Sign in
ADQ’s Ras El Hekma megaproject officially launches: 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 Wam 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.
REMEMBER- Abu Dhabi sovereign wealth fund ADQ inked 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 “next-generation city,” housing tourism, urban, commercial, and recreational spaces, alongside a freezone and an investment zone, and an airport nearby — with the first phase of the project expected to take about five years to complete.
The details: 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’s subsidiary Ras El Hekma Urban Development Project Company, according to a statement (pdf).
Modon Holding signed several agreements with major Emirati, Egyptian, and international companies for the execution of the megaproject, including:
- A framework agreement with Orascom Construction, positioning them as a key contractor for the project’s initial phase;
- An MoU with Elsewedy Electric to supply building materials and collaborate on industrial park development;
- An MoU with Abu Dhabi Airports to collaborate in strategic airport planning and operations;
- An MoU with Taqa to explore cooperation on greenfield utilities, including water desalination and electricity projects;
- An MoU with e& Egypt to design and implement smart city infrastructure, from 5G networks and IoT-enabled solutions to city-wide data analytics systems;
- An MoU with real estate mogul Nick Candy’s Candy International to look into developing luxury real estate;
- An MoU with US-based Montage International for the development and management of luxury hotels in Ras El Hekma.
- An MoU with hotel operator Accor and its subsidiary Ennismore to operate hotels and resorts in the city;
- An MoU with Burjeel Holding to develop multi-specialty healthcare facilities and collaborate on public health initiatives and community wellness programs.
