$35 Billion North Coast Development Remains on Schedule
Egyptian Prime Minister Mostafa Madbouly met with Jassem Al Zaabi, Chairperson of Modon Holding, at the government headquarters in the New Administrative Capital this week. The session served to verify the progress of the Ras El Hekma megaproject on Egypt’s Mediterranean coast. Officials confirmed that the $35 billion development remains on schedule, with initial tourism and commercial facilities expected to begin operations as planned.
Coordination Between Cairo and Abu Dhabi
The Ras El Hekma project serves as a cornerstone of Egypt’s strategy to expand its tourism and real estate sectors. According to the Egyptian Cabinet, the project is moving forward through constant coordination between Egyptian officials and the Emirati development team. Prime Minister Madbouly stated that the government is actively monitoring the execution to ensure the project meets its established timelines.
Jassem Al Zaabi, representing the developer, confirmed that the first phase—which includes hospitality, entertainment, and commercial infrastructure—is currently on track. Both parties have agreed to conduct a site visit in the near future to inspect the physical construction progress along the North Coast.
Foreign Investment
The development was formalized through an agreement led by the Abu Dhabi-based investment firm ADQ. The project aims to transform the region into a global tourism hub by utilizing the natural landscape of the Mediterranean coastline.
The Egyptian government views this development as a primary driver for regional economic growth. By creating a mixed-use city that integrates residential, commercial, and resort facilities, officials expect the project to significantly increase visitor arrivals and provide a long-term boost to the national economy.
Master Plan for a Coastal City
Announced in 2024, Ras El Hekma is designed as a comprehensive, mixed-use coastal city. While the initial phase focuses on tourism and hospitality infrastructure, the project’s master plan includes extensive residential and entertainment facilities.
The collaboration between the Egyptian government and UAE-based entities is intended to ensure that the project serves as a sustainable, large-scale investment. By maintaining a strict implementation schedule, the developers aim to establish the site as a premier destination for international and domestic tourism, effectively reshaping the economic profile of Egypt’s North Coast.