Egypt is set to invest $1 billion Development of a marina and hotel in the Red Sea

Egypt unveiled plans on Monday for a new $1 billion development, which will include a marina, hotel, and housing on the Red Sea, aimed at enhancing the region’s tourism sector.

Ahmed Shalaby, managing director of the main developer, Tatweer Misr, announced that construction on the “Monte Galala Towers and Marina” project is set to begin in the second half of the year and will continue for seven years.

The development featuring 10 towers, in collaboration with the housing ministry and various state entities, including the engineering authority of the armed forces, is projected to cost approximately 50 billion Egyptian pounds ($1.07 billion), he noted.

The cabinet also announced that the project will encompass 470,000 square metres along the Gulf of Suez, approximately 35 km south of Ain Sokhna, according to Shalaby.

Egypt seeks to increase total tourist arrivals to approximately 30 million by 2030, up from about 19 million reported by the tourism ministry in 2025.