The Egyptian government has officially unveiled a major development initiative on the Red Sea, with the inauguration of the 'Il Monte Galala Towers and Marina' complex in Ain Sokhna, attended by Prime Minister Mostafa Madbouly. This significant project, developed by Tatweer Misr at an estimated cost of approximately 50 billion Egyptian pounds (around one billion dollars), highlights the strategic importance of boosting both the tourism and real estate sectors in Egypt. The event took place in the New Administrative Capital, emphasizing the government's commitment to urban development and investment in the tourism market.

Prime Minister Madbouly described the investment as a model example of a partnership between the state and the private sector. He emphasized that the project aligns with the 'Egypt Vision 2030' strategy, which aims to enhance urban development and significantly increase the number of visitors to Egypt to 30 million annually. This initiative is part of a broader effort to develop infrastructure and attract more international tourists to the country, showcasing Egypt's natural resources and cultural heritage.

The Il Monte Galala project is positioned as a crucial extension of Galala City, a vast government-backed project located on a plateau 700 meters above sea level. The development aims not just to boost the local economy but also to solidify Egypt's position as a competitive destination in the global tourism market. The focus on luxury and sustainable tourism facilities is expected to make a significant contribution to the local and national economy, responding to the continuous growth demands of the tourism sector.