IGY Marinas appointed as operator of red-sea marina IL Monte Galala

IGY Marinas has been appointed operator of IL Monte Galala, a marina on Egypt's Red Sea developed by real estate developer Tatweer Misr, at a signing ceremony at the Monaco Yacht Show 2026.

Dr Ahmed Shalaby, co-founder, president, and CEO of Tatweer Misr, and Steve English, CEO of IGY Marinas, signed the agreement in the presence of Dr Ahmed Youssef, CEO of the Egyptian Tourism Authority, and the broader international yacht and superyacht industry community.

The agreement marks a significant milestone for Egypt's yachting and tourism sector, as Tatweer Misr becomes the first Egyptian real estate developer to appoint a globally recognised marina operator.

During the ceremony, Dr Ahmed Mohamed Shalaby, president and CEO of Tatweer Misr, said the partnership is a strategic move to "develop a world-class waterfront destination in Egypt, one that translates the exceptional, natural potential of IL Monte Galala".

IGY CEO Steven English added: "This meaningful partnership provides an opportunity for IGY to show our clients and partners the wonderful attributes in Egypt."

The marina represents an investment of approximately $44,000,000, offering more than 150 berths for yachts ranging from 10 to 50 metres, including dedicated berthing for superyachts. The development is expected to create approximately 8,000 direct and nearly 25,000 indirect jobs and welcome more than one million visitors annually, supporting tourism, hospitality, business events and waterfront services while generating long-term tourism and business revenues.

At the heart of the project is IL Monte Galala Marina Towers, the latest marina-led mixed-use phase within Tatweer Misr’s wider IL Monte Galala master development, representing an approximately $1,000,000,000 investment.

“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”, commented Dr Ahmed Youssef, CEO of the Egyptian Tourism Authority.

“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."