Cairo: Egypt witnessed the signing of three strategic agreements between developer Tawteen Misr and global partners to advance the Mont Galala Towers and Marina Project in Ain Sokhna, a $1 billion development on the Red Sea coast.
According to State Information Service Egypt, the deals bring together US-based IGY Marinas to manage the marina, UK firm BCI Realty to operate the exhibition and conference centre, and France's Schneider Electric to develop the project's smart infrastructure, energy efficiency, and sustainability systems. Marriott International will operate the hotels and serviced apartments under a previously signed deal.
The development will feature 10 mixed-use towers with roughly 2,600 residential and hotel units, a marina capable of hosting more than 150 yachts, and a 28,000-square-metre conference and exhibition centre. Construction is set to begin in the second half of 2026, with full completion projected within seven years.
'The project is built on integrated planning, mixed-use design, and long-term sustainability,' Prime Minister Mostafa Madbouly stated. 'It will create both direct and indirect jobs while boosting specialized tourism, including conferences, exhibitions, and yacht tourism, maximizing the region's economic and tourism potential.'
Meanwhile, Ahmed Shalaby, CEO of Tawteen Misr, commented: 'This project exemplifies integration between government vision and private-sector execution,' 'It positions Ain Sokhna as a premier hub for yacht tourism, conferences, and exhibitions, while promoting sustainable investment.'
The Mont Galala Project is part of Egypt's broader Red Sea development strategy, aimed at boosting year-round tourism, creating direct and indirect jobs, and attracting international investment. The development spans 470,000 square metres of built-up area across a 280,000-square-metre site, combining residential, hospitality, marina, commercial, and tourism facilities.
Shalaby also highlighted the involvement of Gianluca Peluffo and Partners for architectural planning, Crystal Lagoons for artificial lagoons, and Orange Egypt for digital infrastructure, reflecting the project's focus on world-class standards and global expertise.