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Abu Dhabi-based investment and holding company ADQ has appointed Modon Holding PSC as the master developer for the Ras El-Hekma megaproject, a major development spanning 170 million square metres on Egypt’s northwestern coastline.

The appointment was announced in the presence of Egypt’s President Abdel Fattah Al-Sisi and UAE President Mohamed bin Zayed Al Nahyan.

Modon Holding will be responsible for the entire development, taking on the role of developer for the first phase, covering 50 million square metres. The remaining 120 million square metres will be developed in partnership with prominent developers from Egypt, the UAE, and the international community, under the oversight of ADQ subsidiary Ras El-Hekma Urban Development Project Company and Modon Holding.

The project represents a significant milestone for Modon Holding, significantly increasing its land under development outside the UAE. Ras El-Hekma, located around 350 kilometres northwest of Cairo, is envisioned as a fully functional, smart, sustainable, and inclusive urban community situated against the scenic coastline.

Upon completion, the development will be home to two million people and feature more than 40 kilometres of green spines, making it the greenest megaproject in the region.

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