(MENAFN- Daily News Egypt) Modon Holding PSC, the master developer for the Ras El-Hekma megaproject on Egypt's Mediterranean coast, has taken a significant step forward by securing key partnerships for the ambitious development.
The project, situated on Egypt's north coast, is envisioned as a leading urban and tourist hub, boasting a wide array of attractions and amenities. Modon Holding aims to leverage its large-scale development expertise, collaborating with local, regional, and global partners to bring this visionary destination masterplan to life.
On 4 October, in a ceremony attended by Egypt's President Abdel Fattah Al-Sisi and UAE President Mohamed bin Zayed Al Nahyan , Modon signed several significant agreements with its first group of investors and partners.
One of the key agreements was a framework agreement with Orascom Construction, designating them as one of the primary contractors for the initial phase of the project. This is a significant step, highlighting the trust Modon has in Orascom's capabilities.
Other agreements included memorandums of understanding with:
Elsewedy Electric: to explore opportunities for supplying building materials and collaborating on industrial parks, manufacturing, operations, and maintenance. Abu Dhabi Airports: to collaborate in airport strategic planning, design, development, and operational support. 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. Valderrama: for the development and operation of golf communities. e& Egypt: to facilitate the design and implementation of smart city infrastructure, including digital connectivity, fibre 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. Candy International: to explore luxury real estate development opportunities, leveraging Candy's extensive international reach. Montage International: for the development and management of luxury hotels in Ras El-Hekma. Accor and Ennismore: to operate hotels and resorts in Ras El-Hekma. Burjeel Holding: to develop multi-specialty healthcare facilities, implement innovative healthcare solutions, provide medical training programmes, and collaborate on public health initiatives and community wellness programmes.
These 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.
The project's cumulative investments are projected to reach $110bn by 2045, with a substantial GDP contribution of around $25b annually. By 2030 alone, around $55bn will already be invested, with the potential to create over 100,000 jobs through construction activities and the launch of hospitality and manufacturing entities, significantly impacting local employment and boosting Egypt's economy.
Tourism infrastructure will play a pivotal role in driving the early phases of the project. Ras El-Hekma's Mediterranean allure and strategic location provide access to over 400 million outbound tourists within a four-hour flight radius. In developing the destination,
Modon Holding aims to capture a significant share of the Mediterranean market's 190 million tourists annually by offering year-round tourism options and diverse attractions. An international airport and high-speed rail connectivity with Cairo will enhance access and appeal to tourists from Europe, the Middle East, and beyond.
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. 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.
Jassem Mohamed Bu Ataba Al Zaabi, Chairperson of Modon Holding, said,“Ras El-Hekma represents a visionary and multifaceted endeavour that promises to make a substantial contribution to the Egyptian economy. Crafting a masterplan of such scale demands specialised expertise and capabilities across diverse industries, which can only be realised through robust strategic partnerships. We look forward to working with our partners present and future in harnessing the full potential of this extraordinary location.”
Bill O'Regan, Group Chief Executive Officer of Modon Holding , said,“Ras El-Hekma is an extraordinarily ambitious and complex project that will significantly contribute to the Egyptian economy through various stages of planning, design, and construction, ultimately bringing this new destination to life. Developing and delivering a masterplan of this magnitude requires sector-specific expertise and capabilities across a wide range of industries and is achievable only through strong strategic partnerships.”
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