• Egypt launches $1.1 billion IL MONTE GALALA Red Sea project

• Development includes towers, marina, conference center in Ain Sokhna

• Part of plan targeting 30 million tourists by 2030

The Egyptian government on Monday announced the launch of the “IL MONTE GALALA Towers & Marina Project,” a 50 billion Egyptian pound ($1.1 billion) development on the Red Sea coast in Ain Sokhna.

The 470,000-square-meter project will include ten mixed-use towers covering 280,000 square meters, with nearly 2,600 residential and hotel units. Plans also feature an international marina with capacity for more than 150 yachts and a 28,000-square-meter exhibition and conference center. Construction is set to begin in the second half of 2026, with completion expected within seven years.

Authorities say the project is designed to position Ain Sokhna as a leading destination for conference and events tourism and yachting, while strengthening its role as a key tourism and business hub on the Red Sea. It is also expected to create direct and indirect jobs.

Prime Minister Mostafa Madbouly said the development aligns with the goals of Egypt Vision 2030 and the national urban development strategy through 2052. He added that it forms part of a broader plan to develop Egypt’s coastlines through integrated projects, expand tourism capacity and reach a target of 30 million visitors by 2030.

Part of a broader tourism investment drive

The announcement follows plans unveiled last September for a major tourism complex on the Red Sea coast valued at nearly 900 billion Egyptian pounds.

In recent years, Egypt has stepped up efforts to attract foreign investment as it grapples with economic pressures, including foreign currency shortages and spillover effects from the Gaza conflict. The country remains one of Africa’s leading tourism destinations, supported by its diverse attractions, upgraded services and rich historical heritage.

Egypt welcomed 19 million visitors in 2025, up 21% from a year earlier and above the global growth average, Tourism Minister Sherif Fathy said.

The IL MONTE GALALA project is being developed by Egyptian real estate firm Tatweer Misr in partnership with international operators, including U.S.-based IGY Marinas for marina management, Britain’s BCI Realty to operate the exhibition and conference center, and France’s Schneider Electric to deploy smart infrastructure systems.