Egyptian developer Tatweer Misr and IGY Marinas signed a strategic agreement at the Monaco Yacht Show appointing IGY Marinas the operator of IL Monte Galala Marina on Egypt’s Red Sea, the companies announced last week. The agreement — signed by Ahmed Shalaby, co-founder, president and CEO of Tatweer Misr, and Steve English, CEO of IGY Marinas — makes Tatweer Misr the first Egyptian real estate developer to appoint a globally recognized marina operator, according to a company press release.
“We are honored to be entrusted with the operation of IL Monte Galala Marina and to deepen our partnership with Tatweer Misr on one of the most ambitious waterfront developments in the region,” English said in the release. “We believe IL Monte Galala is uniquely positioned to become a premier yachting destination in the Eastern Mediterranean and Red Sea, serving as a gateway that connects international visitors with the extraordinary opportunities Egypt has to offer.”
The marina will offer berthing for more than 150 yachts, with 10% reserved for yachts larger than 40 meters, including two 80-meter berths. The marina is part of Tatweer Misr’s broader IL Monte Galala master development, which is expected to create about 8,000 direct and nearly 25,000 indirect employment opportunities.
