Abu Dhabi-based Modon Holding will start working on Phase 1 of the mega Ras Al-Hekma project in Egypt within one month, its Chairman has said.

Phase 1, spreading over 170 million square metres (sqm), includes the construction of nearly 5,500 apartments as well as amusement facilities, shopping centres, a golf course and a seafront, Jassim Al-Zaabi told the semi-official UAE daily Alittihad on Sunday.

He noted that cumulative investment in this mammoth project could exceed $110 billion by 2045 and contribute over $25 billion to Egypt’s GDP.

Last week, ADQ announced that it has selected Modon Holding as the master developer of Ras Al-Hekma project.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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