Maven Developments, an affiliate of award-winning U.S. developer Riverwards Group, held a press conference to announce the launch of ‘Baymount’, its first project in Egypt, valued at 4 billion Egyptian pounds, will be located in Ain Sokhna on an area of 76 acres and at a height of up to 240 meters above sea level .
 
Eng. Mohamed Rushdy, President of Riverwards Group and Co-Founder and Board Member of Maven Developments, stated that the key factors behind their decision to invest in Egypt were the clarity of the country's economic vision and political stability, as well as the boom seen recently in the Egyptian real estate sector, coupled with the incentives provided by the Egyptian government, especially the recent amendments to the Investment Law, which are aimed to lure investors from all industries.
 
During the press conference, in which a number of the company’s top executives in Egypt were present, Rushdy said, "Choosing Ain Sokhna to kick start our foray into the Egyptian market was one of the elements we were keen on, given its strong potential amid vast urbanization drive, and commercial and industrial activity, which makes it a hub for business across the entire Red Sea region. Within a few years, Ain Sokhna will likely become Cairo's natural urban extension on the Red Sea. Furthermore, our presence in the U.S. via Riverwards Group will provide us with the capability of marketing our projects in Egypt."
 
As for the company's future projects, Rushdy explained, "We have a plan for real estate investment in various places in Egypt, and we already have a project that will be unveiled shortly in Ras Al-Hekma area, along with a number of other lands that are currently being negotiated. We base all of our steps on a detailed study of the market and the needs of our customers so that we are able provide, through our projects, added value that makes a difference in the lives of our customers."
 
Eng. Mohamed Youssef, Co-Founder and President of Maven Developments, explained that once they decided to go for a development in the Red Sea region, one of their goals was to build a project with a distinct mountainous nature. He also said that they were able to transfer the expertise that they gained from their work abroad so that the result would be a product of international standards. He added that the planning and design of the project took a long time, as tremendous efforts were made to keep the advantage of mountainous height in the site and to map roads in a way that is in line with the natural terrain of the mountain. Maven, to whom preservation of the environment is one of the key values, was keen to limit the demolition work and use of machinery in the mountain in order to reduce carbon emissions.
 
Youssef added that the ‘Baymount’ development will be built on an area of 76 acres at a height of up to 240 meters above sea level.