ADQ Announces Modon Holding as the Lead Developer for Egypt’s Expansive Ras El Hekma Project

Saturday, October 5, 2024

In the presence of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Egyptian President Abdel Fattah El-Sisi, ADQ, an Abu Dhabi-based investment and holding company, announced the appointment of Modon Holding PSC as the master developer for the expansive Ras El Hekma megaproject in Egypt.

Spanning a vast area of 170 million square meters, Modon Holding will oversee the development of the entire project, with the first phase covering 50 million square meters. For the remaining 120 million square meters, Modon will collaborate with leading developers from Egypt, the UAE, and the global community. These efforts will be managed under the guidance of ADQ’s newly established subsidiary, Ras El Hekma Urban Development Project Company, along with Modon Holding.

This groundbreaking project marks a significant milestone for Modon Holding as it expands its development footprint beyond the UAE. Located approximately 350 kilometers northwest of Cairo, Ras El Hekma is envisioned as a smart, sustainable, and inclusive urban hub, nestled along a stunning coastal backdrop.

The development is poised to become a key economic driver, with projected cumulative investments of $110 billion by 2045. It is expected to contribute $25 billion annually to Egypt’s GDP and create around 750,000 jobs, both directly and indirectly. Once completed, Ras El Hekma will accommodate two million residents and feature over 40 kilometers of lush green spaces, positioning it as one of the region’s greenest urban developments.

Given its proximity to over 400 million outbound tourists within a four-hour flight, tourism infrastructure will be a central focus in the initial phases. Plans include an international airport, high-speed rail links, residential areas, office spaces, hotels, retail centers, and entertainment facilities.

The project will also boast an international marina, a special free zone, and infrastructure designed to attract high-growth industries such as financial services, light manufacturing, business services, and technology, further elevating Ras El Hekma as a major global development.

His Excellency Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, said, “Ras El Hekma is destined to become a regional crown jewel in a country already famed for its rich and diverse attractions. 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.”

His Excellency Mohamed Hassan Alsuwaidi, Managing Director and Group Chief Executive Officer of ADQ, 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 stimulate tourism. Modon Holding brings a wealth of expertise in master planning and will pioneer state-of-the-art, innovative solutions, creating a destination that will deliver long-term value for Egypt and its people.”

Bill O’Regan, Group CEO of Modon Holding, 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.”

During the ceremony, Modon Holding PSC initiated strategic partnerships with key stakeholders for the development of the Ras El Hekma megaproject along Egypt’s breathtaking Mediterranean coastline.

Poised to become a leading urban and tourist destination, Ras El Hekma will feature a diverse range of attractions and amenities. Modon Holding, leveraging its vast experience in large-scale developments, will collaborate with partners across local, regional, and international markets to transform this visionary masterplan into a reality.

With a focus on creating a vibrant destination, the development will offer a blend of entertainment, sports, cultural events, and exceptional community management, ensuring Ras El Hekma becomes a premier hotspot on the Mediterranean.

While tourism and hospitality are the immediate priorities, Modon’s long-term vision for the sprawling 170 million square meter site also includes the development of sectors such as business services, financial services, light manufacturing, and technology, further establishing Ras El Hekma as a multifaceted urban hub.