{"id":647025,"date":"2024-10-07T00:00:00","date_gmt":"2024-10-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/adq-taps-modon-holding-as-ras-el-hekma-master-developer\/"},"modified":"2024-10-07T00:00:00","modified_gmt":"2024-10-07T00:00:00","slug":"adq-taps-modon-holding-as-ras-el-hekma-master-developer","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/adq-taps-modon-holding-as-ras-el-hekma-master-developer\/","title":{"rendered":"ADQ taps Modon Holding as Ras El Hekma master developer"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Ras El Hekma officially kicks off construction with raft of agreements: <\/strong>Abu Dhabi wealth fund ADQ has chosen portfolio company <a target=\"_blank\" href=\"https:\/\/modon.com\/\" style=\"\" rel=\"noopener\">Modon Holding<\/a> to be the master developer on its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\/adq-acquires-development-rights-to-ras-el-hekma-for-usd-24-bn,-will-invest-a-further-usd-11-bn-in-real-estate-and-other-prime-projects\" style=\"\" rel=\"noopener\">landmark USD 35 bn Ras El Hekma project<\/a> on the North Coast, according to a joint <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/392.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. Modon inked agreements tapping the project\u2019s contractor, building material supplier, and much more. The signings took place over the weekend when President Abdel Fattah El Sisi and UAE President Sheikh Mohamed bin Zayed officially launched construction of the megaproject in a televised visit to the site (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=W2jZn1gUhq4\" style=\"\" rel=\"noopener\">watch runtime: 3:10)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Modon has a big task ahead of it: <\/strong>Modon will not only take up the responsibilities as the master developer for the 170 mn sqm project, but it will also develop the first 50 mn sqm phase of the city.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Modon inked several agreements with local, regional, and international players<\/strong> at the event to help get the project off the ground, including: <\/p>\n<ul>\n<li>A framework agreement with local construction giant <strong>Orascom Construction<\/strong> for it to be a key contractor for the project's first phase. <\/li>\n<li>An MoU with <strong>Elsewedy Electric<\/strong> to look into supplying building materials and collaborating on industrial park development, operations, and maintenance. <\/li>\n<li>An MoU with <strong>Abu Dhabi Airports<\/strong> to collaborate in strategic airport planning, development, and operations.<\/li>\n<li>A memorandum of understanding with <strong>Taqa<\/strong> to explore cooperation on greenfield utilities, water desalination, and electricity projects.<\/li>\n<li>An MoU with <strong>e& Egypt<\/strong> to help design and implement smart city infrastructure, from 5G networks and IoT-enabled solutions to city-wide data analytics systems. <\/li>\n<li>An MoU with <strong>Valderrama<\/strong> to develop and operate golfing facilities.<\/li>\n<li>An MoU with <strong>Candy International <\/strong>to look into developing luxury real estate. <\/li>\n<li>An MoU with US-based luxury hotel management company <strong>Montage International<\/strong> for the development and management of luxury hotels. <\/li>\n<li>An MoU with the French hospitality company <strong>Accor and Ennismore <\/strong>to operate hotels and resorts.<\/li>\n<li>An MoU with Emirati <strong>Burjeel Holdings<\/strong> to develop healthcare facilities and collaborate on public health programs<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ras El Hekma is expected to reach total investments worth USD 110 bn by 2045<\/strong>, with a yearly GDP contribution of USD 25 bn, and create around 750k direct and indirect jobs. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The international press also picked up on the story: <\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/uaes-modon-appointed-main-developer-egypts-ras-el-hekma-city-project-2024-10-04\/\" style=\"\" rel=\"noopener\">Reuters<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The project is expected to reach total investments of USD 110 bn by 2045<\/p>\n","protected":false},"author":1,"featured_media":647026,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7562],"tags":[299,130,72,8822,7388,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-647025","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-construction","tag-adq","tag-construction","tag-enterpriseam","tag-modon-holding","tag-ras-el-hekma","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"c6c12975-8799-49e6-af3e-e896885687a3","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/437.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ADQ taps Modon Holding as master developer for Egypt\u2019s Ras El Hekma megaproject","related_issue":[647018],"teaser":"The project is expected to reach total investments of USD 110 bn by 2045","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.a5a40e6f-858b-431c-ae7b-08b403cff6c1.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>ADQ taps Modon Holding as Ras El Hekma master developer - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/adq-taps-modon-holding-as-ras-el-hekma-master-developer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ADQ taps Modon 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\u2014 including roads and bridges, electricity networks, and water and sewage systems","rel":"","context":"In &quot;Construction&quot;","block_context":{"text":"Construction","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/construction\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1396.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":663225,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/06\/modon-taps-elsewedy-industrial-development-to-build-and-run-ras-el-hekma-industrial-zone-plus-banknbox-heads-to-qatar\/","url_meta":{"origin":647025,"position":1},"title":"Modon taps Elsewedy Industrial Development to build and run Ras El Hekma industrial zone. PLUS: Banknbox heads to Qatar","author":"enterpriseam admin","date":"6 April 2025","format":false,"excerpt":"The zone is set to span 10 mn sqm and employ more than 20k people","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1885.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":615813,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/25\/adq-acquires-development-rights-to-ras-el-hekma-for-usd-24-bn-will-invest-a-further-usd-11-bn-in-real-estate-and-other-prime-projects\/","url_meta":{"origin":647025,"position":2},"title":"ADQ acquires development rights to Ras El Hekma for USD 24 bn, will invest a further USD 11 bn in \u201creal estate and other prime projects\u201d","author":"enterpriseam admin","date":"25 February 2024","format":false,"excerpt":"Ras El Hekma will be transformed into a \u201cnext-generation city,\u201d housing tourism, urban, commercial, and recreational spaces","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2316.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":655459,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/19\/modon-holding-taps-hassan-allam-holding-for-ras-el-hekma-construction-projects\/","url_meta":{"origin":647025,"position":3},"title":"Modon Holding taps Hassan Allam Holding for Ras El Hekma construction projects","author":"enterpriseam admin","date":"19 November 2024","format":false,"excerpt":"Good morning, friends. We\u2019ve got another packed issue for you this morning, with plenty for you to read through this morning. Space is at a premium today, so let\u2019s get started.BUT FIRST- Today\u2019s a great day to check out our sister publication EnterpriseAM KSA, as you can check out their\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/898.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":677334,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/06\/24\/a-coast-under-the-influence-2\/","url_meta":{"origin":647025,"position":4},"title":"A coast under the influence","author":"enterpriseam admin","date":"24 June 2025","format":false,"excerpt":"Imagining Ras El Hekma: Back in February 2024, when Abu Dhabi acquired the development rights to the Ras El Hekma triangle for USD 35 bn, the headlines were all about the moment: It was a lifeline \u2014 a historic influx of capital that promised to pull our economy back from\u2026","rel":"","context":"In &quot;THE NEW SAHEL&quot;","block_context":{"text":"THE NEW SAHEL","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-new-sahel\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1392.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":663947,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/17\/lmd-eyes-usd-4-bn-cairo-project-north-coast-expansion\/","url_meta":{"origin":647025,"position":5},"title":"LMD eyes USD 4 bn Cairo project, North Coast expansion","author":"enterpriseam admin","date":"17 April 2025","format":false,"excerpt":"LMD is also planning to expand its footprint along Egypt\u2019s Mediterranean coast","rel":"","context":"In &quot;Real estate&quot;","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/4\/1097.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/647025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=647025"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/647025\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/647018"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/647026"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=647025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=647025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=647025"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=647025"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=647025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}