Egypt approves Maxim's transfer of Bo Island plots to Tahya Misr Holding
Written on
Egypt's New Urban Communities Authority has allowed Maxim to hand its rights over two Bo Island plots to Tahya Misr Holding, the Tahya Misr Fund's investment arm, in a step to regularise the stalled project and protect unit buyers.
Egypt's New Urban Communities Authority (NUCA) has approved the transfer of Maxim's rights over two plots in the Bo Island project to Tahya Misr Holding, the investment and development arm of the Tahya Misr Fund, the Ministry of Housing, Utilities and Urban Communities said.
The ministry said the approval was granted during NUCA's 218th board meeting of 2026 and allows Maxim to move the plots to Tahya Misr Holding subject to completion of the legally prescribed procedures. The decision forms part of efforts to reorganise the project's status and transfer responsibility for its development to the new holder, providing an institutional framework for clearing outstanding procedures.
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 create the conditions for the project to continue in line with applicable laws and regulations. The ministry did not disclose the size or value of the plots, the construction schedule, the status of existing contracts, or a timeline for resuming or completing development works.
The ministry urged customers and the public to exercise caution over information circulating about Bo Island and to rely only on official channels, saying further developments would be announced through the relevant authorities.