Modon to funnel EGP 45 bn in Egypt’s North Coast infrastructure? Abu Dhabi-based developer Modon Holding will reportedly invest up to EGP 45 bn (c. USD 928 mn) over the next 2.5 years in infrastructure to support its 50 mn sqm Ras El Hekma project in Egypt, Asharq Business reports, citing three sources it says have knowledge of the matter.

Modon tendered 2k acres (8.1 mn sqm) of works — including roads and bridges, electricity networks, water and sewage systems — to 10 Egyptian contractors, with awards expected before year-end, according to one source.

REMEMBER- Abu Dhabi sovereign fund ADQ appointed Modon as the master developer for the 170 mn sqm USD 35 bn (c. EGP 1.7 tn) Ras El Hekma megaproject, and the lead developer of the first phase of the city covering 50 mn sqm. The remaining 120 mn sqm will be built out with Egyptian, Emirati, and international partners under the Ras El Hekma Urban Development Company.

UAE developers are ramping up their investments in Egypt: AD Ports will develop and operate a new industrial and logistics zone in East Port Said. UAE-based Nas Investments Holding submitted a mandatory tender offer earlier this year to acquire an additional 57.5% stake in EGX-listed fertilizers player EgyFert (Samad Misr). Meanwhile, Fujairah agreed to build a USD 3 bn petroleum logistics zone at Al Hamra Port on the Mediterranean coast last year.

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