Egypt has unveiled a $1 billion project, the Monte Galala Towers and Marina, a mixed-use development aimed at boosting tourism and attracting foreign investment along the Red Sea coast.
According to africa.businessinsider, the project, known as the Monte Galala Towers and Marina, will include a marina, hotels, residential units, and leisure facilities.
Construction is expected to begin in the second half of the year and span roughly seven years, according to Ahmed Shalaby, managing director of Tatweer Misr, the project’s lead developer.
The development will comprise 10 towers and is being executed in partnership with Egypt’s Ministry of Housing and other state entities, including the Armed Forces Engineering Authority. The total cost is estimated at around 50 billion Egyptian pounds, equivalent to about $1.07 billion, according to Reuters.
Located on the Gulf of Suez, the site covers approximately 470,000 square metres and sits about 35 kilometres south of the Red Sea resort town of Ain Sokhna. The area is already emerging as a key tourism and real estate hub due to its proximity to Cairo and its access to the Red Sea.
Part of a broader tourism strategy
The Egyptian cabinet separately confirmed the project, showing it as part of a broader strategy to develop coastal destinations and diversify tourism offerings beyond traditional hotspots such as Sharm El-Sheikh and Hurghada.
Tourism remains a critical source of foreign currency for Egypt’s economy, and the government has set ambitious growth targets. The tourism ministry aims to increase annual tourist arrivals to around 30 million by 2030, up from an estimated 19 million visitors in 2025.
Officials say new large-scale developments along the Red Sea, including marinas and high-end residential and hospitality projects, are central to achieving that goal.
The Monte Galala project is expected to cater to both international tourists and domestic buyers, blending luxury accommodation with long-term housing and recreational facilities.
The announcement comes as Egypt steps up efforts to stabilise its economy, boost foreign investment, and position tourism as a key driver of long-term growth.
