Abu Dhabi-based Modon has been appointed master developer of Egypt’s Ras El Hekma greenfield smart city megaproject. The appointment, by Abu Dhabi investment house ADQ, was made in the presence of Egyptian president Abdel Fattah El-Sisi and Abu Dhabi president Sheikh Mohamed bin Zayed Al Nahyan.

Ras El Hekma is located around 350 kilometres northwest of Cairo on the Mediterranean coastline. It is envisioned as a fully functional smart urban community situated in one of Egypt’s major economic regions and in a picturesque location on the country’s northern coast.

In addition to being master developer for the entire development spanning 170 million square metres, Modon Holding will undertake the developer role for the first phase of the envisaged city consisting of 50 million square metres.

The remaining 120 million square metres, which are part of the master plan presented by Modon, will be developed in partnership with 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.

The project significantly increases the land under development by Modon outside the UAE.

The project is expected to become a significant economic engine, with cumulative investments anticipated to reach US$110 billion by 2045, an annual GDP contribution of around US$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 feature more than 40 kilometres of green spines, set to make Ras El Hekma the greenest megaproject in the region.

Ras El Hekma’s location is 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. This will encompass 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.

Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, said, “Ras El Hekma is destined to become a regional crown jewel in a country already famed for its rich and diverse attractions. Modon Holding is proud to bring this 170-million-square-metre visionary megaproject to life, leveraging our expertise and innovative approach. With our partners, we are poised to transform Ras El Hekma into a dynamic economic powerhouse and a global model for urban development.”

Mohamed Hassan Alsuwaidi, Managing Director and Group Chief Executive Officer of ADQ, said, “As a project of unprecedented scale and impact, Ras El Hekma will be a catalyst for the development of Egypt’s economy by offering opportunities for businesses and stimulate tourism. Modon Holding brings a wealth of expertise in master planning and will pioneer state-of-the-art, innovative solutions, creating a destination that will deliver long-term value for Egypt and its people.”

Bill O’Regan, Group CEO of Modon Holding, said, “The Ras El Hekma destination is one of the Group’s most significant investment and development projects outside the UAE. The project provides an incredible development pipeline, and Modon Holding looks forward to delivering a destination that will be an exceptional experience for visitors and residents alike.”