Egypt has announced a $1 billion mixed-use real estate and tourism development, the Monte Galala Towers and Marina along the Red Sea, as part of efforts to boost tourism, attract foreign investment, and diversify its coastal destinations along the Red Sea.
The project, led by real estate developer Tatweer Misr in partnership with Egypt’s Ministry of Housing and other state entities, will be developed over approximately seven years and is expected to begin construction in the second half of the year.
Spanning about 470,000 square metres, the Monte Galala Towers and Marina will include a marina, hotels, residential units, and a range of leisure and recreational facilities. The development will consist of 10 towers and is estimated to cost around 50 billion Egyptian pounds, equivalent to roughly $1.07 billion, according to Reuters.
Tatweer Misr’s Managing Director, Ahmed Shalaby, said the project is being executed in collaboration with several government bodies, including the Armed Forces Engineering Authority.
Egypt’s Tourism Push
The Egyptian cabinet separately confirmed the development, describing it as part of a broader government strategy to expand coastal tourism beyond established destinations such as Sharm El-Sheikh and Hurghada.
Tourism remains a key source of foreign currency for Egypt, and the government has outlined ambitious growth targets for the sector. The Ministry of Tourism aims to increase annual tourist arrivals to around 30 million by 2030, up from an estimated 19 million visitors in 2025.
Officials say large-scale projects along the Red Sea including marinas, high-end residential developments, and integrated resort communities are central to achieving those targets.
The Monte Galala Towers and Marina announcement comes as Egypt intensifies efforts to stabilise its economy, deepen foreign investment inflows, and position tourism as a long-term driver of economic growth.
