ADQ Appoints Modon Holding As Master Developer For Major Ras El Hekma Megaproject In Egypt
ADQ, an investment firm based in Abu Dhabi, has appointed Modon Holding PSC as the master developer for the Ras El Hekma megaproject. This decision was made in the presence of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Egyptian President Abdel Fattah El-Sisi. Modon Holding will oversee the development of 170 million square metres, with the initial phase covering 50 million square metres.
The remaining 120 million square metres will be developed by Modon Holding in collaboration with developers from Egypt, the UAE, and internationally. This will be under the guidance of ADQ's new subsidiary, Ras El Hekma Urban Development Project Company. The project is a significant step for Modon Holding, expanding its land development beyond the UAE.
Ras El Hekma is set to become a major economic hub, with investments projected to reach US$110 billion by 2045. The development aims to contribute around US$25 billion annually to GDP and create approximately 750,000 jobs. Located about 350 kilometres northwest of Cairo, it promises a smart, sustainable urban community along a picturesque coastline.
The project will accommodate two million residents and feature over 40 kilometres of green spaces. It aims to be the region's greenest megaproject. Due to its strategic location within a four-hour flight for over 400 million tourists, tourism infrastructure is prioritised in early phases, including an international airport and high-speed rail links.
The masterplan includes residential areas, office spaces, hospitality venues, retail outlets, leisure facilities, an international marina, and a special free zone. Modon Holding plans to develop infrastructure supporting high-growth industries like business services, financial services, light manufacturing, and technology.
His Excellency Jassem Mohamed Bu Ataba Al Zaabi stated that Ras El Hekma is set to become "a regional crown jewel" in Egypt. He expressed pride in bringing this visionary project to life using Modon Holding's expertise and innovative approach. The goal is to transform Ras El Hekma into a dynamic economic powerhouse.
Leadership Insights
His Excellency Mohamed Hassan Alsuwaidi highlighted that Ras El Hekma will significantly impact Egypt’s economy by creating business opportunities and boosting tourism. He noted that Modon Holding's expertise in master planning would help create a destination offering long-term value for Egypt and its people.
Bill O'Regan emphasised that Ras El Hekma is one of Modon Holding's most important projects outside the UAE. He expressed excitement about delivering a destination that offers exceptional experiences for both visitors and residents.
This ambitious project represents a key milestone for Modon Holding as it expands its footprint internationally while contributing significantly to Egypt’s economic growth through innovative urban development strategies.
With inputs from WAM
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