Modon Properties Secures Role as a Developer for Egypt’s Ras El Hikma Project

Modon Properties, listed on the Abu Dhabi Securities Exchange, is officially the main developer of the Ras El Hikma project on Egypt’s North Coast, the Abu Dhabi government’s holding company, ADQ, announced on 4 October. Modon highlighted its commitment to taking on the developer’s role in the initial phase of a sprawling project covering 50 million square meters, which will prioritize tourism infrastructure. The remaining 120 million square meters will be developed in collaboration with leading developers from Egypt, the United Arab Emirates (UAE), and the international community.  ADQ was granted the rights to develop the Ras El Hikma project for USD 24 billion (EGP 1.16 trillion) in February, aiming to advance the area. Additionally, USD 11 billion (EGP 531.41 billion) of UAE deposits held by Egypt’s central bank was redirected to fund major development projects nationwide.  On 4 October, the Egyptian President, Abdel Fattah Al-Sisi, and UAE President, Sheikh Mohamed bin Zayed Al Nahyan, gathered and witnessed the announcement of the development plan for the city of Ras El Hekma, in an ambitious initiative backed by direct investments totaling USD 35 billion (EGP 1.69 trillion). Prime Minister Moustafa Madbouly,…

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