Tatweer Misr and IGY Marinas have signed a strategic agreement appointing IGY Marinas as the operator of IL Monte Galala Marina, part of Tatweer Misr's IL Monte Galala development on the Red Sea coast near Ain Sokhna. The agreement was signed on September 24 at the Monaco Yacht Show by Dr. Ahmed Shalaby, co-founder, president, and CEO of Tatweer Misr, and Steve English, CEO of IGY Marinas. This partnership marks a significant milestone in Egypt's efforts to diversify its tourism industry.
With this agreement, Tatweer Misr becomes the first Egyptian real estate developer to appoint a globally recognized marina operator. The two companies first worked together in February 2026, when IGY Marinas was brought on as Marina Operations Advisor for the project. Under the new agreement, IGY Marinas takes on long-term responsibility for operating IL Monte Galala Marina. IGY Marinas operates 24 marinas across 14 countries in the Americas, Europe, and the Middle East, serving over 10,000 customers annually.
IL Monte Galala Marina will have a berthing capacity for more than 150 yachts, ranging from 10 to 80 meters in length. A tenth of the berths are allocated to yachts over 40 meters, including two 80-meter berths for superyachts. The marina will also feature a helipad to serve owners and guests traveling to the marina, as well as those on superyachts anchored or cruising nearby. The marina represents an investment of approximately $44 million.
The IL Monte Galala Marina phase, which combines the marina with hospitality, business events, and waterfront space, represents a total investment of approximately $1 billion. Tatweer Misr expects this phase to create around 8,000 direct jobs and nearly 25,000 indirect ones, and to receive more than one million visitors annually. This development is part of Tatweer Misr's efforts to position yachting as a way to move Egypt's coastline beyond the traditional resort model.
Tatweer Misr has positioned yachting as a key component of Egypt's tourism strategy, citing the Red Sea coast's strategic location on the route linking the Mediterranean with the Gulf, the Indian Ocean, and Asia. The company also highlights the region's diving sites as a major draw for visiting yachts and superyachts. Egyptian Tourism Authority CEO Dr. Ahmed Youssef emphasized the importance of private sector investment and international partnerships in supporting Egypt's tourism and yachting sectors.
Dr. Ahmed Shalaby described the agreement with IGY Marinas as bringing together a "golden triangle" of public policy, private investment, and international expertise. He emphasized that realizing Egypt's ambition of becoming a year-round destination for tourism, investment, and quality of life requires collaboration between the public and private sectors. Steve English noted that IL Monte Galala Marina will benefit from IGY Marinas' internationally recognized operating standards and access to a worldwide network of yacht owners and captains.
Tatweer Misr was founded in 2014 and has six projects across Egypt, including IL Monte Galala on the Red Sea and Salt Marina on the Mediterranean. The company plans to link IL Monte Galala Marina with Salt Marina as part of a network of marinas on both of Egypt's coastlines. This development is expected to further enhance Egypt's tourism industry and provide new opportunities for visitors and investors alike.
Key points
- Tatweer Misr and IGY Marinas have partnered to operate IL Monte Galala Marina, advancing yachting tourism on Egypt's Red Sea coast.
- The IL Monte Galala Marina phase represents a total investment of approximately $1 billion and is expected to create around 8,000 direct jobs and nearly 25,000 indirect ones.
- The partnership brings together public policy, private investment, and international expertise to support Egypt's tourism and yachting sectors.
