ADQ, an Abu Dhabi-based investment and holding company, has appointed Modon Holding as the master developer for the Ras El Hekma megaproject in Egypt.
In addition to being the master developer for the entire Ras El Hekma development spanning 170 million square meters, Modon Holding will undertake the responsibility of the developer role for the first phase of the envisaged city consisting of 50 million square meters.
The remaining 120 million square meters, which are part of the master plan presented by Modon Holding, will be developed in partnership with prominent developers from Egypt, the UAE, and the international community under the oversight of the recently established ADQ subsidiary Ras El Hekma Urban Development Project Company and Modon Holding.
This iconic project represents a major milestone for Modon Holding by significantly increasing its land under development outside the UAE. Ras El Hekma is located around 350 kilometers northwest of Cairo and is envisioned as a fully functional, smart, sustainable, and inclusive urban community situated against the scenic coastline.
The project is expected to become a powerful economic engine, with cumulative investments anticipated to reach $110 billion by 2045, an annual GDP contribution of around US$25 billion, and approximately 750,000 jobs to be created, both directly and indirectly.
Upon completion, the development will be home to two million people and feature more than 40 kilometers of green spines, set to make Ras El Hekma the greenest megaproject in the region.
As a result of Ras El Hekma’s location within a four-hour flight for over 400 million outbound tourists, the establishment of tourism infrastructure will be a priority during the first phases of the development, encompassing an international airport as well as high-speed rail connectivity.
The master plan also includes residential areas, office spaces, hospitality venues, retail, leisure, and recreation facilities. Ras El Hekma will have an international marina and a special free zone. Additionally, Modon Holding will look to develop infrastructure to support a range of high-growth industries, including business services, financial services, light manufacturing, and technology.
His Excellency Mohamed Hassan Alsuwaidi MD & CEO – ADQ
“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.”
His Excellency Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, said that, “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.”
Ras El Hekma is set to become a leading urban and tourist hub, boasting a wide array of attractions and amenities. Modon Holding aims to harness its large-scale development expertise, collaborating with local, regional, and global partners to bring this visionary destination masterplan to life. These collaborative efforts, combined with a focus on diverse entertainment, sports, cultural events, and top-tier community management, will position Ras El Hekma as a premier Mediterranean destination.
While the immediate focus is on tourism and hospitality, Modon’s long-term vision for the 170-square-metre site also includes business services, financial services, light manufacturing, and technology.
Modon Engages First Batch of Investors and Partners in a landmark Ceremony, attended by President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Egyptian President His Excellency Abdel Fattah El-Sisi.
The event marked the signing of several significant agreements aimed at driving the development of the new destination:
A framework agreement with Orascom Construction, designating them as one of the primary contractors for the initial phase of the project.
A memorandum of understanding (MoU) with Elsewedy Electric to explore opportunities for supplying building materials and collaborating on industrial parks, manufacturing, operations, and maintenance.
A memorandum of understanding (MoU) with Abu Dhabi Airports to collaborate in airport strategic planning, design, development, and operational support.
A memorandum of understanding (MoU) with TAQA to explore cooperation opportunities in relation to the development, financing, and operation of greenfield utilities infrastructure projects, water desalination projects, electricity transmission and distribution projects and wastewater projects.
A memorandum of understanding (MoU) with Valderrama for the development and operation of golf communities.
A memorandum of understanding (MoU) with e& Egypt to facilitate the design and implementation of smart city infrastructure, including digital connectivity, fiber networks, and 5G, smart building technologies and IoT-enabled solutions for residential and commercial properties, city-wide data collection, monitoring, and analytics systems, smart utilities, encompassing automated energy management, water, and waste systems, smart transportation systems, and any other mutually agreed smart city services.
An MoU with Candy International aims to explore luxury real estate development opportunities, leveraging Candy’s extensive international reach.
MoU with Montage International for the development and management of luxury hotels in Ras El Hekma.
A memorandum of understanding with Accor and Ennismore tooperate hotels and resorts in Ras El Hekma.
Finally, a memorandum of understanding with Burjeel Holding to develop multi-specialty healthcare facilities, implement innovative healthcare solutions, provide medical training programs, and collaborate on public health initiatives and community wellness programs.
These strategic partnerships underscore Modon’s commitment to creating a world-class destination, fostering innovation, and enhancing the quality of life for Ras El Hekma’s future residents.
