ADQ Appoints Modon as Master Developer for Ras El Hekma Megaproject in Egypt
ADQ, an Abu Dhabi-based investment and holding company, has appointed Modon Holding PSC as the master developer for the Ras El Hekma megaproject in Egypt. The announcement was made in the presence of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Excellency Abdel Fattah El-Sisi, President of Egypt.
Modon Holding will oversee the entire 170-million-square-metre development, including serving as the developer for the first phase, which spans 50 million square metres. The remaining 120 million square metres will be developed in partnership with key developers from Egypt, the UAE, and other international entities, under the management of ADQ’s subsidiary, Ras El Hekma Urban Development Project Company, and Modon Holding.
The Ras El Hekma project, located 350 kilometres northwest of Cairo, is envisioned as a smart, sustainable, and inclusive urban community set along a picturesque coastline. This ambitious development is expected to generate significant economic benefits, with cumulative investments projected to reach US$110 billion by 2045, an annual GDP contribution of US$25 billion, and the creation of approximately 750,000 jobs.
Upon completion, Ras El Hekma will be home to two million people and will feature 40 kilometres of green spines, making it one of the greenest megaprojects in the region. The project will also prioritize the establishment of tourism infrastructure, including an international airport and high-speed rail connectivity.
In addition to residential areas, Ras El Hekma will offer office spaces, hospitality venues, retail, and recreation facilities. It will also feature an international marina and a special free zone. Modon Holding will develop infrastructure to support industries such as business services, financial services, light manufacturing, and technology.
His Excellency Mohamed Hassan Alsuwaidi, Managing Director and Group CEO of ADQ, stated that Ras El Hekma will be a catalyst for Egypt’s economic development, fostering business opportunities and boosting tourism. His Excellency Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, emphasized that the project will transform Ras El Hekma into a regional crown jewel, while Bill O'Regan, Group CEO of Modon Holding, highlighted the project’s significance as one of the group’s most important investments outside the UAE.
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