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, along with several high-ranking officials and business leaders from Egypt and the UAE, attended the project launch ceremony. During the event, a visual presentation was given to the leaders, outlining the project’s objectives and overall concept, emphasizing its substantial potential in economic development, investment, real estate, and tourism.
The project, signed in the presence of President Al Nahyan and President Al-Sisi, is one of the region’s most significant investment and development ventures, marking a pivotal step toward establishing Ras El Hikma as a leading global destination.
Ras El Hikma city, covering over 170 million square meters, will include tourism facilities, a free zone, and an investment area, in addition to residential, commercial, and entertainment projects.
During the first half of 2024, Egypt received the first two installments of the Ras El Hikma deal, which have bolstered the nation’s dollar reserves amid a recent shortage of foreign currency liquidity.
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