Construction work has begun on a megacity in Egypt that will be twice the size of Barcelona, home to two million people and cover 170 square kilometres (65 square miles).
The Mediterranean Ras El-Hekma development, 350km (217 miles) northwest of Cairo, will contain residential districts, international hotels, tourist resorts, golf courses and entertainment venues, as well as hospitals, schools, universities, a marina and high-speed rail connectivity.
It’s ‘envisioned as a fully functional, smart, sustainable, and inclusive urban community situated against the scenic coastline’.
By 2045, the city is expected to contribute $25billion (£19billion) a year to Egypt’s economy and is forecast to create 750,000 jobs.
When a proposed new airport is created, it will be a four-hour flight for over 400million tourists.
Construction work has begun on Ras El-Hekma (above) – a megacity in Egypt that will be twice the size of Barcelona
The project is being backed by Abu Dhabi-based sovereign fund ADQ, which on Friday appointed UAE developer Modon as the master developer of the vast metropolis in a ceremony attended by UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Egyptian President His Excellency Abdel Fattah El-Sisi.
His Excellency Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, said: ‘Ras El Hekma is destined to become a regional crown jewel in a country already famed for its rich and diverse attractions.
‘Modon Holding is proud to bring this 170-million-square-metre visionary megaproject to life, leveraging our expertise and innovative approach.
In the presence of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and His Excellency Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, ADQ, an Abu Dhabi-based investment and holding company, appointed Modon Holding PSC as the master developer for the Ras El Hekma megaproject
‘With our partners, we are poised to transform Ras El Hekma into a dynamic economic powerhouse and a global model for urban development.’
His Excellency Mohamed Hassan Alsuwaidi, Managing Director and Group Chief Executive Officer of ADQ, said: ‘As a project of unprecedented scale and impact, Ras El Hekma will be a catalyst for the development of Egypt’s economy by offering opportunities for businesses and stimulate tourism.
‘Modon Holding brings a wealth of expertise in master planning and will pioneer state-of-the-art, innovative solutions, creating a destination that will deliver long-term value for Egypt and its people.’
A memorandum of understanding has been signed with Accor and Ennismore to operate hotels and resorts in Ras El Hekma.