PM Madbouly reviews progress of Ras El Hekma megaproject with Modon Holding
Egyptian Prime Minister Mostafa Madbouly met with Jassem Al Zaabi, Chairperson of Modon Holding, to review progress on the implementation of the Ras El Hekma megaproject on Egypt’s northwestern Mediterranean coast.
The meeting, held at the government headquarters in the New Administrative Capital, focused on the latest developments in the flagship urban development project and ongoing coordination between the Egyptian and Emirati sides to ensure implementation remains on schedule.
Madbouly reaffirmed the government’s commitment to closely monitoring the project’s execution, stressing that continuous coordination between the two countries is helping accelerate progress across its various components in line with the planned timetable.
He said the development is expected to maximise investment and development opportunities along Egypt’s North Coast and serve as a major catalyst for economic growth and tourism in the region.
Al Zaabi said construction is progressing according to schedule, adding that the hospitality, commercial and entertainment facilities in the first phase remain on track to begin operations as planned.
He noted that the project aims to create a world-class tourism destination by capitalising on Ras El Hekma’s natural attractions while boosting visitor arrivals to Egypt’s Mediterranean coast.
Al Zaabi also thanked the prime minister for his continued follow-up of the project’s implementation, describing Ras El Hekma as a transformative investment that will reshape tourism and economic activity along the North Coast.
The two sides agreed to conduct a joint site visit to Ras El Hekma in the near future to review construction progress on the ground.
Ras El Hekma is a flagship Egypt-UAE development project announced in 2024 under a $35bn investment agreement led by ADQ. The mixed-use coastal city will include hotels, resorts, residential and commercial developments, and entertainment facilities, making it one of the largest tourism and real estate projects on Egypt’s Mediterranean coast.
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