UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and his Egyptian counterpart Abdel Fattah El-Sisi have witnessed the announcement of a major development plan for Ras El Hekma city on Egypt’s northwestern coast, featuring direct investments of $35 billion.
They received a visual overview of the project, emphasising its economic, investment, real estate, and tourism potential due to its strategic Mediterranean location.
Officials provided insights into the area’s integrated services and the opportunities it will create for prosperity.
Sheikh Mohamed expressed his appreciation to the teams from both nations for their collaborative efforts, highlighting the project's role in strengthening UAE-Egypt economic ties and marking a constructive development partnership.
The Ras El Hekma project, located around 350 km northwest of Cairo, spans over 170 million sq.m.
The master plan features a residential zone covering 80 million sq.m., which will accommodate around 190,000 villas and apartments, housing up to two million residents.
Additionally, 12 million sq.m. will be dedicated to retail, entertainment and leisure, with 25 per cent of the total area reserved for open spaces, making it the greenest city on the Mediterranean.
Ras El Hekma will also include an investment zone, a special free zone, and five marinas. The investment agreement for the project was signed in February.
#UAE, #EgyptianPresidents witness unveiling of #RasElHekma development project plan #WamInfographic https://t.co/gGnPQEfuBp pic.twitter.com/v2jCOmXHLX
— WAM English (@WAMNEWS_ENG) October 4, 2024
ADQ, an Abu Dhabi-based investment and holding company, appointed its Modon Holding PSC as the master developer for the Ras El Hekma project.
In addition to being master developer for the entire development spanning 170 million sq.m., Modon Holding will undertake the responsibility of the developer role for the first phase of the city consisting of 50 million sq.m.
The remaining 120 million sq.m. will be developed in partnership with prominent developers from Egypt, the UAE, and the international community under the oversight of the recently established ADQ subsidiary Ras El Hekma Urban Development Project Company and Modon Holding.
The project is expected to become a powerful economic engine, with cumulative investments anticipated to reach $110 billion by 2045, an annual GDP contribution of around $25 billion, and approximately 750,000 jobs to be created, both directly and indirectly.
Modon Holding engages with investors, partners for Ras El Hekma destination megaproject in #Egypt#WamNews https://t.co/BHltuUSizT pic.twitter.com/JYns2G0cDU
— WAM English (@WAMNEWS_ENG) October 4, 2024
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