In a momentous announcement, Modon Holding, an Abu Dhabi-based investment and holding company, has been appointed as the master developer for Ras El Hekma, a sprawling megaproject in Egypt. The project, overseen by ADQ, an Abu Dhabi-based investment and holding company, promises to be a transformative undertaking, spanning a massive 170 million square meters along Egypt’s captivating Mediterranean coastline.
The first phase of development will encompass 50 million square meters, with the remaining 120 million square meters set to be developed in collaboration with leading developers from Egypt, the UAE, and the global community. This collaborative approach will be managed under the guidance of ADQ’s newly established subsidiary, Ras El Hekma Urban Development Project Company, in conjunction with Modon Holding.
Ras El Hekma, located approximately 350 kilometers northwest of Cairo, is envisioned as a beacon of smart, sustainable, and inclusive urban development. This ambitious project, with projected cumulative investments reaching $110 billion by 2045, is set to become a key economic driver for Egypt. The project is expected to contribute $25 billion annually to Egypt’s GDP and create around 750,000 jobs, both directly and indirectly.
Upon completion, Ras El Hekma will accommodate two million residents and boast over 40 kilometers of lush green spaces, solidifying its position as one of the region’s greenest urban developments. The project’s prime location, within a four-hour flight from over 400 million outbound tourists, makes tourism infrastructure a key focus in the initial phases. Plans include an international airport, high-speed rail links, residential areas, office spaces, hotels, retail centers, and entertainment facilities.
The development will also feature an international marina and a special free zone designed to attract high-growth industries such as financial services, light manufacturing, business services, and technology, establishing Ras El Hekma as a major global development hub.
His Excellency Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, expressed the company’s pride in bringing this visionary megaproject to life, stating that Ras El Hekma is destined to become a regional crown jewel, leveraging Modon Holding’s expertise and innovative approach.
His Excellency Mohamed Hassan Alsuwaidi, Managing Director and Group Chief Executive Officer of ADQ, highlighted the project’s transformative potential, stating that it will be a catalyst for Egypt’s economic development by offering opportunities for businesses and stimulating tourism. Alsuwaidi commended Modon Holding’s expertise in master planning, emphasizing their role in pioneering state-of-the-art, innovative solutions that will deliver long-term value for Egypt and its people.
Bill O’Regan, Group CEO of Modon Holding, emphasized the project’s significance as one of the Group’s most substantial investment and development projects outside the UAE, adding that Modon Holding looks forward to delivering an exceptional experience for both visitors and residents.
During the ceremony, Modon Holding PSC initiated strategic partnerships with key stakeholders for the development of the Ras El Hekma megaproject, showcasing the project’s commitment to collaboration and collective success.
With a focus on creating a vibrant destination, Ras El Hekma will offer a blend of entertainment, sports, cultural events, and exceptional community management, ensuring it becomes a premier hotspot on the Mediterranean. While tourism and hospitality are the immediate priorities, Modon’s long-term vision for the sprawling 170 million square meter site also includes the development of sectors such as business services, financial services, light manufacturing, and technology, further establishing Ras El Hekma as a multifaceted urban hub.
