Arabia’s leading retail and lifestyle operators, listed on the Saudi Exchange.
Marakez’s expansion into the Red Sea was first reported in early 2026. The Soma Bay deal is the formal closing of that strategy and the developer’s first tourism-hospitality bet outside the North Coast.
About Soma Bay — Location & Master Plan
Soma Bay is a 10-million sqm integrated tourism peninsula on the Red Sea coast, anchored by Soma Bay Tourism Development — majority-owned by Saudi Arabia’s Olayan Group alongside a Lebanese group and other shareholders. Soma Bay Tourism Development has paid-up capital of roughly 1.35 billion.
The peninsula already operates several internationally branded resorts including The Cascades, Kempinski, Sheraton Soma Bay, Robinson Club, and Mövenpick, plus an 18-hole golf course, a world-class dive centre, and a marina. Shams Soma will sit inside this existing ecosystem, benefiting from established infrastructure and brand recognition.
� Soma Bay, Red Sea, Egypt — view on OpenStreetMap
What Will Be Built — Shams Soma Master Plan
Per the agreement and follow-up reporting, Shams Soma will be a low-density mixed-use development focused on privacy and quality of life. Components include:
- Residential units (apartments and chalets) of varying sizes
- Branded and boutique hotel inventory
- Commercial facilities (F&B, retail, services)
- Landscaped public spaces and beach access
Final unit mix, prices, and payment plans are expected to be released when sales officially launch, anticipated before year-end 2026.
How This Connects to the Wider Hurghada Market
If you are comparing this news with the broader Red Sea investment landscape, see:
- Sahl Hasheesh vs El Gouna vs Makadi — 2026 Investment Comparison
- How Foreigners Buy Property in Egypt — 2026 Legal Guide
- Hurghada Real Estate News — August 2026 Digest
- Magawish District — Full Investment Overview
External authoritative sources cited in this story:
- Asharq Bloomberg via Mubasher — “Marakez plans 40bn tourism project near Hurghada”
- Egypt Investment Portal — General Authority for Investment
- Wikipedia — Hurghada overview
Frequently Asked Questions
What is the Marakez “Shams Soma” project in Soma Bay?
Shams Soma is Marakez’s first project outside Cairo and the North Coast. It is a 100-feddan (≈ 340,000 sqm) mixed-use tourism and residential development in Soma Bay on the Red Sea coast, signed under a revenue-sharing model with Soma Bay Tourism Development. The targeted revenue over the project’s lifetime is 40 billion.
Who owns Marakez and why does the deal matter?
Marakez is the Egyptian real-estate arm of the Saudi Fawaz Alhakir Group. It manages a portfolio of about 1,100 feddans across eight projects including Mall of Arabia, District 5, and Ramla on the North Coast. The Soma Bay deal is its first move into the Red Sea market.
Where is Soma Bay and what makes it special?
Soma Bay is a 10-million-sqm integrated resort peninsula about 45 km south of Hurghada airport, owned by Soma Bay Tourism Development (majority-owned by Saudi Olayan Group). It already hosts The Cascades, Kempinski, Sheraton, Robinson Club, and the Mövenpick resort.
Will units be for sale to foreign investors?
Yes. The project will include residential and hotel units plus commercial facilities. As with most Egyptian Red Sea developments, foreign buyers can purchase freehold units in Soma Bay subject to standard Egyptian real-estate registration rules.
When will sales launch and what is the delivery timeline?
Marakez plans to launch sales before the end of 2026 once final designs and approvals are completed. Delivery timing has not yet been disclosed.
How does this affect Hurghada property prices?
Major institutional entries into Soma Bay typically lift the entire Red Sea corridor, including El Gouna, Makadi, Sahl Hasheesh and central Hurghada. Buyer demand and rental yields tend to strengthen within 6-18 months of a confirmed anchor developer.
Is Marakez the only Saudi developer entering the Red Sea?
No. Saudi developers have been expanding into the Red Sea for several years. Major Group and Orascom remain the dominant local developers. Marakez’s deal is the latest signal of deepening Saudi-Egyptian real-estate cooperation.
How can I register early interest in Shams Soma or similar projects?
Contact MAMO Property directly on WhatsApp +20 115 298 0998. MAMO is a licensed Hurghada real-estate agency working with all major developers including Soma Bay partners. We will share the developer price list, payment plans, and floor plans as soon as sales launch.
📞 Talk to MAMO Property — Red Sea Real Estate Specialists
Call or WhatsApp: +20 115 298 0998
💬 WhatsApp direct: wa.me/201152980998
🇷🇺 Russian-speaking agent: wa.me/79600649600 (+7 960 064 96 00)
🇪🇬 Egypt agent (Arabic/English): wa.me/201061399260 (+20 106 139 9260)
� mamoproperty.com — Licensed since 2008 · Tax 779-072-677 · Commercial Registry 282312
📚 Further Reading:
- our comprehensive Red Sea location comparison guide
- our complete El Gouna buyer’s guide
- our detailed Sahl Hasheesh area guide
- our Makadi Bay investment guide
- our rental yield comparison and ROI calculator
- our complete guide to foreign property ownership in Egypt
- our independent comparison of real estate agencies in Hurghada
- our complete buyer’s guide covering all fees and taxes
- our installment plans and payment options guide
- our short-term vs long-term rental yield comparison
- our long-term rental market guide for landlords
- our analysis of Egyptian Pound trends and foreign reserves
- our Egypt tourism 2026 impact analysis
Co-founder of MAMO Property, real estate specialist in Hurghada with 16+ years experience in Egyptian property market.
%20Signs%20%2040%20Billion%20Shams%20Soma%20Deal%20in%20Soma%20Bay){kind=link}