(MENAFN- Daily News Egypt) Abu Dhabi-based investment and holding company ADQ has appointed Modon Holding PSC as the master developer for the Ras El-Hekma megaproject, a major development spanning 170 million square metres on Egypt's northwestern coastline.
The appointment was announced in the presence of Egypt's President Abdel Fattah Al-Sisi and UAE President Mohamed bin Zayed Al Nahyan
Modon Holding will be responsible for the entire development, taking on the role of developer for the first phase, covering 50 million square metres. The remaining 120 million square metres will be developed in partnership 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.
The project represents a significant milestone for Modon Holding, significantly increasing its land under development outside the UAE. Ras El-Hekma, located around 350 kilometres northwest of Cairo, is envisioned as a fully functional, smart, sustainable, and inclusive urban community situated against the scenic coastline.
Upon completion, the development will be home to two million people and feature more than 40 kilometres of green spines, making it the greenest megaproject in the region.
The project is expected to become a powerful economic engine, with cumulative investments anticipated to reach $110bn by 2045, an annual GDP contribution of around $25bn, and approximately 750,000 jobs to be created, both directly and indirectly.
Ras El-Hekma's strategic location within a four-hour flight for over 400 million outbound tourists has led to the prioritization of tourism infrastructure in the first phases of development, including an international airport and high-speed rail connectivity. The masterplan also includes residential areas, office spaces, hospitality venues, retail, leisure, and recreation facilities.
The project will also feature an international marina and a special free zone. Modon Holding will focus on developing infrastructure to support a range of high-growth industries, including business services, financial services, light manufacturing, and technology.
Jassem Mohamed Bu Ataba Al Zaabi, Chairperson of Modon Holding, stated,“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, added,“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.”
MENAFN04102024000153011029ID1108747430
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.