Egypt Targets $1 Billion Tourism Investment in Red Sea Marina and Hotel Development

Egypt is set to transform its Red Sea coastline with a landmark $1 billion project featuring a marina, luxury hotels, and residential towers.

Ahmed Shalaby, managing director of the project’s lead developer Tatweer Misr, said construction on the Monte Galala Towers and Marina project is expected to begin in the second half of the year and will run for approximately seven years.

The 10-tower development, a partnership involving the Ministry of Housing and other state entities, including the Armed Forces’ Engineering Authority, is expected to cost about 50 billion Egyptian pounds ($1.07 billion), Shalaby said.

According to government officials, the project will span 470,000 square metres along the Gulf of Suez, around 35 kilometres south of Ain Sokhna.

Egypt aims to increase annual tourist arrivals to around 30 million by 2030, up from approximately 19 million recorded in 2025, according to figures from the tourism ministry.