Tatweer Misr and IGY Marinas Partners to Advance Yachting Tourism on Egypt’s Red Sea Coast

Tatweer Misr and IGY Marinas have signed a strategic agreement appointing IGY Marinas as 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 24 September at the Monaco Yacht Show by Dr Ahmed Shalaby, co-founder, president and CEO of Tatweer Misr, and Steve English, CEO of IGY Marinas, in the presence of Dr Ahmed Youssef, CEO of the Egyptian Tourism Authority.

With the agreement, Tatweer Misr becomes the first Egyptian real estate developer to appoint a globally recognised marina operator.

Tatweer Misr and IGY Marinas 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, a subsidiary of NYSE-listed MarineMax, operates 24 marinas across 14 countries in the Americas, Europe and the Middle East and serves more than 10,000 customers a year. IGY Marinas also runs the Trident Club, an invitation-only membership for superyachts that offers benefits including guaranteed dockage.

150 Berths and a Helipad

IL Monte Galala Marina will have berthing capacity for more than 150 yachts, ranging from 10 to 80 metres in length. A tenth of the berths are allocated to yachts over 40 metres, including two 80-metre berths for superyachts. A helipad will serve owners and guests travelling to the marina, as well as those on superyachts anchored or cruising nearby. The marina itself represents an investment of approximately USD 44 million.

IL Monte Galala Marina sits within IL Monte Galala Marina Towers, the newest mixed-use phase of Tatweer Misr’s wider IL Monte Galala development. The broader IL Monte Galala Marina phase, which combines the marina with hospitality, business events and waterfront space, represents a total investment of approximately USD 1 billion. Tatweer Misr expects the phase to create around 8,000 direct jobs and nearly 25,000 indirect ones, and to receive more than one million visitors a year.

Yachting Beyond the Resort Model

Tatweer Misr has positioned yachting as a way to move Egypt’s coastline beyond the resort model that has long defined tourism on the Red Sea, supporting the country’s direction towards diversifying beyond the resort model and with the aim of drawing visitors throughout the year. Tatweer Misr points to the Red Sea coast’s location on the route linking the Mediterranean with the Gulf, the Indian Ocean and Asia, and to its diving sites, as reasons the region can attract visiting yachts and superyachts.

“As Egypt advances its vision of positioning its coastlines as globally competitive, year-round tourism destinations, the private sector plays a vital role in translating this national ambition into meaningful development and investment,” Youssef said.

“Tatweer Misr’s IL Monte Galala exemplifies how private-sector investment and international partnerships can support the future of Egypt’s tourism and yachting sectors, contribute to the comprehensive development of the Red Sea region, and advance the State’s vision for sustainable urban expansion and fourth-generation cities.”

Shalaby described the agreement with IGY Marinas as bringing together what he called a “golden triangle” of public policy, private investment and international expertise.

“Since launching IL Monte Galala, we have believed in the Red Sea’s potential as a year-round destination for tourism, investment and quality of life,” he said. “Realizing this ambition requires a golden triangle of enabling public-sector frameworks, private-sector investment and execution, and specialized international expertise.”

A Network Across Two Coastlines

Founded in 2014, Tatweer Misr has six projects across Egypt: IL Monte Galala on the Red Sea; Fouka Bay, D-Bay and Salt on the North Coast; Bloomfields in Mostakbal City in East Cairo; and Rivers in West Cairo. Tatweer Misr is also developing Salt Marina on the Mediterranean, which it plans to link with IL Monte Galala Marina as part of a network of marinas on both of Egypt’s coastlines.

“As part of the IGY global portfolio, the marina will benefit from internationally recognized operating standards, industry-leading customer service, and access to a worldwide network of yacht owners and captains,” English said.

“We believe IL Monte Galala is uniquely positioned to become a premier yachting destination in the Eastern Mediterranean and Red Sea, serving as a gateway that connects international visitors with the extraordinary opportunities Egypt has to offer.”