{"id":96531,"date":"2024-10-07T00:00:00","date_gmt":"2024-10-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/modon-holding-appointed-as-master-developer-for-egypts-ras-el-hekma-as-megaproject-kicks-into-gear\/"},"modified":"2024-10-07T00:00:00","modified_gmt":"2024-10-07T00:00:00","slug":"modon-holding-appointed-as-master-developer-for-egypts-ras-el-hekma-as-megaproject-kicks-into-gear","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/10\/07\/modon-holding-appointed-as-master-developer-for-egypts-ras-el-hekma-as-megaproject-kicks-into-gear\/","title":{"rendered":"Modon Holding appointed as master developer for Egypt\u2019s Ras El Hekma as megaproject kicks into gear"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ADQ\u2019s Ras El Hekma megaproject officially lau<\/strong><strong>nches:<\/strong> President Sheikh Mohamed bin Zayed Al Nahyan and his Egyptian counterpart Abdel Fattah El Sisi agreed on the development plan of the USD 35 bn Ras El Hekma megaproject over the weekend, with state-backed developer Modon Holding appointed as master developer, state news agency <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b5ii9gl-uae-egyptian-presidents-witness-unveiling-ras\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The signings took place over the weekend when Al Nahyan and El Sisi marked the start of construction of the megaproject in a visit to the site. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Abu Dhabi sovereign wealth fund ADQ <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/dbe49f21-fe72-4a60-a400-bfa1be504934\/adq-to-invest-usd-35-in-egyptian-coastal-area-development\" style=\"\" rel=\"noopener\">i<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/dbe49f21-fe72-4a60-a400-bfa1be504934\/adq-to-invest-usd-35-in-egyptian-coastal-area-development\" style=\"\" rel=\"noopener\">nked<\/a> a USD 35 bn agreement with Egypt in February to develop the megaproject, located on the northern coast of Egypt. The sovereign wealth fund invested USD 24 bn for the development rights for the project, and converted USD 11 bn of UAE deposits into investments in key national projects. The coastal land will be transformed into a \u201cnext-generation city,\u201d housing tourism, urban, commercial, and recreational spaces, alongside a freezone and an investment zone, and an airport nearby \u2014 with the first phase of the project expected to take about five years to complete. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>Modon will be responsible for developing the first 50 mn in the 170 mn sqm project, leaving the remaining area to be developed with local, regional, and international partners under the oversight of ADQ\u2019s subsidiary Ras El Hekma Urban Development Project Company, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/392.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Modon Holding signed several agreemen<\/strong><strong>ts with major Emirati, Egyptian, and international companies<\/strong> for the execution of the megaproject, including: <\/p>\n<ul>\n<li>A framework agreement with <strong>Orascom Construction<\/strong>, positioning them as a key contractor for the project's initial phase; <\/li>\n<li>An MoU with <strong>Elsewedy Electric<\/strong> to supply building materials and collaborate on industrial park development;<\/li>\n<li>An MoU with <strong>Abu Dhabi Airports<\/strong> to collaborate in strategic airport planning and operations;<\/li>\n<li>An MoU with <strong>Taqa<\/strong> to explore cooperation on greenfield utilities, including water desalination and electricity projects;<\/li>\n<li>An MoU with <strong>e& Egypt<\/strong> to 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 real estate mogul Nick Candy\u2019s <strong><a target=\"_blank\" href=\"https:\/\/candycapital.com\/\" style=\"\" rel=\"noopener\">Candy International<\/a><\/strong> to look into developing luxury real estate; <\/li>\n<li>An MoU with US-based <strong><a target=\"_blank\" href=\"https:\/\/www.montageinternational.com\/\" style=\"\" rel=\"noopener\">Montage International<\/a><\/strong> for the development and management of luxury hotels in Ras El Hekma.<\/li>\n<li>An MoU with hotel operator <strong>Accor<\/strong> and its subsidiary <strong><a target=\"_blank\" href=\"https:\/\/ennismore.com\/about\/\" style=\"\" rel=\"noopener\">Ennismore<\/a><\/strong> to operate hotels and resorts in the city;<\/li>\n<li>An MoU with <strong>Burjeel Holding<\/strong> to develop multi-specialty healthcare facilities and collaborate on public health initiatives and community wellness programs.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Modon inked a slew of agreements for the project, including with Orascom Construction and Taqa<\/p>\n","protected":false},"author":1,"featured_media":96532,"comment_status":"","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":[1557],"tags":[72,324,23,7,25,1623,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-96531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-adq","tag-construction","tag-egypt","tag-enterpriseam-uae","tag-investment-watch","tag-modon","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"0126828b-cefb-47f2-99e2-f21420679026","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/404.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Modon Holding appointed as master developer for Egypt\u2019s Ras El Hekma as megaproject kicks into gear","related_issue":[96526],"teaser":"Modon inked a slew of agreements for the project, including with Orascom Construction and Taqa","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.a7d55ed9-25f2-4d95-94ee-41556566a455.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>Modon Holding appointed as master developer for Egypt\u2019s Ras El Hekma as megaproject kicks into gear - UAE<\/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\/uae\/2024\/10\/07\/modon-holding-appointed-as-master-developer-for-egypts-ras-el-hekma-as-megaproject-kicks-into-gear\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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