The New Urban Communities Authority (NUCA) has officially approved the transfer of the land plots designated for the Bo Island resort in Sidi Abdel Rahman, North Coast, from Maxim Real Estate Investment to Tahya Misr Holding Company for Investment and Development.
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The decision, ratified during NUCA's board meeting No. 218 for 2026, aims to establish a secure institutional framework to manage the distressed development, resume stalled construction operations, and safeguard the contractual rights of all existing unit buyers.
Relevant authorities are finalizing regulatory procedures to allow the new state-backed holding firm to restructure project timelines and complete infrastructure and residential components across the development.
Shary's take: what it means for buyers and investors
The transfer to a state-backed entity provides a decisive resolution for distressed buyers at Bo Island, securing their capital and reviving construction in the prime Sidi Abdel Rahman corridor. This regulatory intervention reinforces market confidence across the North Coast and mitigates delivery risk for buyers facing stalled private ventures.
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published 5 November 2026
Photo: Wikimedia Commons
