ADQ, an Abu Dhabi-based investment and holding company, appointed Modon Holding PSC (MODON) as the master developer for the Ras El Hekma megaproject.
In addition to being Master Developer for the entire 170 million square meter development Modon Holding will undertake the responsibility of the developer role for the first phase of the envisaged city consisting of 50 million square meters. The remaining 120 million square meters which are part of the master plan 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.
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 kilometers 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 investments anticipated to reach USD 110 billion by 2045, an annual GDP contribution of around USD 25 billion, and approximately 750,000 jobs to be created, both directly and indirectly. Upon completion, the development will be home to two million people and features more than 40 kilometers of green spines, set to make Ras El Hekma the greenest megaproject in the region.
As a result of Ras El Hekma’s location within a four-hour flight for over 400 million outbound tourists, the establishment of tourism infrastructure will be a priority during the first phases of the development, encompassing an international airport as well as high-speed rail connectivity. The masterplan also includes residential areas, office spaces, hospitality venues, retail, leisure, and recreation facilities. Ras El Hekma will have 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.
