A leading Egypt-based investment group has signed a deal to acquire a five-star hotel in the Business Bay area facing Burj Khalifa in Dubai, UAE.

The Maxim group is currently in the process of finalising a deal with an international hotel management company to run the property which boasts 367 rooms and suites, five restaurants and meeting rooms, said a senior official on the sidelines of Cityscape Global exhibition in Dubai, UAE.

The company is showcasing a number of Egyptian real estate projects currently being developed by Maxim Real Estate Investment.

"On top of the developments is Bo Islands on Egypt’s North Coast Road in Sidi Abdel Rahman area. The project’s first phase is already under construction and expected to be delivered in 2017," remarked Amr El Kady, the vice president (commercial) at Maxim.  

The project, which will come up on 1800-hectare area, includes waterfront villas and chalets in addition to diverse leisure and entertainment services.

The group is also showcasing Maxim Mall project that features 25,000 sq m of leasing areas in New Cairo.

"Our presence at Cityscape Global comes in light of the ambitious plan for Maxim which possesses a long track-record for over 34 years in the Egyptian market and enjoys a renowned expertise in numerous fields like real estate investment, hospitality and hotel management, construction, and architecture consultancy and design," said El Kady.

The company aims to expand its land bank to develop a number of mixed-use developments to include office and retail in New Cairo, 6th of October and Ain Sokhna.-TradeArabia News Service