ADQ, a United Arab Emirates (UAE), Abu Dhabi-based investment and holding company, has appointed Modon Holding as the master developer for the Ras El Hekma megaproject in Egypt.
This development covers a total of 170 million square metres, with Modon Holding taking on the developer role for the initial phase, which covers 50 million square metres.
The remaining 120 million square metres, outlined in the master plan by Modon Holding, will be developed collaboratively with partners from Egypt, the UAE, and the global community.
This will be under the supervision of ADQ's subsidiary, Ras El Hekma Urban Development Project Company, alongside Modon Holding.
Ras El Hekma, situated approximately 350km northwest of Cairo, is designed to be a smart, sustainable, and inclusive urban community.
The project's cumulative investments are expected to reach $110bn (Dh404bn) by 2045, with an estimated annual GDP contribution of $25bn.
It is projected to generate about 750,000 jobs, both directly and indirectly.
Upon completion, Ras El Hekma will accommodate two million residents and feature more than 40km of green spines.
The initial development phases will include an international airport and high-speed rail links.
The master plan also encompasses residential zones, office spaces, hospitality venues, retail outlets, and leisure and recreation facilities.
Additionally, an international marina and a dedicated free zone are planned.
Modon Holding is also set to develop infrastructure to support industries such as business services, financial services, light manufacturing, and technology.
On 4 October 2024, Modon Holding commenced its engagement with the first group of investors and partners in a ceremonial event.
This included the signing of several agreements, including a framework agreement with Orascom Construction, who are designated as one of the primary contractors for the project's first phase.
Modon Holding Group CEO Bill O'Regan said: “The Ras El Hekma destination is one of the Group's most significant investment and development projects outside the UAE.
“The project provides an incredible development pipeline, and Modon Holding looks forward to delivering a destination that will be an exceptional experience for visitors and residents alike.”
