Egypt plans $1bn Red Sea marina and hotel development

Egypt announced plans on Monday for a new $1 billion marina, hotel and housing development on the Red Sea in a bid to boost the region’s tourist industry.

Construction on the “Monte Galala Towers and Marina” project would start in the second half of the year and run for seven years, Ahmed Shalaby, managing director of the main developer, Tatweer Misr, said.

The 10-tower development — a partnership with the housing ministry and other state bodies including the armed forces’ engineering authority — would cost about EGP50 billion ($1.07 billion), he added.

The project, also announced by the cabinet, will cover 470,000 square metres on the Gulf of Suez, about 35km south of Ain Sokhna, Shalaby said.

Egypt aims to boost tourist arrivals to around 30 million by 2030, from around 19 million recorded by the tourism ministry in 2025.

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