Egypt has announced a $1 billion mixed-use project on its Red Sea coastline as part of efforts to boost tourism infrastructure and draw increased foreign investment into the sector.
The Monte Galala Towers and Marina project will feature a marina, hotels, residential buildings, and a range of leisure amenities.
Construction is scheduled to start in the latter half of the year and is expected to last about seven years, according to Ahmed Shalaby, managing director of Tatweer Misr, the project’s main developer.
The development will consist of 10 towers and is being carried out in collaboration with Egypt’s Ministry of Housing and other government bodies, including the Armed Forces Engineering Authority. The overall cost is estimated at roughly 50 billion Egyptian pounds, or about $1.07 billion, Reuters reported.
Situated along the Gulf of Suez, the project spans around 470,000 square metres and lies approximately 35 kilometres south of Ain Sokhna, a popular Red Sea resort town. The location is fast becoming a major tourism and real estate destination due to its closeness to Cairo and direct access to the Red Sea.
Part of a wider tourism strategy
The Egyptian cabinet also confirmed the development, describing it as part of a broader plan to expand coastal destinations and diversify tourism beyond established centres such as Sharm El-Sheikh and Hurghada.
Tourism remains a vital source of foreign exchange for Egypt, and authorities have set ambitious targets for growth. The Ministry of Tourism aims to raise annual visitor numbers to about 30 million by 2030, from an estimated 19 million in 2025.
Officials say major new projects along the Red Sea, including marinas and upscale residential and hospitality developments, are key to reaching this target.
The Monte Galala project is designed to appeal to both international visitors and local buyers, combining luxury lodging with long-term residences and recreational facilities.
The announcement comes as Egypt intensifies efforts to stabilise its economy, attract foreign investment, and position tourism as a cornerstone of sustainable, long-term growth