![Hon. Festus Keyamo SAN arrives MMIA past 11:50 p.m. Feb 23 to lead oversight of Terminal 1 fire. Joined FAAN MD & team actively managing situation. Directed morning inspection Tuesday to guide restoration & confirm safety standards. Reaffirmed focus on passenger safety. Story: [link] #KeyamoMMIA #FireIncident #FAAN](https://fullcliphq.com/wp-content/uploads/2026/02/mym-150x150.jpg "MMIA Fire: Keyamo Inspects Lagos Airport After Terminal 1 Blaze Disrupts Flights")
Egypt has announced plans for a major $1 billion marina, hotel, and residential development on the Red Sea coast, aimed at accelerating growth in the country’s tourism sector and attracting investment.
The project, named Monte Galala Towers and Marina, will be developed by Tatweer Misr in partnership with the Ministry of Housing and the Armed Forces’ Engineering Authority.
Prime Minister Mostafa Madbouly witnessed the signing of strategic agreements on Monday, February 9, 2026, marking the launch of the project. Ahmed Shalaby, CEO of Tatweer Misr, confirmed that construction is scheduled to begin in the second half of 2026 and will span seven years. The development, located on the Gulf of Suez approximately 35 km south of Ain Sokhna, is estimated to cost 50 billion Egyptian pounds (approximately $1.07 billion).
Key Project Features
The development is designed as an integrated urban and tourism anchor covering roughly 470,000 square metres of built-up area. Key components include:
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International Marina: A world-class yacht marina managed by US-based IGY Marinas, with capacity for over 150 vessels.
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Mixed-Use Towers: Ten towers featuring approximately 2,600 residential and hotel units.
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Hospitality: High-end hotels and serviced apartments operated by Marriott International.
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Business Hub: An international exhibition and conference centre spanning 28,000 square metres, managed by UK firm BCI Realty.
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Smart Infrastructure: Sustainable and smart energy systems developed by France’s Schneider Electric.
Strategic Tourism Goals
Egypt is targeting 30 million tourist arrivals annually by 2030, building on a record 19 million arrivals recorded in 2025. Officials hope the Il Monte Galala development will transform the region into a year-round maritime gateway, moving away from seasonal tourism.
The project aligns with Egypt’s National Urban Development Strategy 2052, aiming to diversify the economy and boost foreign currency earnings through specialized yacht and conference tourism. It follows other massive coastal investments, such as the $35 billion Ras El Hekma deal signed in 2024, signaling a continued push for Gulf-backed and international real estate partnerships.
