Construction has begun on a megacity in Egypt that will be twice the size of Barcelona, house two million inhabitants and cover an area of 170 square kilometers.
The Mediterranean Ras El-Hekma project, 350 km northwest of Cairo, will include residential areas, international hotels, tourist resorts, golf courses and entertainment venues, as well as hospitals, schools, universities, a marina and a high-speed rail line. connectivity.
It is ‘envisioned as a fully functional, smart, sustainable and inclusive urban community nestled against the scenic coastline’.
By 2045, the city is expected to contribute $25 billion per year to Egypt’s economy and create 750,000 jobs.
When a proposed new airport is built, it will be a four-hour flight away for more than 400 million tourists.
Construction work has begun on Ras El-Hekma (above) – a megacity in Egypt that will be twice the size of Barcelona
The project is backed by Abu Dhabi-based sovereign wealth fund ADQ, which on Friday appointed UAE developer Modon as lead developer of the massive metropolis at a ceremony attended by UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the Egyptian President His Excellency Abdel. Fattah El-Sisi.
His Excellency Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, said: “Ras El Hekma is destined to become a regional crown jewel in a country already famous for its rich and diverse attractions.
“Modon Holding is proud to bring this visionary 170 million square meter mega project to life, leveraging our expertise and innovative approach.
In the presence of President His Highness Sheikh Mohamed bin Zayed Al Nahyan (back row, second from left), and His Excellency Abdel Fattah El-Sisi, President of the Arab Republic of Egypt (back row, second from right), ADQ, a De in Abu Dhabi-based investment and holding company has appointed Modon Holding PSC as master developer for the Ras El Hekma mega project
‘Together with our partners, we are ready to transform Ras El Hekma into a dynamic economic powerhouse and a global model for urban development.’
His Excellency Mohamed Hassan Alsuwaidi, Managing Director and Group Chief Executive Officer of ADQ, said: “As a project of unprecedented scale and impact, Ras El Hekma will be a catalyst for the development of the Egyptian economy by providing opportunities for businesses and tourism to stimulate.
“Modon Holding brings a wealth of expertise in master planning and will pioneer state-of-the-art, innovative solutions, creating a destination that will deliver long-term value for Egypt and its people.”
A Memorandum of Understanding has been signed with Accor and Ennismore for the operation of hotels and resorts in Ras El Hekma.