Abu Dhabi-based investment holding company ADQ has appointed Modon Holding PSC as master developer of the Ras El Hekma mega project, a major development spanning 170 million square meters on Egypt’s northwest coastline.
The appointment was announced in the presence of Egyptian President Abdul Fattah Al Sisi and UAE President Mohamed bin Zayed Al Nahyan.
Modon Holding will be responsible for the entire development and will act as developer for the first phase, which will cover 50 million square meters. The remaining 120 million square meters will be developed under the supervision of ADQ subsidiary Ras El Hekma Urban Development Project Company and Modon Holding in partnership with prominent developers from Egypt, the UAE and the international community.
The project is an important milestone for Modon Holding and significantly expands the amount of land under development outside the UAE. Located approximately 350 kilometers north-west of Cairo, Ras El Hekma is envisioned as a fully functional, smart, sustainable and inclusive urban community set on a scenic coastline.
Once complete, the development will house 2 million people and feature a green spine of more than 40 kilometers, making it the region’s most environmentally friendly megaproject.
The project is expected to become a strong economic engine, with cumulative investment reaching $110 billion by 2045, annual GDP contribution of about $25 billion, and direct and indirect It is expected that millions of jobs will be created.
Due to Ras El Hekma’s strategic location with over 400 million tourists arriving within a four-hour flight, the first phase of development has prioritized tourism infrastructure such as an international airport and high-speed rail connections. The masterplan also includes residential areas, office space, hospitality, retail, leisure and recreational facilities.
The project also includes an international marina and special free zone. Modon Holding will focus on developing infrastructure that supports a variety of high-growth industries, including business services, financial services, light industry, and technology.
Jasem Mohamed Bou Ataba Al Zaabi, Chairman of Modon Holding, said: “Ras El Hekma is destined to become a regional treasure in a country already famous for its rich and diverse attractions.” Ta. Modon Holding is proud to leverage its expertise and innovative approach to deliver this visionary 170 million square meter megaproject. Together with our partners, we are ready to transform Ras El Hekma into a dynamic economic powerhouse and a global model of urban development. ”
Mohamed Hassan Al-Suwaidi, Managing Director and Group Chief Executive Officer of ADQ, said: “As a project of unprecedented scale and impact, Ras El Hekma will provide opportunities for business and boost tourism. This will serve as a catalyst for the development of Egypt’s economy.” Modon Holding brings a wealth of expertise in master planning, pioneering cutting-edge innovative solutions and creating destinations that provide long-term value for Egypt and its people. ”
Bill O’Regan, Group CEO of Modon Holding, added: “The Ras El Hekma destination is one of the Group’s most significant investment and development projects outside the UAE.” Ta. This project offers an incredible development pipeline and Modon Holding looks forward to delivering a destination that will be an exceptional experience for both visitors and residents. ”