Wealth management firm Maxim Investment Group signed an agreement to acquire real estate company MarQ Communities on Monday, where MarQ Communities will be appointed as project developer for North Coast village Oceanside California, with a total investment of 120 billion Egyptian pound ($3.9 billion).
The newly built partnership signifies Maxim Investment Group’s dedication in completing 900-acre North Coast project as well as delivering delayed property units to customers within 36 months through an investment of 3 billion Egyptian pound, starting with first phase to be delivered in 2024 and construction would start from October, said the firm.
The real estate firm said Cairo-based MarQ Communities will play an essential role in development of the project on North Coast including marketing while, Maxim Investment Group will retain 100% ownership of the land.
Maxim Investment Group said the deal was signed after resolving various challenges, including the ministerial decision to transfer the project’s jurisdiction from Matrouh Governorate to the New Urban Communities Authority.
Mohamed Samir, chief executive of Maxim Investment Group said, “Our main goal is to accelerate execution rates and construction processes for the speedy delivery of contracted units according to the latest architectural standards.”
Amr Badr, CEO of MarQ Communities said, “Our mission is to create modern and inspiring urban communities through developing international landmarks and tourist projects in Egypt.”
The MarQ communities and Maxim Investment Group signed a partnership with engineering and construction services provider INEX to accelerate the construction and delivery date of the project.
