Egyptian developer Tatweer Misr has appointed IGY Marinas as the long-term operator of IL Monte Galala Marina on Egypt’s Red Sea coast.
The agreement was signed at Monaco Yacht Show 2026 by Tatweer Misr president and chief executive Dr Ahmed Shalaby and IGY Marinas chief executive Steve English.
The marina is part of the wider IL Monte Galala Marina phase, representing investment of about US$1bn. The marina itself is valued at approximately US$44m and is planned to provide more than 150 berths for yachts from 10 to 80 metres, including two 80-metre berths. Ten per cent of capacity will be allocated to yachts over 40 metres.
A helipad is also planned for yacht owners, guests and vessels operating nearby. Tatweer Misr said the wider mixed-use development is expected to create about 8,000 direct and nearly 25,000 indirect jobs, and attract more than one million visitors annually.
Long-term responsibility
IGY first became involved as marina operations adviser in February 2026. Under the new agreement, it will assume long-term responsibility for operations and apply its international operating and customer-service standards. Tatweer Misr said it is the first Egyptian property developer to appoint a globally recognised marina operator.
The marina will form part of a waterfront destination combining hospitality, residences, business events and leisure. The partners said it is intended to support year-round marine tourism and provide services for yachts moving between the Mediterranean, Gulf, Indian Ocean and Asia.
Dr Ahmed Shalaby, co-founder, president and chief executive of Tatweer Misr, said the partnership combined ‘Tatweer Misr’s development vision with global marina expertise’ to support Egypt’s yachting and marine tourism sectors and create opportunities for investment.
Operating standards
Steve English, chief executive of IGY Marinas, said IGY was honoured to be entrusted with the operation of IL Monte Galala Marina, and he added that the site would benefit from IGY’s operating standards and worldwide network of yacht owners and captains.
Dr Ahmed Youssef, chief executive of the Egyptian Tourism Authority, said the project showed how private investment and international partnerships could contribute to development on the Red Sea coast and Egypt’s wider tourism strategy.
