By Eman Hamed
In a significant step towards completing the development and construction of Maxim North Coast Project, Maxim Investment Group held a press conference to announce the signing of the largest strategic partnership in the real estate market in 2023 with The MarQ Communities. Upon this partnership, The MarQ will become the project developer for the largest village in the North Coast, with a total investment of EGP 120 billion. The signing ceremony was attended by Dr. Mohamed Karrar, Chairman of Maxim Investment Group, Mr. Mohamed Samir, CEO of Maxim Investment Group, and Eng. Amr Badr, Chairman and CEO of The MarQ Communities.
This partnership marks Maxim Investment Group’s commitment to completing its largest project on the North Coast, spanning 900 acres. The goal is to deliver all the delayed units to customers within 36 months through investing EGP 3 billion, starting with the first phase to be delivered in 2024. The MarQ Communities, with its modern vision and strong financial and technical capabilities, will play a pivotal role as the developer of the project while Maxim Investment Group retains 100% ownership of the land.
The signing comes after Maxim Investment Group successfully resolved various challenges, including the ministerial decision to transfer the project’s jurisdiction from Matrouh Governorate to the New Urban Communities Authority. Construction is set to begin this October. As part of the strategic partnership agreement with The MarQ Communities, they will handle all aspects of the project, including marketing and development, ensuring the completion of the remaining work according to the agreed-upon master plan and timeline, guaranteeing an exceptional experience for Maxim and the MarQ clients.
“Our primary mission is to build and develop a range of sustainable and diverse projects. This aligns with Maxim’s commitment to contributing to economic growth through strategic investments in the hospitality, real estate development, trade, and business solutions sectors,” said Dr. Mohamed Karrar, Chairman of Maxim Investment Group. “The partnership with The MarQ is a significant strategic move to enhance our activities and achieve its investment objectives.”
Mohamed Samir, CEO of Maxim Investment Group, said: “This partnership reflects our wise vision to collaborate with major entities in developing its projects inside and outside Cairo. Our main goal is to accelerate execution rates and construction processes for the speedy delivery of contracted units according to the latest architectural standards.”
Eng. Amr Badr, Chairman and CEO of The MarQ Communities, said: “Our mission is to create modern and inspiring urban communities through developing international landmarks and touristic projects in Egypt,” said Eng. Amr Badr, CEO of The Marq Communities.”
Along the sidelines of this partnership and with a total investments of EGP 3 billion, the MarQ communities and Maxim Investment Group signed a partnership with INEX, one of the most prominent companies with expertise in providing engineering and construction services, to carry out and accelerate the construction and delivery date of the project with the highest quality.
It’s worth noting that two phases of Maxim North Coast project were previously launched, Bo Islands and Bo Sands, offering a variety of units including chalets, townhouses, and villas. The project includes a natural bay with sandy beaches spanning 1000 meters, and crystal lagoons with an area of more than 200,000 square meters, a length of more than 14 kilometers, and a depth of 1.6 meters. The built-up area of the two phases, Bo Islands and Bo Sands, occupies only 12% of the entire project area, with the remaining space featuring artificial lakes, parks, and landscaped areas.