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The project is expected to become a powerful economic engine, with cumulative investments anticipated to reach $110 billion by 2045.
In a significant development, Abu Dhabi-based ADQ has appointed Modon Holding PSC as the master developer for the Ras El Hekma megaproject in Egypt.
This announcement was made in the presence of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Egyptian President His Excellency Abdel Fattah El-Sisi.
Modon Holding will lead the entire development, which spans 170 million square metres. In addition, the company will take charge of the first phase, covering 50 million square metres. The remaining 120 million square metres will be developed in collaboration with other developers from Egypt, the UAE, and international firms, under the guidance of ADQ’s subsidiary, Ras El Hekma Urban Development Project Company.
Economic impact and long-term vision
This ambitious project marks a major milestone for Modon Holding, as it expands its land portfolio beyond the UAE. Located approximately 350 kilometres northwest of Cairo, Ras El Hekma is set to become a smart, sustainable urban community. The project is projected to generate significant economic impact, with investments expected to reach US$110 billion by 2045. Furthermore, the development will contribute an estimated US$25 billion to Egypt’s GDP annually and create around 750,000 jobs.
Upon completion, Ras El Hekma will house two million people and feature over 40 kilometres of green space, positioning it as the greenest megaproject in the region. The project’s location also offers strategic advantages, as it is within a four-hour flight of over 400 million tourists. This proximity will drive the focus on developing tourism infrastructure, including an international airport and high-speed rail connections.
Strategic partnerships to shape the future
During a landmark ceremony on 4th October, Modon Holding engaged with key investors and partners to begin shaping the future of Ras El Hekma. Several important agreements were signed with leading firms, including:
Orascom Construction: Appointed as one of the main contractors for the first phase.
Elsewedy Electric: Collaborating on industrial parks and supplying building materials.
Abu Dhabi Airports: Providing expertise in airport planning and operations.
TAQA: Exploring utility projects, such as water desalination and electricity distribution.
Valderrama: Developing and operating golf communities.
e& Egypt: Facilitating the design and implementation of smart city infrastructure, including 5G networks and IoT solutions.
Montage International, Accor, and Ennismore: Partnering for the development and operation of luxury hotels and resorts.
Burjeel Holding: Developing multi-specialty healthcare facilities and innovative wellness programs.
These partnerships underscore Modon’s commitment to creating a world-class destination. As His Excellency Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, remarked, “Ras El Hekma will be a regional crown jewel, contributing to Egypt’s economy while providing a sustainable and innovative urban environment.”
By leveraging the expertise of its partners, Modon Holding is set to transform Ras El Hekma into a dynamic economic powerhouse and a global model for urban development. |
