Maven Developments to embark on Baymount project in Egypt’s Ein Sokhna

Maven Developments, a real estate company, unleashed Baymount project, its first Egypt-based endeavor, in Ein Sokhna over 76 acres area at a market value estimated at more than EGP4bn, according to a press conference held recently.

“ The Egyptian leadership’s clear economic vision and political certainty were largely behind our company’s decision to kick-start real estate investments in the country,” said eng. Mohmed Roushdy, head of Riverwards Group, founder and a board member of Maven Developments. Citing the Investment Code’s recent amendments, the unprecedented uptick in Egypt’s real estate sector and massive incentives injected by the Egyptian government to allure foreign investments, Roushdy confirmed that investing in Egypt is quite lucrative.

Ein Sokhna is a promising local hub for investments, as it is already a hotspot for mounting commercial, industrial activities and real estate projects, he said during the press conference.

Ein Sokhna, situated on the Red Sea, will become Cairo’s natural urban extension, he maintained, noting that “ Maven Development, via the U.S-based Riverwards Group, will promote our Egypt-based real estate projects in the United States.”

Regarding Maven Development’s future plans in the country, Roushdi said:” We have an ambitious plan to carry out real estate projects inside Egypt. We are implementing a project in Egypt’s Northern Coast, all details about which will be disclosed soon. With the aim of introducing value-added contributions, other projects are currently mulled over and subject to extensive study tackling market conditions and clients needs.

On the other hand, Eng. Mohmed Yousef, founder and chairman of Maven Development said that building a property project in the mountainous area of Ein Sokhna will cope as much as possible with international standards in terms of planning and designs.

“ The roads will be planned so as to keep intact the overall contours of the hillside, thus protect the environment through minimizing digging and curtailing carbon emissions,” said he.

“Baymount, due to be built over 76 feddans at 240m high above the sea level, is made up of 1756 housing units with varied sizes.”

Perfectly situated to overlook the sea, all housing units will have a complete panoramic view of the landscape as well as modern designs, he elaborated.

“ We will try to make use of all the know-how we gleaned from our previous long-standing experience while working in the United States.”