After being named marina advisor for IL Monte Galala earlier this year, IGY Marinas is taking on a longer-term role at the Red Sea development. Tatweer Misr has formally appointed the company to operate the marina under an agreement signed at the Monaco Yacht Show 2026.
Dr. Ahmed Shalaby, co-founder, president and CEO of Tatweer Misr, signed the agreement with IGY Marinas CEO Steve English during a ceremony at the show. Dr. Ahmed Youssef, CEO of the Egyptian Tourism Authority, attended the signing alongside members of the international yacht and superyacht industry.
The signing follows IGY’s appointment as marina advisor for IL Monte Galala Marina Towers, a marina-led mixed-use phase of the wider development, announced in April. Now taking on long-term responsibility for the marina’s operations, IGY will draw on its experience across 24 marinas in 14 countries as the project develops its plans for year-round yachting and tourism.
Dr. Ahmed Youssef commented: “As Egypt advances its vision of positioning its coastlines as globally competitive, year-round tourism destinations, the private sector plays a vital role in translating this national ambition into meaningful development and investment. Tatweer Misr’s IL Monte Galala exemplifies how private-sector investment and international partnerships can support the future of Egypt’s tourism and yachting sectors, contribute to the comprehensive development of the Red Sea region and advance the State’s vision for sustainable urban expansion and fourth-generation cities.”
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IL Monte Galala Marina represents an investment of approximately $44 million USD and will accommodate more than 150 vessels from 10-80 metres, with 10 percent of its capacity reserved for those over 40 metres, including two 80-metre berths. The wider IL Monte Galala development will include hospitality, business events and waterfront activities, supporting more than one million visitors expected annually and about 8,000 direct and nearly 25,000 indirect employment opportunities.
Dr. Ahmed Shalaby said: “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. Realising this ambition requires a golden triangle of enabling public-sector frameworks, private-sector investment and execution and specialised international expertise. 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.”
Steve English added: “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. As part of the IGY global portfolio, the marina will benefit from internationally recognised 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, serving as a gateway that connects international visitors with the extraordinary opportunities Egypt has to offer.”
Images courtesy of Sculati & Partners.
