Abu Dhabi-based investment and holding company ADQ announced on Friday that it has appointed Modon Holding as the master developer for the Ras Al Hekma megaproject in the Egyptian coastal city.
Spanning more than 170 million square metres, the development is expected to attract more foreign direct investment, boost trade, create jobs and support Egypt’s private sector. It will include hotels, yacht marinas, hospitality and entertainment centres, as well as residential, commercial, retail and recreational spaces with global connectivity.
The total investment in the development of Ras Al Hekma city is expected to reach $150 billion, with Egypt securing a 35 per cent share of the project’s profits.
The agreement was signed in the presence of President Sheikh Mohamed and Egypt's President Abdel Fattah El Sisi in Egypt.
Modon is taking on two key roles in the large-scale urban development project. As master developer, it will be responsible for overseeing the development of the entire project. In addition, it will handle the development of the first phase of the city, which covers 50 million square metres.
For the remaining 120 million square metres, Modon will collaborate with prominent developers from Egypt, the UAE and international partners. This part of the development will be under the supervision of Ras Al Hekma Urban Development Project Company, a newly created subsidiary of ADQ, and Modon.
In February, ADQ said it would acquire the development rights for Ras Al Hekma, about 350km north-west of Cairo. In May, Egypt received a payment of $14 billion from the UAE to develop the coastal city, the second tranche of the $35 billion deal. The development is expected to attract as much as $150 billion in investments, Egyptian Prime Minister Mostafa Madbouly said in February.
“With our partners, we are poised to transform Ras Al Hekma into a dynamic economic powerhouse and a global model for urban development,” said Jassem Al Zaabi, chairman of Modon Holding.
The project is expected to become a sustainable economic engine, with total investments expected to reach $110 billion by 2045, with a substantial gross domestic product contribution of around $25 billion annually.
By 2030, nearly $55 billion will be invested in the project, with the potential to create more than 100,000 jobs through construction activities and the announcement of new hospitality and manufacturing businesses. Modon expects that the development will create nearly 750,000 jobs by 2045, both directly and indirectly.
Upon completion, the development will be home to two million people and feature more than 40km of green spines that will make Ras Al Hekma the greenest megaproject in the region.
“As a project of unprecedented scale and impact, Ras Al Hekma will be a catalyst for the development of Egypt’s economy by offering opportunities for businesses, and stimulate tourism,” Mohamed Hassan Alsuwaidi, managing director and group chief executive of ADQ, said.
Given Ras Al Hekma's strategic location within a four-hour flight for over 400 million outbound tourists, developing tourism infrastructure will be a key focus in the initial phases of the project. This includes the construction of an international airport and the introduction of high-speed rail connections. It will also have an international marina and a special free zone.
On Friday, Modon also signed a series of agreements across sectors, including construction, energy, smart city infrastructure, luxury property, hospitality, and health care, to develop Ras Al Hekma into a world-class destination.
It signed agreements with companies including Orascom Construction, Elsewedy Electric, Abu Dhabi Airports, Taqa, Valderrama, e& Egypt, Montage International, Candy International, Burjeel Holding, and Accor and Ennismore.
Chinese EV maker Nio to enter Mena
Chinese electric car maker Nio has teamed up with CYVN Holdings, an investment entity backed by Abu Dhabi, to launch Nio Mena. The agreement was signed in the presence of President Sheikh Mohamed and Mr El Sisi.
The partnership, which marked Nio's entry into the Middle East and North Africa region, is supported by investments from CYVN Holdings. Nio Mena will roll out Nio’s vehicles and those from its subsidiary brands to the region. The UAE will be first market for Nio Mena.
“This partnership is a testament to our mutual commitment to fostering the strength of our strategic collaborations and achieving transformative goals in the smart mobility sector,” said Mr Al Zaabi, chairman of CYVN Holdings.
In December, Nio signed an agreement for an investment of $2.2 billion from CYVN Holdings, following an investment of $1 billion in July last year. The December investment gave the Abu Dhabi firm 20.1 per cent shareholding in Nio.
Nio and CYVN aim to set up a research and development centre in Abu Dhabi to focus on autonomous driving and artificial intelligence advancements.
They also plan to collaborate on an electric vehicle project, involving research, manufacturing, and future product launches.
How The Debt Panel's advice helped readers in 2019
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