Abu Dhabi–based Modon Holding has awarded a construction contract valued at about EGP 15 billion ($316 million) to Orascom Construction for the development of a major mixed-use project in Ras El Hekma, according to regional business media reports. The award marks one of the first substantial construction packages to be announced since Ras El Hekma was unveiled as Egypt’s largest coastal development initiative.
The project, which will be built on an area of roughly 50 acres, is set to include a mix of residential units, office space, and a 70-room hotel, positioning it as a core urban component within the wider Ras El Hekma masterplan. Under the contract, Orascom Construction will be responsible for the full scope of works, including infrastructure and superstructure, reflecting the scale and technical complexity of the development.
The award follows a key milestone reached in October 2024, when ADQ appointed Modon Holding as the master developer of the Ras El Hekma megaproject, a strategic investment designed to transform Egypt’s North Coast into a globally competitive urban, tourism, and investment destination. The project forms a central pillar of Egypt’s broader push to attract large-scale foreign direct investment and accelerate private-sector-led growth in real estate, tourism, and infrastructure.
According to people familiar with the matter cited by Asharq Business, the newly awarded contract covers development works in Wadi Yemm, which is planned as the first mixed-use neighborhood within the Ras El Hekma development. The neighborhood is expected to set the architectural and functional tone for subsequent phases, combining residential living with commercial and hospitality components to support year-round economic activity rather than seasonal tourism alone.
For Orascom Construction, the award strengthens its project pipeline in Egypt at a time when the company is also expanding regionally, leveraging its dual listing on the Abu Dhabi Securities Exchange and the Egyptian Exchange. Analysts note that the contract underscores the company’s positioning as a preferred contractor for large, fast-track developments backed by Gulf capital.
The Ras El Hekma project has emerged as one of the most closely watched developments in Egypt’s real estate and investment landscape, symbolizing deepening economic ties between Egypt and the UAE. With master planning now moving into execution, industry observers expect further construction awards to follow as infrastructure, residential, tourism, and commercial zones are rolled out in phases over the coming years.
