Emaar Misr for Development, the Egyptian arm of Dubai’s Emaar Properties, has awarded two construction contracts totalling £E2bn for the first phase of its Marasi Marina development on Egypt’s Mediterranean coast.

Lebanon’s Arabian Construction Company (ACC) has been awarded a £E1.2bn ($68m) contract for the construction of the first phase of 826 Marina apartments with surrounding services over a total area of 92,000 square metres, and should be completed by 2020.

The other contract was awarded to the local Orascom Construction Industries. The £E800m deal includes marine works for the development’s marina, that when complete will be able to berth 300 yachts.

Both contracts are due to be completed in 2020.