TATWEER MISR AND IGY MARINAS SIGN STRATEGIC AGREEMENT AT MONACO YACHT SHOW 2026 TO ADVANCE EGYPT’S RED SEA YACHTING AMBITION
At a special ceremony held today at the Monaco Yacht Show 2026, Egyptian developer Tatweer Misr signed a strategic agreement with international marina operator IGY Marinas, formally appointing IGY Marinas as the operator of the ambitious IL Monte Galala Marina on Egypt’s Red Sea coast.
As yachting takes on an increasingly important role in diversifying Egypt’s coastal tourism offering beyond the traditional resort model, the Monaco Yacht Show provided a fitting international stage for the landmark agreement. The partnership brings an ambitious Red Sea development to the heart of the global yacht and superyacht industry.
The agreement was signed by Dr Ahmed Shalaby, Co-Founder, President & CEO of Tatweer Misr, and Steve English, CEO of IGY Marinas, in the presence of Dr Ahmed Youssef, CEO of the Egyptian Tourism Authority, alongside members of the international yacht and superyacht community.
Through the agreement, Tatweer Misr becomes the first Egyptian real estate developer to appoint a globally recognized marina operator, marking an important milestone in the continued development of Egypt’s yachting and tourism sectors.
A New Waterfront Destination on the Red Sea IL Monte Galala Marina Towers, the latest marina-led mixed-use phase within Tatweer Misr’s wider IL Monte Galala master development, forms part of the broader IL Monte Galala Marina phase, representing a total investment of approximately USD 1 billion.
The development reflects Tatweer Misr’s strategy to establish the infrastructure, international operating standards and strategic partnerships required to support the Red Sea’s evolution into a competitive, year-round yachting and tourism destination.
At the heart of the development, IL Monte Galala Marina will provide more than 150 berths for yachts ranging from 10 to 80 metres LOA, including dedicated berthing facilities for superyachts.
The marina forms part of a broader integrated waterfront destination bringing together yachting, hospitality, business events and leisure experiences. The project is designed to stimulate sustained economic activity beyond seasonal tourism while strengthening Egypt’s connectivity with the international yachting community.
The wider development is expected to generate approximately 8,000 direct and nearly 25,000 indirect employment opportunities and welcome more than one million visitors annually, supporting the tourism, hospitality, business events and waterfront services sectors while contributing to long-term tourism and business revenues.
A Strategic Partnership with IGY Marinas building on IGY Marinas’ initial appointment as Marina Operations Advisor in February 2026, the new agreement marks the next phase of the partnership, with IGY assuming long-term responsibility for the operation of IL Monte Galala Marina.
As one of the world’s leading international marina operators, IGY will bring its global expertise, operational capabilities and service standards to the project, delivering a marina experience aligned with established international yachting destinations and helping set a new benchmark for marina operations on Egypt’s Red Sea coast.
“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,” said 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.”
Unlocking the Red Sea’s Yachting Potential strategically positioned between the Mediterranean, the Gulf, the Indian Ocean and Asia, Egypt’s Red Sea coast offers significant potential as a year-round cruising and yachting destination.
Its exceptional marine environment, including internationally renowned diving sites, further strengthens its appeal to yacht owners, charter guests and water sports enthusiasts.
Against this backdrop, IL Monte Galala Marina is positioned to support the continued growth of Egypt’s yachting proposition by providing the infrastructure, services and international operating standards required to attract visiting yachts and superyachts.
The project will also contribute to the development of a broader network of marina and waterfront destinations along Egypt’s coastline, reinforcing the country’s position within regional and international cruising routes.
“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. Realizing this ambition requires a golden triangle of enabling public-sector frameworks, private-sector investment and execution, and specialized international expertise,” said Dr Ahmed Shalaby, Co-Founder, President & CEO of Tatweer Misr.
“Our partnership with IGY Marinas brings this model to life, combining Tatweer Misr’s development vision with global marina expertise to unlock Egypt’s coastal potential, strengthen its position in international yachting and marine tourism, and create new opportunities for sustainable growth and investment.”
“We are honoured to be entrusted with the operation of IL Monte Galala Marina and to deepen our partnership with Tatweer Misr on one of the most ambitious waterfront developments in the region,” said Steve English, CEO of IGY Marinas.
“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. 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.”
World-Class Marina Infrastructure IL Monte Galala Marina represents an investment of approximately USD 44 million and will provide berthing capacity for more than 150 yachts.
Approximately 10 per cent of the marina’s berths will accommodate yachts over 40 metres LOA, including two dedicated berths capable of welcoming yachts of up to 80 metres.
A dedicated helipad will provide convenient access for VIPs, yacht owners and guests, whether travelling directly to the marina or connecting with superyachts anchored or cruising nearby.
Together with IGY Marinas’ international operational expertise, these facilities are designed to position IL Monte Galala Marina as a significant new addition to the Red Sea’s yachting infrastructure and support Egypt’s ambition to expand its presence on the international yachting map.
