ADQ names Modon Holding as master developer for $110B Ras El-Hekma project

Updated 10/4/2024 6:48:00 AM

Arab Finance: Abu Dhabi Developmental Holding (ADQ) has appointed Modon Holding as the master developer for the expansive Ras El-Hekma project on Egypt’s North Coast, as per an emailed press release to Arab Finance.

The signing ceremony for the development agreement took place in Ras El-Hekma City after ADQ secured the rights to the project earlier in 2024.

Spanning over 170 million square meters, Ras El-Hekma City will feature tourism facilities, a free zone, investment zones, and various residential, commercial, and entertainment developments.

Located 350 kilometers northwest of Cairo, the project's cumulative investment is expected to reach $110 billion by 2045, contributing approximately $25 billion annually to Egypt’s gross domestic product (GDP).

It is projected to create around 750,000 direct and indirect jobs.

Positioned along 44 kilometers of the Mediterranean coast, the city is strategically located within a four-hour flight from over 400 million international tourists, providing substantial growth potential.

“Modon Holding is proud to bring this 170-million-square-metre visionary megaproject to life, leveraging our expertise and innovative approach. With our partners, we are poised to transform Ras El Hekma into a dynamic economic powerhouse and a global model for urban development,” Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, said.

“As a project of unprecedented scale and impact, Ras El Hekma will be a catalyst for the development of Egypt’s economy by offering opportunities for businesses and stimulating tourism,” Mohamed Hassan Alsuwaidi, Managing Director and Group CEO of ADQ, remarked.

Earlier in the day, Egyptian President Abdel Fattah El-Sisi and UAE President Sheikh Mohammed bin Zayed Al Nahyan have officially launched the Ras El-Hekma development project.