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In the presence of Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE and Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, Abu Dhabi-based investment and holding company ADQ appointed Modon Holding as the master developer for the Ras El Hekma megaproject.
The mega Ras Al-Hekma development project to be carried out by Abu Dhabi in Egypt boosted incoming project flow into the Arab country by more than four times in 2024, Egypt’s Investment and Foreign Trade Minister has said.
Hassan El-Khatib said the Abu Dhabi-based global sovereign investor ADQ has committed to pumping nearly $35 billion into the mega project to develop Ras Al-Hekma Peninsula west of the Northern Mediterranean port of Alexandria.
FDI flow into projects in Egypt stood at around $10 billion in 2023 and jumped to a record high of $46.1 billion in 2024, the Minister said in a statement carried by the Arabic language daily Addustoor and other local publications on Sunday.
“This massive increase is mainly due to the Ras Al-Hekma deal, which includes the investment of nearly $35 billion in Egypt,” he said.
ADQ said in late 2024 it has contracted with the Abu Dhabi-based Modon Holding to execute phase 1 of the project.
In comments later, Modon’s Chairman Jassim Al-Zaabi said Phase 1 would spread on 170 million square metres and would include the construction of 5,500 apartments as well as amusement facilities, shopping centres, a golf course and a seafront,
He said that cumulative investment in this mammoth project could exceed $110 billion by 2045 and contribute over $25 billion to Egypt’s GDP.
The Egyptian government will retain a 35 percent stake in the mega development.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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