Maxim Investment Group says it will invest $736m in North Coast project
Local developer Maxim Investments Group has launched a new tourism project in the North Coast area of Egypt.
The $736m scheme, which will be developed over 1.2 million square metres of land, will be called Bo Sands.
The new scheme will make up 17 per cent of the existing Bo Sidi Abdel Rahman project in the area, the companys chairman was quoted as saying by local media.
The chairman also added that the first phase of the scheme will be delivered in 2019, with the entire project to be completed by 2022. It is unclear what the first phase will comprise, but it is understood it will include some residential schemes and two hotels.
Bo Sidi Abdel Rahman is the biggest North Coast destination, spread over 7.5 million square metres, with total investments of about $1.5bn that comprise two projects: Bo islands and Bo Sands.
Bo Islands, which is still in the design stage, was designed by the US Aecom.
Earlier this month, MEED reported that Maxim had submitted a request to build an integrated community in Egypts proposed New Capital City.
The firm is looking to develop a small city within the New Capital City, east of Cairo, across an area of about 1.2 million square metres, a company executive was quoted as saying by local media.
Maxims investments in Egypt have increased by $1.4bn, with almost $100m being invested in the North Coast area within the first five months of this year, according to a company statement.
Local developers have been pressing ahead with many previously stalled schemes in order to develop existing land banks. The market has also been given added confidence as Egyptians look to the real estate market for safe investments amid the ongoing currency crisis.