Egypt's Developmnt Company has signed a strategic agreement with IGY Marinas to manage and operate El Montgala Marina on the Red Sea coast. The deal was signed during the Monaco Yacht Show 2026, in the presence of Dr. Ahmed Youssef, CEO of the Egyptian Tourism Authority, and several representatives from the yacht tourism sector. The agreement was signed by Dr. Ahmed Shalby, co-founder, CEO and managing director of Developmnt Company, and Steve English, CEO of IGY Marinas.
The El Montgala Marina can accommodate over 150 yachts, ranging from 10 to 80 meters in length, with 10% of its capacity reserved for yachts over 40 meters long. The marina also features two docks capable of handling yachts up to 80 meters long. The project is part of the "El Montgala Towers and Marina" development, which includes residential, commercial, hotel and entertainment components, as well as a conference and exhibition center.
The investment in the El Montgala Marina is estimated at around 2.3 billion Egyptian pounds, and the project is expected to provide a helipad to serve the marina and its yachts. The development of the marina is part of a larger project, "El Montgala Towers and Marina", with investments estimated at around 50 billion pounds. The project aims to provide a comprehensive tourist destination on the Red Sea coast.
The agreement between Developmnt Company and IGY Marinas follows a collaboration that began in February 2026, when Developmnt Company was appointed as a consultant to operate the marina. The partnership has now moved to a stage of managing and operating the facility for several years. Dr. Ahmed Youssef, CEO of the Egyptian Tourism Authority, emphasized the importance of partnerships between the private sector and international expertise in supporting yacht tourism.
Dr. Ahmed Shalby noted that the development of yacht tourism requires a combination of regulatory and legislative frameworks, private sector investments, and international expertise. The partnership with IGY Marinas brings together Developmnt Company's development expertise and IGY Marinas' international operational experience in managing marinas. The cooperation aims to develop coastal infrastructure and enhance yacht and sea tourism.
According to Developmnt Company, the "El Montgala Towers and Marina" project is expected to create around 8,000 direct job opportunities and 25,000 indirect ones, with a target of over one million visitors per year. The project is expected to boost tourism, hospitality and services related to the sea front. The Red Sea location offers great potential for developing yacht and sea tourism throughout the year.
The importance of the El Montgala Marina lies in its strategic location on the Red Sea, which connects the Mediterranean Sea to the Gulf region, the Indian Ocean and Asia. The area's marine environment, diving sites and water activities provide opportunities for developing yacht and sea tourism. The project reflects the cooperation between local companies and international expertise in developing the Red Sea region as an integrated tourist destination.
Key points
- Developmnt Company signs deal with IGY Marinas to manage El Montgala Marina on the Red Sea coast.
- The project aims to provide a comprehensive tourist destination, with investments estimated at around 50 billion pounds.
- The El Montgala Marina can accommodate over 150 yachts, ranging from 10 to 80 meters in length.
