Egypt has announced a new housing and tourism development on its western Red Sea coastline valued at $1 billion, as the country accelerates large-scale projects aimed at boosting tourism, employment and foreign investment, according to reports by state-owned news agency SIS and local media.

The Mont Galala Towers and Marina Project, located in Ain Sokhna, will be developed by Tatweer Misr and combine residential, hospitality, marina, commercial and tourism facilities.

The mixed-use development will span 470,000 square metres (sqm) of built-up area across a 280,000-sqm site. Key components include:

·10 mixed-use towers housing around 2,600 residential and hotel units

·A marina with capacity for more than 150 yachts

·A 28,000-sqm conference and exhibition centre

·Integrated retail and leisure facilities

Tatweer Misr has partnered with a number of international operators and technology providers for the project.

US-based IGY Marinas has been appointed to manage the marina, while UK-based BCI Realty will operate the conference and exhibition centre.

France’s Schneider Electric will deliver the project’s smart infrastructure, energy efficiency and sustainability systems.

Under a previously signed agreement, Marriott International will operate the hotels and serviced apartments within the development.

Construction is scheduled to begin in the second half of 2026, with full completion expected within seven years

Coastal strategy

Mont Galala forms part of Egypt’s broader coastal development strategy, which aims to create year-round tourism destinations, stimulate economic activity and attract international capital.

Egypt’s coastal regions have also drawn increasing Gulf investment interest in recent years, spanning both the Red Sea and Mediterranean coasts.

In September 2025, a mega tourism project valued at $18 billion was launched on the Red Sea, by a joint venture of Saudi, Emirati and Egyptian developers. Two months later, Qatari Diar announced a $29.7 billion partnership to develop a major project on Egypt’s Mediterranean coast.

(Writing by N Saeed; Editing by Anoop Menon)

(anoop.menon@lseg.com) 

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