Modon Properties Takes the Lead in Egypt's Grand Ras El Hikma Project
In a landmark announcement that has the potential to reshape Egypt’s North Coast, Modon Properties, a prominent player on the Abu Dhabi Securities Exchange, has officially been designated as the main developer for the ambitious Ras El Hikma project. This significant development, which has garnered attention across the region, was unveiled by the Abu Dhabi government’s holding company, ADQ on October 4, 2024.
The Ras El Hikma project embodies a massive vision covering an astonishing 50 million square meters in its initial phase, focusing on establishing a robust tourism infrastructure. With an overall scope of 170 million square meters, this project not only promises tourists beautiful coastal experiences but also aims to boost Egypt’s economy by attracting investments and fostering real estate growth. As part of the overall development plan, Modon has emphasized collaboration with top developers from Egypt, the UAE, and the wider international community, ensuring a rich blend of expertise and innovation.
The announcement was marked by a significant gathering of leaders, including Egyptian President Abdel Fattah Al-Sisi and UAE President Sheikh Mohamed bin Zayed Al Nahyan, who witnessed the launch of the development plan valued at USD 35 billion. This investment reflects a deep commitment to enhancing the region and establishing Ras El Hikma as a premier global destination for both tourists and investors.
Furthermore, in a strategic move to fund major development projects across the country, USD 11 billion of UAE deposits held by Egypt’s central bank were redirected specifically for this purpose. This not only signifies financial trust but also a strong partnership between the UAE and Egypt, which bodes well for future collaborations.
During the launch event, a captivating visual presentation showcased the project’s goals, elucidating its potential for immense economic development. The Ras El Hikma city is set to feature not just tourism facilities but also a free zone, residential areas, and extensive entertainment projects, creating a lively, multi-faceted environment for everyone.
As Egypt embraces this new chapter, it is clear that the Ras El Hikma project stands not just as a real estate development but as a beacon of prosperity, innovation, and cultural exchange, aimed at elevating the North Coast to new heights of global prominence.
Stay tuned to Africazine for more updates on this transformative journey!
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