IGY Marinas, the global marina operator owned by NYSE-listed MarineMax, is now the official operator of Il Monte Galala Marina, the yacht harbor at the heart of Tatweer Misr's Il Monte Galala Marina Towers in Ain Sokhna. The two companies made it official with a long-term operating agreement signed on 24 September 2026 at the Monaco Yacht Show.
The deal makes Tatweer Misr the first Egyptian real estate developer to hand its marina to an internationally recognized operator. IGY now leads the marina's operations as it is developed into a harbor for more than 150 yachts of up to 80 meters.
What is Il Monte Galala Marina Towers?
Il Monte Galala Marina Towers is the newest mixed-use phase of Tatweer Misr's Il Monte Galala resort, built around the marina IGY now operates. It was launched on 9 February 2026 in a ceremony held in the presence of Prime Minister Mostafa Madbouly, at an estimated cost of EGP 50 billion (about USD 1.07 billion).
The plan covers roughly 470,000 m² of built-up space:
• 10 mixed-use towers
• About 2,600 residential and hotel units
• An international marina for 150+ yachts
• A 28,000 m² exhibition and convention centre
Unlike Ain Sokhna's traditionally seasonal resorts, the phase is designed to operate all year, helped by its location near the New Administrative Capital. It also acts as the coastal arm of Galala City, the state-led development on the plateau about 700 metres above sea level.
Several international partners signed on at launch. Marriott International will manage the hotel and serviced apartments, Schneider Electric will deliver smart infrastructure and energy systems, and UK-based BCI Realty will oversee the convention Centre. The Armed Forces Engineering Authority is handling the marina's technical works.
Construction was scheduled to begin in the second half of 2026, with completion expected over about seven years, according to Tatweer Misr CEO Ahmed Shalaby.
What the IGY agreement means
The agreement matters most for three groups: visiting yachts, property owners at Il Monte Galala, and Egypt's push to grow year-round tourism on the Red Sea.
For yacht owners and captains. With IGY now in charge, the marina brings international operating standards and a known service brand to a coast with few superyacht-ready harbors. The berth mix, with 10% reserved for yachts over 40 m, plus a helipad, signals that the marina is designed to attract large visiting yachts, not just local boats.
For Il Monte Galala owners and buyers. A globally branded marina adds a year-round anchor to a resort community. Tatweer Misr expects the wider marina phase to draw more than a million visitors a year. Buyers should note that this is a projection and that construction runs on a roughly seven-year timeline.
For Red Sea tourism. Tatweer Misr is pitching yachting as a way to move the Red Sea coast beyond the traditional resort model. It points to the coast's position on the sea route between the Mediterranean, the Gulf, the Indian Ocean and Asia, and to its dive sites. Egyptian Tourism Authority CEO Ahmed Youssef framed the project as an example of private investment supporting the state's goal of globally competitive, year-round coastal destinations.
Shalaby described the partnership as a "golden triangle" of public policy, private investment and international expertise.
A marina network across Egypt's two coasts
Il Monte Galala Marina is meant to be one half of a two-coast network. Tatweer Misr is also developing Salt Marina on the Mediterranean and plans to link it with Il Monte Galala, giving yachts a branded stop on both the North Coast and the Red Sea.
Founded in 2014, Tatweer Misr has six projects across Egypt:
