Ain sokhna: Prime Minister Moustafa Madbouly on Monday, February 9, 2026, witnessed the launch of the Mont Galala Towers and Marina Project in Ain Sokhna, a major new development on the Red Sea coast with total investments of around 50 billion Egyptian pounds ($1.06 billion).

According to State Information Service Egypt, the project was unveiled during a ceremony hosted by the Cabinet in the New Capital. It aims to create a fully integrated urban destination combining residential, hospitality, commercial, and tourism facilities, alongside a yacht marina and exhibition and conference spaces.

Officials from Tawteen Misr, the project's main developer, presented the master plan and announced local and international strategic partners. The project relies on global expertise in hospitality, marina operations, architectural planning, and technology to ensure efficient implementation and international competitiveness. The Cabinet's statement did not disclose the names of these partners, apart from Tawteen Misr.

The Cabinet highlighted the project as a model for cooperation between state institutions and the private sector, supporting national development goals and economic growth.

Mont Galala Towers and Marina is expected to operate year-round rather than seasonally, offering a diverse range of activities to create jobs, promote yacht and conference tourism, and strengthen economic activity on the Red Sea coast.

The project aims to provide a low-risk, structured investment environment designed to attract long-term, high-quality investment and maximize returns from strategic coastal sites.