Egypt Daily News – The announcement by ADQ holding company regarding the appointment of Modon Holding as the main developer for the Ras Al-Hikma project marks a significant development in the region.
Located on the northern coast of Egypt, approximately 350 kilometers northwest of Cairo, this ambitious project, which occupies over 170 million square meters, aims to transform Ras El-Hikma into a leading global destination by incorporating a variety of facilities.
Key highlights of the Ras Al-Hikma project include:
- Investment Scope: The total cumulative investment is projected to reach $110 billion by 2045, with an annual contribution of $25 billion from the “Head of Wisdom.”
- Economic Impact: The project is expected to greatly enhance Egypt’s gross domestic product, contributing around $25 billion annually and creating approximately 750,000 job opportunities.
- Tourism Development: Focused initially on creating a tourism infrastructure, the project aims to attract a significant share of the Mediterranean tourism market by providing unique attractions and experiences. Its strategic location allows it to cater to over 400 million tourists within four hours of travel.
- City Features: Upon completion, Ras Al-Hikma will support around two million residents and feature over 40 kilometers of green spaces. The plans include a new international airport, high-speed train station, and various residential, commercial, and entertainment facilities, including a global marina.
- Phased Development: Within three years, the project is expected to deliver 5,500 residential units, comprising villas and apartments. The first phase of construction is scheduled to begin within 30 days, with completion anticipated within 40 months.
This project represents a multi-faceted approach to economic development, combining tourism, residential, and commercial opportunities, thereby positioning Ras El-Hikma as a vital hub for tourism and investment in the region.
