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ZAWYA-PROJECTS: UAE’s Modon awards $316mln contract for project in Egypt’s Ras El Hekma: Report
ZAWYA-PROJECTS: UAE’s Modon awards $316mln contract for project in Egypt’s Ras El Hekma: Report
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Staff WriterAbu Dhabi-listed Modon Holding has awarded an EGP 15 billion ($316.25 million) contract to Orascom Construction to develop a project in Ras El Hekma on Egypt’s North Coast, according to a news report.The project spans 50 acres and includes residential units, office spaces, and a 70-room hotel, Asharq Business reported quoting two unnamed sources.Orascom, which is dual-listed on the Abu Dhabi Securities Exchange and the Egyptian Exchange, will be responsible for the complete construction, including infrastructure, the report said.In October 2024, ADQ, an Abu Dhabi-based investment and holding company, appointed Modon Holding as the master developer for the Ras El Hekma megaproject.The Wadi Yemm area is the first mixed-use neighborhood to be developed within the project, the report said.(Writing by P Deol; Editing by Anoop Menon)([email protected])Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa. Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.