Abu Dhabi’s Modon to invest EGP 45 bn in Ras El Hekma infrastructure

Abu Dhabi-based developer Modon Holding will invest up to EGP 45 bn (c. USD 928 mn) over the next 2.5 years in infrastructure to support its 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. The 50 sqm Modon project will feature seven luxury hotels, hotel units, and a large marina.

The first district to launch, Wadi Yemm, will be a coastal zone featuring residential units, hotels, two golf courses, a country club, and an open-air theater with 10k seats.

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 it will also develop the first 50 mn sqm phase of the city. 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: Emaar Misr, the Egyptian arm of Emaar Properties, and Citystars Properties announced this week they will develop the EGP 900 bn Marassi Red Sea tourism project. The UAE-based KSH Investment and Safwat Kaliouby Group are investing EGP 24 bn in a mixed-use development in Giza’s Tanash area that will include three towers and a five-star hotel over four years. Meanwhile, AD Ports will develop and operate a new industrial and logistics zone in East Port Said.