MENA Newswire News Desk: Abu Dhabi-based investment and holding company ADQ has appointed Modon Holding PSC as the master developer for the Ras El Hekma megaproject in Egypt. The announcement was made in the presence of President Sheikh Mohamed bin Zayed Al Nahyan and Egypt’s President Abdel Fattah El-Sisi, underscoring the project’s strategic importance.
Modon Holding will oversee the development of the entire 170 million square meters of Ras El Hekma, including serving as the developer for the first phase, which spans 50 million square meters. The remaining 120 million square meters will be developed in partnership with major developers from Egypt, the UAE, and other international entities. The overall project will be managed by ADQ’s newly established subsidiary, Ras El Hekma Urban Development Project Company.
The Ras El Hekma project represents a key milestone for Modon Holding, significantly expanding its development portfolio beyond the UAE. Located approximately 350 kilometers northwest of Cairo, the project aims to create a smart, sustainable urban community along Egypt’s scenic coastline. Once complete, it will house two million residents and is expected to become a significant economic driver.
Projected investments for Ras El Hekma are estimated to reach $110 billion by 2045, with the development contributing around $25 billion annually to Egypt’s GDP. The megaproject is also expected to create approximately 750,000 jobs, both directly and indirectly, boosting the country’s economy.
Key features of Ras El Hekma will include more than 40 kilometers of green spaces, making it one of the region’s most sustainable urban developments. An international airport and high-speed rail links will be established as part of the tourism infrastructure in the initial phases. The master plan also includes residential, commercial, hospitality, and leisure components, designed to cater to both residents and tourists.
In addition to the residential and commercial developments, the project will feature an international marina and a special free zone. Modon Holding is also expected to develop infrastructure to support high-growth sectors such as business services, financial services, light manufacturing, and technology.
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.”
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, stated, “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.”