Egypt has unveiled ambitious plans for a new marina, hotel, and residential complex valued at $1 billion along the Red Sea, aimed at enhancing the region's tourism sector. The development, called 'Monte Galala Towers and Marina,' is set to commence construction in the second half of the year and is projected to take seven years to complete. Ahmed Salabi, CEO of the main development company, Tatweer Misr, indicated that the project will consist of ten towers and involves cooperation with the Ministry of Housing and other state entities, including military engineering teams.

The development will span an impressive 470,000 square meters in the Gulf of Suez, approximately 35 kilometers south of Ain Sokhna. The Egyptian government is determined to revitalize its tourism sector, with an ambitious target of increasing total tourist arrivals to around 30 million by 2030, a notable increase from the 19 million recorded in recent years. Such a project not only aims to attract more international tourists but also to economically benefit local communities by providing jobs and infrastructure.

This initiative reflects Egypt's ongoing efforts to enhance its tourism offerings and recover from the impacts of past challenges faced by the industry, including political instability and the COVID-19 pandemic. By investing significantly in tourism infrastructure, Egypt hopes to solidify its position as a leading tourist destination in the region, while also promoting sustainable growth and development in the surrounding areas.