IGY Marinas and Tatweer Misr have put pen to paper on one of Egypt’s most ambitious superyacht projects.
Taking place during the first day of the Monaco Yacht Show, the two parties have signed a strategic agreement in which the marina developer will serve as operator of IL Monte Galala Marina.
IL Monte Galala Marina Towers, a part of the IL Monte Galala flagship development, is set to feature a marina catering to 150 berths for vessels up to 80 meters in length.
The agreement was signed by Dr. Ahmed Shalaby, Co-founder, President & CEO of Tatweer Misr, and Mr. Steve English, CEO of IGY Marinas, and was joined by Dr. Ahmed Youssef, CEO of the Egyptian Tourism Authority.
IL Monte Galala Marina Towers, a project valued at $1 billion, is located in Ain Sokhna, on Egypt’s Red Sea coast. It encompasses 470,000 m2 and is set to include residential properties and hotels.
The agreement builds upon a partnership, originally announced in February 2026 with IGY as an adviser to the project, and now sees the marina operator taking over the long-term responsibilities of the marina.
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IGY, a subsidiary of MarineMax, operates 24 marinas across 14 countries.
“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 expertis,” said Dr. Shalaby. “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.”
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“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,” added English. “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,