Tatweer Misr Appoints IGY Marinas to Operate Red Sea Marina in Egypt First
Egyptian real estate developer Tatweer Misr has signed a strategic agreement appointing IGY Marinas as long-term operator of IL Monte Galala Marina on the Red Sea coast near Ain Sokhna, marking the first time an Egyptian developer has engaged a globally recognised marina operator. The agreement was signed on 24 September at the Monaco Yacht Show by Tatweer Misr CEO Dr Ahmed Shalaby and IGY Marinas CEO Steve English, in the presence of Egyptian Tourism Authority CEO Dr Ahmed Youssef. IGY Marinas, a subsidiary of NYSE-listed MarineMax, operates 24 marinas across 14 countries and serves more than 10,000 customers annually.
IL Monte Galala Marina will offer berthing for more than 150 yachts ranging from 10 to 80 metres, including two dedicated 80-metre superyacht berths and a helipad, representing a direct investment of approximately $44 million. The broader marina phase - combining hospitality, business events and waterfront space - carries a total investment of around $1 billion and is projected to create 8,000 direct and nearly 25,000 indirect jobs, while attracting more than one million visitors annually. Tatweer Misr is also developing Salt Marina on Egypt's Mediterranean North Coast, with plans to link the two facilities into a dual-coastline marina network, positioning Egypt's Red Sea corridor as a year-round yachting destination on the route connecting the Mediterranean with the Gulf and Indian Ocean.
Source: Egyptian Streets
