Modon Ras El-Hekma for Urban Planning and Development is a subsidiary of Abu Dhabi-based investment company ADQ. It oversees the $35 billion Ras El-Hekma city project on Egypt's North Coast alongside Abu Dhabi-based master developer Modon Holding.
The contract covers the construction of a 200-room Montage Hotel, 96 branded villas under the Montage Hotels & Resorts brand, a clubhouse, and related infrastructure and external works.
Montage Hotels & Resorts is a US-based ultra-luxury hospitality management company owned by Montage International.
The Ras El Hekma project, signed between Egypt and the UAE in 2024, is the largest foreign direct investment (FDI) deal in Egypt's history, with total investments of $35 billion.
Under the agreement, Egypt received an initial payment of $15 billion, comprising $10 billion in fresh inflows and $5 billion converted from UAE deposits held at the Central Bank of Egypt (CBE) into Egyptian pounds in February 2024.
A second payment of the remaining $20 billion followed two months later. Egypt will retain a 35 percent stake in the project.
The project is viewed as the greenest megaproject in the Arab world. It is expected to attract up to $110 billion in investments by 2045, contribute around $25 billion annually to Egypt's gross domestic product (GDP), and create about 750,000 jobs.
Total investments are projected to reach $150 billion over the lifetime of the development.
Modon Holding has been appointed to develop the first phase of Ras Al-Hekma, covering 50 million square metres. The remaining phases will be developed in partnership with Egyptian, Emirati, and international construction companies.
The project contributed to Egypt's economic stabilization in 2025 after years of domestic and external shocks by reviving real estate activity, easing the country's foreign currency shortage, and helping reduce foreign debt pressures.
Gulf investors have also increased their investments in Egypt's North Coast through projects including the expansion of Red Sea Marassi and the Alam Al-Roum development with Qatar Diar Real Estate. Over the past two years, Egypt has secured over $60 billion in North Coast megaproject investments from the UAE, Qatar, and other regional investors.
Among the latest developments is a luxury project in Ras El-Hekma through a partnership between Egyptian developer Palm Hills Developments and UAE-based Miran Hills Real Estate.
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