Ras El Hikma: A Transformational Project on Egypt’s North Coast Backed by Major UAE Investments
Ras El Hikma, situated on Egypt's scenic North Coast, is set to become a major global destination thanks to a landmark development project spearheaded by Modon Properties, which is listed on the Abu Dhabi Securities Exchange. This ambitious initiative, announced on 4 October, represents a significant collaboration between Egypt and the UAE, with the potential to transform the region.
Modon Properties Takes Charge of Ras El Hikma Development
Modon Properties has been officially appointed as the main developer for the initial phase of the Ras El Hikma project. The Abu Dhabi government’s holding company, ADQ, revealed that this first phase would cover 50 million square meters and focus primarily on building vital tourism infrastructure. The remaining 120 million square meters of land will be developed through collaborations with Egyptian, UAE, and international developers, signaling a massive multi-phase project with far-reaching economic implications.
USD 24 Billion Investment to Fuel Development
In February, ADQ secured the rights to develop Ras El Hikma with a commitment of USD 24 billion (EGP 1.16 trillion), making it one of the largest investments in Egypt’s development history. This project is part of a broader effort by the UAE to support Egypt's economy, which also includes the redirection of USD 11 billion from UAE deposits in Egypt’s central bank to fund key infrastructure projects across the country.
A High-Level Partnership Backed by Major Investments
The official announcement was made in the presence of Egyptian President Abdel Fattah Al-Sisi and UAE President Sheikh Mohamed bin Zayed Al Nahyan during a ceremony on 4 October, marking a major step forward for the project. The leaders emphasized the importance of this USD 35 billion (EGP 1.69 trillion) initiative, which is expected to elevate Ras El Hikma into a leading global hub for tourism, real estate, and commerce.
Unveiling the Vision for Ras El Hikma
During the ceremony, Prime Minister Moustafa Madbouly, along with high-ranking officials and business leaders from Egypt and the UAE, was presented with the overall vision for Ras El Hikma. The presentation underscored the project's potential to attract significant investments, bolster economic development, and establish the area as a premier destination for both tourists and investors.
A New Era for Egypt’s North Coast
Ras El Hikma city will span over 170 million square meters and feature a wide range of facilities, including tourism resorts, a free zone, and a designated investment area. In addition to these, the city will host residential, commercial, and entertainment projects, aiming to cater to a diverse range of visitors and residents. This development marks a crucial moment in Egypt’s journey to boost its global standing in the tourism and real estate sectors.
Supporting Egypt’s Economy
In the first half of 2024, Egypt received two significant installments from the Ras El Hikma deal, which provided a much-needed boost to the country’s dollar reserves amid a foreign currency liquidity shortage. This financial support not only contributes to the country's economic stability but also enables the smooth execution of key national projects.
Finally, with substantial backing from both Egypt and the UAE, Ras El Hikma is on track to become a world-class destination that will not only redefine the North Coast but also attract global attention, bringing in investments and contributing significantly to the region’s economic prosperity.
https://egyptianstreets.com/2024/10/05/modon-properties-secures-role-as-a-developer-for-egypts-ras-el-hikma-project/
