Modon Properties, listed on the Abu Dhabi Securities Trade, is formally the primary developer of the Ras El Hikma challenge on Egypt’s North Coast, the Abu Dhabi authorities’s holding firm, ADQ, introduced on 4 October.
Modon highlighted its dedication to taking over the developer’s function within the preliminary part of a sprawling challenge protecting 50 million sq. meters, which is able to prioritize tourism infrastructure. The remaining 120 million sq. meters might be developed in collaboration with main builders from Egypt, the United Arab Emirates (UAE), and the worldwide neighborhood.
ADQ was granted the rights to develop the Ras El Hikma challenge for USD 24 billion (EGP 1.16 trillion) in February, aiming to advance the realm. Moreover, USD 11 billion (EGP 531.41 billion) of UAE deposits held by Egypt’s central financial institution was redirected to fund main growth initiatives nationwide.
On 4 October, the Egyptian President, Abdel Fattah Al-Sisi, and UAE President, Sheikh Mohamed bin Zayed Al Nahyan, gathered and witnessed the announcement of the event plan for town of Ras El Hekma, in an bold initiative backed by direct investments totaling USD 35 billion (EGP 1.69 trillion).
Prime Minister Moustafa Madbouly, together with a number of high-ranking officers and enterprise leaders from Egypt and the UAE, attended the challenge launch ceremony. Through the occasion, a visible presentation was given to the leaders, outlining the challenge’s aims and total idea, emphasizing its substantial potential in financial growth, funding, actual property, and tourism.
The challenge, signed within the presence of President Al Nahyan and President Al-Sisi, is likely one of the area’s most important funding and growth ventures, marking a pivotal step towards establishing Ras El Hikma as a number one international vacation spot.
Ras El Hikma metropolis, protecting over 170 million sq. meters, will embrace tourism services, a free zone, and an funding space, along with residential, business, and leisure initiatives.
Through the first half of 2024, Egypt obtained the primary two installments of the Ras El Hikma deal, which have bolstered the nation’s greenback reserves amid a latest scarcity of international forex liquidity.
