Egypt’s PM Reviews Progress of Ras El Hekma Megaproject with Emirati Investor
Egyptian Prime Minister Mostafa Madbouly and Modon Holding Chairperson Jassem Al Zaabi confirmed that the Ras El Hekma megaproject is proceeding according to its planned timetable. The development, a $35 billion investment led by ADQ, aims to transform Egypt’s northwestern Mediterranean coast into a tourism destination.
Execution Timelines and First-Phase Operations
During a meeting at the government headquarters in the New Administrative Capital, Prime Minister Madbouly emphasized the government’s commitment to monitoring the project’s execution. He stated that continuous coordination between Egypt and the United Arab Emirates is accelerating progress across the city’s various components.
Jassem Al Zaabi confirmed that construction remains on schedule. Specifically, the first phase—which encompasses hospitality, commercial, and entertainment facilities—is on track to begin operations as planned. The project is designed to leverage the natural attractions of Ras El Hekma to increase visitor arrivals to the Mediterranean coast.
The two sides agreed to a joint site visit in the near future to inspect the construction progress on the ground.
Economic Catalyst and Regional Impact
Madbouly described the development as a major catalyst for economic growth and tourism. By maximizing investment opportunities along the North Coast, the project intends to reshape the economic activity of the region.
- Hotels
- Resorts
- Residential developments
- Commercial developments
- Entertainment facilities
Strategic Context of the ADQ Investment
The Ras El Hekma project originated from a 2024 agreement led by ADQ.
According to Al Zaabi, the project is a “transformative investment” that will reshape tourism and economic activity along the North Coast. The goal is to create a “world-class tourism destination” that can compete with other Mediterranean hubs.