Work on Egypt’s Ras El Hekma Project Gathers Momentum

ADQ, an Abu Dhabi-based investment and holding company, has appointed Modon Holding, which will be responsible to develop the first phase of the envisaged city consisting of 50 million sq. m., as the master developer for the Ras El Hekma mega project.

The remaining 120 million sq. m. that forms part of the masterplan 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.

Ras El Hekma, located approximately 350 km northwest of Cairo, is a key development project with direct investments totalling $35 billion and includes residential, commercial, and tourist facilities. The area will accommodate up to two million residents and feature a free zone, investment areas, and five marinas, making it one of the greenest cities on the Mediterranean with 25% of the area dedicated to open spaces.

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 km northwest of Cairo and 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 investment anticipated to reach $110 billion by 2045, an annual GDP contribution of around $25 billion, and approximately 750,000 jobs to be created, both directly and indirectly, ADQ said in a disclosure with Abu Dhabi Securities Exchange (ADX).

Featuring 44 km of waterfront, Ras El Hekma is located within a four-hour flight for over 400 million outbound tourists, with tremendous potential for growth. Hence, the establishment of tourism infrastructure will be a priority during the first phase of the project.

The masterplan also includes residential areas, office spaces, hospitality venues, retail, leisure, and recreation facilities and 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.

Modon Holding Chairman Jassem Mohammed Bu Ataba Al Zaabi said that Ras El Hekma is destined to become a regional crown jewel in a country already famed for its rich and diverse attractions. “We are proud to bring this 170 million sq. m. 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,” he said.

MOU Signed

Modon Holdings has also signed an MOU with Burjeel Holdings, a leading super-specialty healthcare provider in the region, to operate and manage healthcare facilities and services in Ras El Hekma, located on the North Coast of Egypt.

This collaboration marks a significant milestone in expanding access to high-quality healthcare services in one of Egypt’s most promising development areas. It will focus on the development of multi-specialty healthcare facilities that will offer a wide range of specialised services to residents and visitors.