ADQ unveils plans for Ras El Hekma Egyptian project

Abu Dhabi sovereign wealth fund ADQ has revealed plans for the Ras El Hekma mega development, which is expected to contribute $25 billion annually to Egypt’s GDP and create 750,000 jobs both directly and indirectly.

The sovereign fund has appointed Abu Dhabi-listed Modon Holding as the master developer for the 170 million sq m project.

Modon will also take charge of the first phase, covering 50 million sq m. The remaining 120 million sq m will be co-developed by partners from Egypt, the UAE and global companies under the supervision of ADQ’s newly established Ras El Hekma Urban Development Project Company and Modon Holding.

Ras El Hekma, located 350 km northwest of Cairo, is designed as a fully integrated, smart, sustainable and inclusive urban community.

The project is set to become a major economic driver, with cumulative investments expected to reach $110 billion by 2045. Once completed, the development will house two million people and feature more than 40 km of green spaces.

Given its strategic location, within a four-hour flight radius for more than 400 million tourists, Ras El Hekma’s early phases will prioritise tourism infrastructure, including constructing an international airport and high-speed rail connectivity.

The masterplan also includes residential areas, office spaces, hospitality venues, retail, leisure, and recreation facilities. It will also have an international marina and a special free zone.

Modon Holding is set to develop key infrastructure to support high-growth industries, such as business services, financial services, light manufacturing and technology.

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“With our partners, we are poised to transform Ras El Hekma into a dynamic economic powerhouse,” said Jassem Mohammed Bu Ataba Al Zaabi, chairman of Modon Holding.

In February, the sovereign fund unveiled plans to invest $35 billion to build the “largest new city” in Egypt to promote tourism and drive economic growth.

ADQ was established in 2018 and is chaired by Sheikh Tahnoon bin Zayed Al-Nahyan, who is the UAE’s national security adviser and the brother of its president. 

Abu Dhabi’s government transferred its stakes in 13 companies to ADQ in 2019. These included Abu Dhabi Power Corporation (since merged with Taqa), Abu Dhabi Ports Co, Etihad Rail, Abu Dhabi Health Services Company, National Health Insurance Company (Daman) and Abu Dhabi Airports Company.