Arab Finance: Egypt has signed three cooperation and strategic partnership agreements for IL Monte Galala Towers and Marina project in Ain Sokhna, with investments of around EGP 50 billion, as per a statement.
The deals cover managing and operating a marina as well as a conference and exhibition center, and developing the technological infrastructure of the project.
Marriott International will be in charge of operating the project's hotels and hotel apartments as per a previously signed agreement.
IL Monte Galala Towers and Marina project is set to extend over a total area of around 280,000 square meters, with a built-up area of approximately 470,000 square meters.
The project features 10 multi-use towers, including 2,600 residential and hotel units, an international marina with capacity for more than 150 yachts, and an exhibition and conference center spanning 28,000 square meters.
Construction is scheduled to begin in the second half (H2) of 2026, with the project set to be completed within seven years.
Witnessed by Prime Minister Mostafa Madbouly, the three signings of IL Monte Galala Towers and Marina project form part of wider urban developments on the Red Sea.
The strategic partnerships were signed between Tatweer Misr, the master developer of the project, and three international firms: the US-based IGY Marinas, the UK-based BCI Realty, and France's Schneider Electric.
Under the first agreement, IGY Marinas will manage and operate the project’s international yacht marina.
The second agreement appoints BCI Realty to manage and operate the exhibition and conference center, while the third focuses on sustainability and the development of smart and technological infrastructure in cooperation with Schneider Electric.
Madbouly said the project is based on integrated planning, mixed-use development, and long-term sustainability, while supporting job creation and helping to activate specialized tourism segments, particularly conference, exhibition, and yachting tourism.
CEO and Managing Director of Tatweer Misr Ahmed Shalaby said IGY Marinas will act as the international consultant for managing and operating the marina. This will pave the way for a comprehensive operating agreement aligned with global best practices, safety standards, and operational efficiency, supporting yacht tourism on the Red Sea.
He added that BCI Realty will develop and operate the exhibition and conference center as a regional platform for business tourism and international events.
Shalaby noted that Schneider Electric’s role will focus on developing the project’s smart infrastructure, improving energy efficiency, and enhancing environmental performance in line with sustainability, environmental, and social governance standards.
He also confirmed that Tatweer Misr had previously signed a hotel operation agreement with Marriott International, under which the global hospitality group will operate the hotels and serviced apartments within the project.
The project brings together several international partners, including Gianluca Peluffo and Partners as master planner and architect, Crystal Lagoons as developer of crystal lagoon amenities, and Orange Egypt as the operator of the digital infrastructure.
Shalaby added that Tatweer Misr previously signed a strategic cooperation agreement with the Armed Forces Engineering Authority, which will be responsible for securing permits for the towers and overseeing the construction of the marina within an institutional framework that ensures compliance with approved technical standards.
