In the presence of Mohamed bin Zayed Al Nahyan and Abdel Fattah El-Sisi The event marked the signing of several significant agreements aimed at driving the development of the new destination ABU DHABI , UAE , Oct. 4, 2024 /PRNewswire/ -- In the presence of President His Highness Sheikh Mohamed bin Zayed Al Nahyan , and His Excellency Abdel Fattah El-Sisi, President of the Arab Republic of Egypt , ADQ, an Abu Dhabi -based investment and holding company, appointed Modon Holding PSC as the master developer for the Ras El Hekma megaproject. In addition to being master developer for the entire development spanning 170 million square metres, Modon Holding will undertake the responsibility of the developer role for the first phase of the envisaged city consisting of 50 million square metres.
The remaining 120 million square metres, which are part of the master plan presented by Modon Holding, will be developed in partnership with prominent developers from Egypt , the UAE, and the international community under the oversight of the recently established ADQ subsidiary Ras El Hekma Urban Development Project Company and Modon Holding. This iconic project represents a major milestone for Modon Holding by significantly increasing its land under development outside the UAE. Ras El Hekma is located around 350 kilometres northwest of Cairo and envisioned as a fully functional, smart, sustainable, and inclusive urban community situated against the scenic coastline.
The project is expected to b.