Maxim transfers Bo Island project land to Tahya Misr Holding

Egypt’s New Urban Communities Authority (NUCA) has approved the transfer of two plots of land allocated to the Bo Island project in Sidi Abdel Rahman in the North Coast from Maxim Investment Group to Tahya Misr Holding for Investment and Development.

The move aims to regularise the project’s legal and administrative status and facilitate the completion of outstanding procedures required for its continuation.

The Ministry of Housing, Utilities and Urban Communities said the approval was granted during NUCA’s 218th board meeting of 2026, allowing Maxim to transfer its rights to the two plots to Tahya Misr Holding, the investment and development arm of the Tahya Misr Fund, subject to the completion of the legally prescribed procedures.

According to the ministry, the decision forms part of efforts to reorganise the project’s status and transfer responsibility for its development to Tahya Misr Holding, providing an institutional framework for addressing outstanding procedures and moving the project forward.

The ministry said the transfer is intended to ensure greater stability surrounding the project and facilitate the completion of the necessary legal and administrative steps. However, it did not disclose details of the construction schedule, the status of existing contracts, or a timeline for resuming or completing development works.

Protecting the rights of unit buyers remains a key priority in handling the Bo Island file, the ministry said, adding that the measures are intended to safeguard customers’ interests and create the appropriate conditions for the project’s continuation in accordance with applicable laws and regulations.

It added that NUCA’s approval represents an important step towards resolving the project’s administrative and legal status, with Tahya Misr Holding assuming responsibility for the project and undertaking the procedures necessary for its continuation.

The ministry also urged customers and the public to exercise caution regarding information circulating about Bo Island, advising them not to rely on rumours or unofficial reports.

Any further developments concerning the project will be announced through the relevant official channels, the ministry said, reiterating that its approach aims to protect buyers’ rights, maintain the stability of real estate projects, and complete the necessary legal and administrative procedures while safeguarding the interests of all parties involved.