In a momentous ceremony graced by the presence of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Egyptian President His Excellency Abdel Fattah El-Sisi, ADQ, an Abu Dhabi-based investment and holding company, announced the appointment of Modon Holding as the master developer for the Ras El Hekma megaproject. This landmark project, located on Egypt’s picturesque Mediterranean coast, is set to redefine urban living and drive economic growth in the region.
Spanning an expansive 170 million square meters, Ras El Hekma is envisioned as a fully functional, smart, sustainable, and inclusive urban community. The project is strategically positioned approximately 350 kilometers northwest of Cairo and will be developed in phases, with Modon Holding taking the lead on the initial 50 million square meters. The remaining 120 million square meters will be developed in collaboration with prominent developers from Egypt, the UAE, and the international community under the oversight of ADQ subsidiary Ras El Hekma Urban Development Project Company and Modon Holding.
This ambitious project is poised to become a powerful economic engine, attracting cumulative investments of US$110 billion by 2045. It is anticipated to contribute an annual GDP of approximately US$25 billion and create around 750,000 jobs, both directly and indirectly. Upon completion, the development will be home to two million people, offering a comprehensive range of residential areas, office spaces, hospitality venues, retail, leisure, and recreation facilities.
Ras El Hekma’s masterplan prioritizes sustainability and green living, featuring over 40 kilometers of green spines, establishing it as the greenest megaproject in the region. The project’s strategic location, within a four-hour flight for over 400 million outbound tourists, makes tourism infrastructure a priority during the initial phases of development. This will include an international airport and high-speed rail connectivity, ensuring seamless accessibility.
Beyond its residential and tourism components, Ras El Hekma will also boast an international marina, a special free zone, and infrastructure to support a range of high-growth industries, including business services, financial services, light manufacturing, and technology. Modon Holding’s expertise in master planning and innovative solutions will play a pivotal role in creating a world-class destination that delivers long-term value for Egypt and its people.
During the ceremony, Modon Holding engaged with several key partners to join in the development of the Ras El Hekma megaproject. This included the signing of significant agreements with various companies, underscoring Modon’s commitment to creating a world-class destination, fostering innovation, and enhancing the quality of life for future residents. These strategic partnerships represent a crucial step in realizing the ambitious vision for Ras El Hekma.
The Ras El Hekma megaproject is a testament to the commitment of both ADQ and Modon Holding to driving economic growth and creating sustainable communities. With its visionary masterplan, strategic partnerships, and commitment to innovation, Ras El Hekma is poised to become a leading urban and tourist hub, attracting residents and visitors alike. It will undoubtedly contribute significantly to the Egyptian economy, further solidifying its position as a regional powerhouse.
About ADQ
Established in 2018, ADQ is an Abu Dhabi-based investment and holding company with a diverse portfolio of major enterprises. Its investments span key sectors of the UAE’s diversified economy, including energy and utilities, food and agriculture, healthcare and life sciences, and transport and logistics, among others. As a strategic partner to the Government of Abu Dhabi, ADQ is committed to accelerating the transformation of the Emirate into a globally competitive and knowledge-based economy. For more information, visit adq.ae or write to media@adq.ae. You can also follow ADQ on Instagram, LinkedIn, and X.
About Modon Holding
Modon develops vibrant communities, unique hospitality and lifestyle experiences, and world-class sports facilities. Based in Abu Dhabi, Modon Holding is a Private Joint Stock company listed on the ADX Growth Market with ADQ and the IHC Group as majority shareholders. Through a diversified business portfolio in the UAE, we are engaged in strategic investment and innovation on an unrivalled scale, shaping future smart living. Our goal is to deliver long-term, sustainable value, laying the foundations for intelligent, connected living.
Ras El-Hekma Urban Development Project Company
A wholly owned subsidiary of ADQ, Ras El Hikma Urban Development Project Company S.A.E. (RED) is mandated to oversee the execution of the Ras El Hekma project, a 170 million square meter visionary megacity located on Egypt’s north coast. Established in March 2024 and based in Egypt, RED holds the ownership rights of the Ras El-Hekma as well as responsibility for the implementation of the multi-phase project together with its partners, which include Modon Holding as the master developer.
