Egyptian developer Maxim Real Estate Investments has signed construction and consultancy agreements worth 300 million Egyptian pounds ($19 million) for its 28 billion pounds ($1.8 billion) Bo Islands project in Sidi Abdel Rahman on the North Coast.

"Agreements have been signed with our strategic partners including El-Shorouk Company for General Contracting, Red Sea International Contracting, Experts Contracting Company, EHAF Consulting Engineers, and Modern Building Systems Company," company chairman Mohamed Karrar said at a press conference on Wednesday.

The agreements include contract renewal with main contractor Red Sea International Contracting; award of construction works for the new phases of Bo Islands and Bo Sands to El Shorouk Company and award of infrastructure works at the under-construction phases to Experts Contracting.

Company CEO Omar Ismail told Zawya Projects that the agreements worth 300 million pounds form part of a 3.7 billion pounds ($233 million) loan for construction of Bo Island from a consortium of Banque Misr, Banque du Caire, National Bank of Egypt and Arab African International Bank.

He said the company expects to receive the loan amount by the end of the year.

Ismail said the project would be developed in three phases and includes four hotels, 6,500 residential units, retail and medical units, sports fields, and lagoons, with the entire project expected to be completed over a period of 58 months.

The hospitality component, he continued, is designed by EHAF Consulting Engineers, also includes two five-star hotels with 150 and 120 keys respectively, managed by Kempinski.

Ismail said the company plans to invest 45 billion pounds ($2.8 billion) in various projects over the next three years.

(1 US Dollar = 15.86 Egyptian Pounds)

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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