On October 5, 2024, ADQ appointed Modon Holding PSC as the master developer for the ambitious Ras El Hekma megaproject in Egypt. This extensive development spans 170 million square meters, with the initial phase covering 50 million square meters. The project is expected to create approximately 750,000 jobs and contribute an estimated $25 billion annually to Egypt's GDP by 2045. It aims to accommodate around two million residents and will feature over 40 kilometers of green spaces, enhancing the area's livability and sustainability.
Strategic partnerships have been established with prominent companies such as Orascom Construction and Elsewedy Electric, ensuring robust infrastructure and development capabilities. The Ras El Hekma project will include a mix of tourism infrastructure, residential areas, and business services, positioning it as a key player in Egypt's economic growth and urban planning initiatives. This megaproject is part of a broader effort to attract investment and stimulate job creation in the region, aligning with Egypt's vision for sustainable development and urban expansion. [d999118c]