Real Estate

Modon Holding PSC has officially engaged its first batch of key investors and partners for the Ras El Hekma megaproject, located on Egypt’s Mediterranean coast. This large-scale development aims to transform Ras El Hekma into a premier urban and tourist hub. Modon Holding will leverage its expertise to collaborate with local, regional, and international partners in bringing the visionary project to life.

At a landmark ceremony attended by President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Egyptian President His Excellency Abdel Fattah El-Sisi, Modon signed a series of strategic agreements that will shape the development's early phases. Key agreements include:

• Orascom Construction as a primary contractor for the project’s first phase.
• Elsewedy Electric to collaborate on supplying building materials and developing industrial parks.
• Abu Dhabi Airports for airport strategic planning and operations.
• TAQA for greenfield utilities infrastructure, water desalination, and energy projects.
• Valderrama for the development of golf communities.
• e& Egypt to design smart city infrastructure, including digital connectivity, 5G, and smart building technologies.
• Candy International to explore luxury real estate development.
• Montage International, Accor, and Ennismore to operate luxury hotels and resorts.
• Burjeel Holding to develop healthcare facilities and wellness programs.

These partnerships demonstrate Modon Holding’s commitment to creating a world-class, sustainable destination, which will significantly contribute to Egypt’s economy.

The Ras El Hekma megaproject spans 170 million square meters and will feature tourism infrastructure, business services, residential areas, and more. Projected to attract US$110 billion in investments by 2045, it is expected to contribute US$25 billion annually to Egypt’s GDP and create approximately 750,000 jobs.

With its strategic location along the Mediterranean and its access to over 400 million tourists within a four-hour flight, Ras El Hekma is poised to become a top Mediterranean destination. Early phases will focus on building tourism infrastructure, including an international airport and high-speed rail connections with Cairo, to enhance accessibility.

His Excellency Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, emphasized that strategic partnerships are critical to realizing the project's full potential, while Bill O’Regan, Group CEO of Modon Holding, highlighted the importance of expertise across various sectors to bring the complex development to fruition.

The Ras El Hekma megaproject aims to boost Egypt’s economy through diverse industries, including hospitality, financial services, and light manufacturing, establishing itself as a hub for both tourism and urban development.

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