Modon awards $200m contract for Ras El Hekma district
Abu Dhabi developer Modon Holding has reportedly awarded the infrastructure contract for the Wadi Yemm district, the first luxury residential destination in Egypt’s $35 billion Ras El Hekma development.
The contract, valued at EGP10 billion ($200 million), was awarded to a joint venture between Egypt’s Rowad Modern Engineering and Greece’s Consolidated Contractors Company (CCC), Asharq Business reported, quoting unidentified sources.
In February, Modon awarded an EGP15 billion contract to Egypt’s Orascom Construction to develop a mixed-use project within the mega-project.
The Wadi Yemm district features residential units, hotels and leisure facilities, including two golf courses, a country club and a 10,000-seat open-air theatre.
Abu Dhabi wealth fund ADQ appointed Modon as the master developer for the mega-project in 2024.
Ras El Hekma is forecast to contribute $25 billion annually to Egypt’s GDP and create 750,000 jobs, directly and indirectly.
Modon shares rose 0.3 percent to AED2.99 on the Abu Dhabi Securities Exchange on Tuesday, down 11 percent since January 1.
ADQ is one of Modon’s largest shareholders.
Further reading:
- Egypt’s branded residences spark hope for tourism funding
- Abu Dhabi’s futuristic vision of an Egyptian metropolis
- Egypt’s Talaat Moustafa launches $27bn ‘cognitive city’ in Cairo
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