Egyptian Prime Minister Mostafa Madbouly witnessed the launch of the “Monte Galala Towers and Marina” project in Ain Sokhna on Monday, with investments totaling approximately LE50 billion.
The project’s inauguration ceremony was hosted by the Cabinet in the New Administrative Capital, and represents a significant addition to urban development projects on the Red Sea coast.
During the ceremony, officials from Tatweer Misr, the main developer of the “Monte Galala Towers and Marina” project, presented the integrated master plan.
The project’s local and international strategic partners were also announced.
Egyptian Cabinet spokesperson Mohamed al-Homosany said that the Mont Galala Towers and Marina project is based on a network of strategic international partnerships with leading global companies in the hospitality, yacht marina operation and management, international conference and exhibition venues, architectural planning, and technology sectors.
He added that this ensures the transfer of international best practices to the Egyptian market, enhances implementation and operational efficiency, and strengthens the project’s competitiveness regionally and abroad.
Homosany further explained that the project reflects a practical model for integrating the roles of state institutions and the private sector, which supports the efficient implementation of national projects.
An integrated destination
He noted that this project will serve as a strategic maritime gateway on the Red Sea coast, and that it will be developed as an integrated urban destination combining a marina, residential, tourism and commercial activities, and facilities for exhibitions and conferences.
Homosany added that this reinforces the model of coastal cities that do not rely solely on seasonal activity, but operate efficiently throughout the year.
He said that the project’s diverse activities contribute to continuous operation, support the creation of direct and indirect job opportunities, and boost conference, exhibition, and yacht tourism, thereby supporting the stability of economic activity in the Red Sea region.
He explained that the project provides a well-regulated, low-risk investment environment that attracts high-quality, long-term investments and maximizes the economic return from strategic locations.
Edited translation from Al-Masry Al-Youm
