Tatweer Misr opens the Red Sea to yachting: IGY Marinas to run Il Monte Galala Marina

By Press Mare

26/09/2026 - 14:48

Bridging the Mediterranean, the Gulf, the Indian Ocean and Asia, Egypt's Red Sea coast is positioning itself as a new hub for international yachting. The first concrete step came today at the 2026 Monaco Yacht Show, where Egyptian real estate developer Tatweer Misr signed an agreement with international marina operator IGY Marinas, formally appointing it to manage Il Monte Galala Marina on Egypt's Red Sea coast.

The agreement was signed by Ahmed Shalaby, Co-founder, President & CEO of Tatweer Misr, and Steve English, CEO of IGY Marinas, in the presence of Ahmed Youssef, CEO of the Egyptian Tourism Authority, and representatives of the international yachting and superyacht industry.

With the deal, Tatweer Misr becomes the first Egyptian real estate developer to appoint a globally recognised marina operator. Il Monte Galala Marina Towers, the most recent mixed-use phase centred on the marina within the wider Il Monte Galala masterplan, is part of the larger Il Monte Galala Marina phase and represents, according to Tatweer Misr, a total investment of around 1 billion US dollars.

Il Monte Galala Marina will offer more than 150 berths for yachts between 10 and 80 metres in length overall (LOA), including dedicated superyacht moorings. The marina infrastructure itself represents an investment of around 44 million US dollars, with 10 percent of berths reserved for vessels over 40 metres LOA, including two berths for yachts up to 80 metres. A heliport is also planned, providing quick access for VIPs, owners and guests, both to the marina and to superyachts at anchor or cruising nearby.

According to projections released by the two companies, the development is expected to generate around 8,000 direct jobs and nearly 25,000 indirect ones, with more than one million visitors expected annually.

The agreement marks a new phase in the partnership between the two companies, which began in February 2026 when IGY Marinas was appointed Marina Operations Advisor. From today, the operator takes on long-term responsibility for managing Il Monte Galala Marina.

"As Egypt positions its coastlines as globally competitive, year-round tourism destinations, the private sector plays a fundamental role in turning this national ambition into concrete development and investment," said Ahmed Youssef, CEO of the Egyptian Tourism Authority. "Tatweer Misr's Il Monte Galala is an example of how private investment and international partnerships can support the future of Egypt's tourism and nautical sectors, contribute to the overall development of the Red Sea region, and advance the State's vision for sustainable urban expansion and fourth-generation cities."

Egypt's Red Sea coast connects the Mediterranean to the Gulf, the Indian Ocean and Asia, and includes diving sites with an international reputation, an element the companies point to as part of its appeal to yacht owners and water sports enthusiasts.

"Since the launch of Il Monte Galala, we have believed in the potential of the Red Sea as a year-round destination for tourism, investment and quality of life. Achieving this ambition requires a virtuous triangle made up of a supportive regulatory framework from the public sector, investment and execution capability from the private sector, and international specialist expertise. Our partnership with IGY Marinas gives concrete shape to this model, combining Tatweer Misr's development vision with world-class marina management know-how to unlock Egypt's coastal potential, strengthen its position on the international yachting and nautical tourism scene, and create new opportunities for sustainable growth and investment," said Ahmed Shalaby, Co-Founder, President & CEO of Tatweer Misr.

"We are honoured to have been entrusted with the management of Il Monte Galala Marina and to strengthen our partnership with Tatweer Misr on one of the region's most ambitious waterfront projects," said Steve English, Chief Executive Officer of IGY Marinas. "As part of IGY's global portfolio, the marina will benefit from internationally recognised operating standards, industry-leading customer service, and access to a worldwide network of owners and captains. We believe Il Monte Galala has all the characteristics to become a reference nautical destination in the Eastern Mediterranean and the Red Sea, serving as a gateway connecting international visitors to the extraordinary opportunities Egypt has to offer."

Founded in 2014, Tatweer Misr is an Egyptian joint-stock real estate company with a portfolio of six projects: 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. Beyond residential and mixed-use development, the company is involved in yachting and nautical tourism infrastructure both on the Red Sea, through Il Monte Galala Marina & Towers, and on the Mediterranean, through Salt Marina.

IGY Marinas operates 24 marinas across 14 countries, serving more than 10,000 clients a year. The company is a subsidiary of MarineMax, listed on the New York Stock Exchange (NYSE: HZO), and has synergies with other MarineMax group companies, including Fraser Yachts and Northrop & Johnson. IGY's Trident Club is described by the company as an invitation-only membership club for superyachts, whose benefits include guaranteed berth availability.