Egypt's $35 billion new city 'Megaproject' on track

Egyptian President Sisi and UAE President Sheikh Mohamed bin Zayed Al Nahyan announced a major project with Abu Dhabi-based investment and holding company ADQ, appointing Modon Holding as the main developer for the Ras El Hekma megaproject in Egypt, a ten-billion-dollar development project designed to enhance Egypt's North Coast region by building thousands of acres of residential, commercial, and hospitality facilities. This iconic project represents a major milestone for Modon Holding as it significantly increases its land under development outside the UAE. Ras El Hekma is located 186 miles northwest of Cairo and hopes to be a fully functional, smart, sustainable, and inclusive urban community with the backdrop of the scenic coastline.