Fri Oct 04 18:12:00 UTC 2024: ## UAE and Egypt Join Forces to Build Mega City on Mediterranean Coast

**Abu Dhabi, UAE –** In a major development for both Egypt and the UAE, an ambitious project to build a new megacity named Ras El Hekma on Egypt’s Mediterranean coast was announced today. The project, spanning a staggering 170 million square meters, will be spearheaded by Abu Dhabi-based investment company ADQ and its subsidiary Modon Holding, the appointed master developer. The ceremony, attended by UAE President Sheikh Mohamed bin Zayed Al Nahyan and Egyptian President Abdel Fattah El-Sisi, marked the beginning of this ambitious endeavor.

The project aims to create a fully functional, smart, sustainable, and inclusive urban community, attracting an estimated 2 million residents upon completion. Ras El Hekma is strategically located around 350 kilometers northwest of Cairo, offering easy access for both domestic and international tourists.

The first phase of the project, covering 50 million square meters, will see Modon Holding taking on the developer role. The remaining 120 million square meters will be developed in partnership with leading developers from Egypt, the UAE, and the international community, under the oversight of Ras El Hekma Urban Development Project Company, an ADQ subsidiary.

The project is expected to be a major economic engine, with estimated cumulative investments reaching US$110 billion by 2045. This ambitious project is projected to contribute approximately US$25 billion annually to Egypt’s GDP and create around 750,000 jobs, both directly and indirectly.

The masterplan for Ras El Hekma includes a variety of features designed to make it a world-class destination:

* **Tourism Infrastructure:** The project will boast a new international airport and high-speed rail connectivity, catering to the anticipated influx of tourists from within Egypt and abroad.
* **Residential Areas:** The megacity will offer a range of residential options, catering to different needs and budgets.
* **Commercial Spaces:** Office spaces, retail outlets, and hospitality venues will be integrated within the urban landscape, creating a thriving business and leisure hub.
* **Leisure and Recreation:** The project will feature extensive green spaces, parks, recreational facilities, and a special free zone.
* **Sustainable Development:** Ras El Hekma is set to be the greenest megaproject in the region, emphasizing environmental sustainability.
* **High-Growth Industries:** Infrastructure will be developed to support various industries, including business services, financial services, light manufacturing, and technology.

The first phase of the project will prioritize the development of tourism infrastructure, creating an attractive destination for international visitors. The long-term vision includes building a thriving economy focused on business services, financial services, and technology.

To facilitate the project’s success, Modon Holding has already engaged with key partners:

* **Orascom Construction:** Designated as one of the primary contractors for the initial phase.
* **Elsewedy Electric:** Collaborating on industrial parks, manufacturing, operations, and maintenance.
* **Abu Dhabi Airports:** Collaborating in airport strategic planning, design, development, and operational support.
* **TAQA:** Exploring cooperation opportunities in greenfield utilities infrastructure, water desalination, electricity transmission and distribution, and wastewater projects.
* **Valderrama:** Developing and operating golf communities.
* **e& Egypt:** Facilitating the design and implementation of smart city infrastructure, including digital connectivity, fiber networks, 5G, smart building technologies, and more.
* **Candy International:** Exploring luxury real estate development opportunities.
* **Montage International:** Developing and managing luxury hotels.
* **Accor and Ennismore:** Operating hotels and resorts.
* **Burjeel Holding:** Developing multi-specialty healthcare facilities.

With a focus on diverse entertainment, sports, cultural events, and top-tier community management, Ras El Hekma is poised to become a premier Mediterranean destination. The project is expected to be a significant boost to Egypt’s economy, creating a thriving hub for business, tourism, and innovation.

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