Abu Dhabi-based sovereign fund ADQ has appointed the UAE's Modon Holding PSC (MODON.AD), opens new tab as the master developer of a vast project to develop a city at Ras El Hekma on Egypt's north coast, Modon said in a statement on Friday.
Modon is an Abu-Dhabi developer in which ADQ and Abu Dhabi's IHC are majority shareholders.
The Ras El Hekma deal was announced in February with $35 billion in short-term investments, including $24 billion for the land rights to the undeveloped site on the Mediterranean coast.
It provided a crucial injection of funds for Egypt, which had been struggling with chronic foreign currency shortages exacerbated by the loss of Suez Canal revenue due to attacks on Red Sea shipping by Yemen's Houthis.
Modon said it had signed a framework agreement with Egypt's Orascom Construction (OC.DI), opens new tab, designating them as one of the primary contractors for the initial construction phase of the project.
It also announced a series of memoranda of understanding for potential partnerships on the mega-project, including with Egypt's Elsewedy Electric, Abu Dhabi Airports and Abu Dhabi energy company TAQA.
There was no mention in the statement of Egypt's Talaat Moustafa Group (TMG), which had previously said it would be involved in the development of Ras El Hekma.
Ras El Hekma lies 200 km (124 miles) west of Alexandria near an area of glitzy summer resorts and white sand beaches popular with wealthy Egyptians.
ADQ has previously said work to build a "next generation city" over 170 square kilometres - nearly a fifth of the size of Abu Dhabi city - would begin next year.
No comments:
Post a Comment