MATROUH, Egypt, 4th October, 2024 (WAM) Modon Holding PSC engaged with the initial major partners to join in the development of the Ras El Hekma megaproject on Egypt’s stunning Mediterranean coast.
Situated on the north coast of Egypt, Ras El Hekma is set to become a leading urban and tourist hub, boasting a wide array of attractions and amenities. Modon Holding aims to harness its large-scale development expertise, collaborating with local, regional, and global partners to bring this visionary destination masterplan to life.
These collaborative efforts, combined with a focus on diverse entertainment, sports, cultural events, and top-tier community management, will position Ras El Hekma as a premier Mediterranean destination.
While the immediate focus is on tourism and hospitality, Modon’s long-term vision for the 170-square-kilometre site also includes business services, financial services, light manufacturing, and technology.
Modon Engages First Batch of Investors and Partners in Landmark Ceremony
On 4th October, in a momentous ceremony attended by President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Egyptian President His Excellency Abdel Fattah El-Sisi, Modon proudly initiated the engagement of its first group of investors and partners.
The event marked the signing of several significant agreements aimed at driving the development of the new destination:
- A framework agreement with Orascom Construction, designating them as one of the primary contractors for the initial phase of the project.
- A memorandum of understanding with Elsewedy Electric to explore opportunities for supplying building materials and collaborating on industrial parks, manufacturing, operations, and maintenance.
- A memorandum of understanding with Abu Dhabi Airports to collaborate in airport strategic planning, design, development, and operational support.
- A memorandum of understanding with TAQA to explore cooperation opportunities in relation to the development, financing, and operation of greenfield utilities infrastructure projects, water desalination projects, electricity transmission and distribution projects and wastewater projects.
- A memorandum of understanding with Valderrama for the development and operation of golf communities.
- A memorandum of understanding with e& Egypt to facilitate the design and implementation of smart city infrastructure, including digital connectivity, fiber networks, and 5G; smart building technologies and IoT-enabled solutions for residential and commercial properties; city-wide data collection, monitoring, and analytics systems; smart utilities, encompassing automated energy management, water, and waste systems; smart transportation systems; and any other mutually agreed smart city services.
- A memorandum of understanding with Candy International aims to explore luxury real estate development opportunities, leveraging Candy’s extensive international reach.
- A memorandum of understanding with Montage International for the development and management of luxury hotels in Ras El Hekma.
- A memorandum of understanding with Accor and Ennismore to operate hotels and resorts in Ras El Hekma.
- Finally, a memorandum of understanding with Burjeel Holding to develop multi-specialty healthcare facilities, implement innovative healthcare solutions, provide medical training programmes, and collaborate on public health initiatives and community wellness programmes.
These strategic partnerships underscore Modon's commitment to creating a world-class destination, fostering innovation, and enhancing the quality of life for Ras El Hekma’s future residents.
His Excellency Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, said, “Ras El Hekma represents a visionary and multifaceted endeavour that promises to make a substantial contribution to the Egyptian economy. Crafting a masterplan of such scale demands specialised expertise and capabilities across diverse industries, which can only be realised through robust strategic partnerships. We look forward to working with our partners present and future in harnessing the full potential of this extraordinary location.”
Bill O’Regan, Group Chief Executive Officer of Modon Holding, said, “Ras El Hekma is an extraordinarily ambitious and complex project that will significantly contribute to the Egyptian economy through various stages of planning, design, and construction, ultimately bringing this new destination to life. Developing and delivering a masterplan of this magnitude requires sector-specific expertise and capabilities across a wide range of industries and is achievable only through strong strategic partnerships.”
Modon Holding, as the master developer for Ras El Hekma, anticipates that the development will create approximately 750,000 jobs by 2045, both directly and indirectly, through the economic activities envisioned for the destination. This includes the development of key infrastructure such as the airport, marinas, and hospitality projects.
The project’s cumulative investments are projected to reach US$110 billion by 2045, with a substantial GDP contribution of around US$25 billion annually. By 2030 alone, around US$55 billion will already be invested, with the potential to create over 100,000 jobs through construction activities and the launch of hospitality and manufacturing entities, significantly impacting local employment and boosting Egypt’s economy.
Tourism infrastructure will play a pivotal role in driving the early phases of the project. Ras El Hekma’s Mediterranean allure and strategic location provide access to over 400 million outbound tourists within a four-hour flight radius. In developing the destination, Modon Holding aims to capture a significant share of the Mediterranean market’s 190 million tourists annually by offering year-round tourism options and diverse attractions. An international airport and high-speed rail connectivity with Cairo will enhance access and appeal to tourists from Europe, the Middle East, and beyond.
