Modon Holding Collaborates With Investors For Ras El Hekma Megaproject In Egypt's Mediterranean Region

Modon Holding PSC has initiated partnerships for the Ras El Hekma megaproject on Egypt's Mediterranean coast. This development aims to transform the north coast into a leading urban and tourist hub. Modon plans to leverage its expertise in large-scale projects by collaborating with local, regional, and international partners to realise this ambitious vision.

The project's initial focus is on tourism and hospitality, but Modon's long-term plan for the 170-square-metre site includes business services, financial services, light manufacturing, and technology. These efforts aim to position Ras El Hekma as a premier Mediterranean destination through diverse entertainment, sports, cultural events, and top-tier community management.

Prev

Next

On 4th October, a significant ceremony marked the engagement of the first investors and partners. President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Egyptian President His Excellency Abdel Fattah El-Sisi attended the event. Several agreements were signed to propel the development of this new destination.

A framework agreement with Orascom Construction was established, designating them as a primary contractor for the project's initial phase. Additionally, a memorandum of understanding with Elsewedy Electric explores opportunities for supplying building materials and collaborating on industrial parks, manufacturing, operations, and maintenance.

Another memorandum of understanding was signed with Abu Dhabi Airports to collaborate in airport strategic planning, design, development, and operational support. TAQA also entered into an agreement to explore cooperation in developing greenfield utilities infrastructure projects.

Valderrama will develop and operate golf communities under another memorandum of understanding. E& Egypt will facilitate smart city infrastructure design and implementation. This includes digital connectivity, fibre networks, 5G technology, smart buildings, IoT-enabled solutions for properties, city-wide data systems, smart utilities management, and transportation systems.

Candy International aims to explore luxury real estate development opportunities through their extensive international reach. Montage International will focus on developing and managing luxury hotels in Ras El Hekma.

Healthcare and Hospitality Initiatives

Accor and Ennismore have agreed to operate hotels and resorts in Ras El Hekma. Burjeel Holding will develop multi-specialty healthcare facilities while implementing innovative healthcare solutions. They will also provide medical training programmes and collaborate on public health initiatives.

The strategic partnerships highlight Modon's commitment to creating a world-class destination that fosters innovation while enhancing residents' quality of life. The project is expected to generate approximately 750,000 jobs by 2045 through various economic activities envisioned for the destination.

Economic Impact of Ras El Hekma

The cumulative investments are projected at US$110 billion by 2045 with an annual GDP contribution of around US$25 billion. By 2030 alone, US$55 billion will be invested with potential job creation exceeding 100,000 through construction activities alongside hospitality and manufacturing entities.

"Ras El Hekma represents a visionary endeavour that promises substantial contributions to Egypt's economy," said His Excellency Jassem Mohamed Bu Ataba Al Zaabi. "Crafting such a masterplan demands specialised expertise across diverse industries realised through robust strategic partnerships."

"Ras El Hekma is an extraordinarily ambitious project contributing significantly to Egypt's economy," stated Bill O’Regan. "Developing this masterplan requires sector-specific expertise achievable only through strong strategic partnerships."

The tourism infrastructure plays a crucial role in driving early project phases due to Ras El Hekma's Mediterranean allure. Its strategic location provides access within four hours' flight radius for over 400 million outbound tourists annually from Europe or beyond via high-speed rail connectivity with Cairo or an international airport enhancing accessibility further capturing Mediterranean market share offering year-round options attracting diverse attractions globally boosting local employment significantly impacting Egypt’s economy positively overall.

With inputs from WAM