The Wadi Yam area in Ras al-Hikma on Egypt’s North Coast is preparing for infrastructure work in a deal estimated at around 10 billion Egyptian pounds, equivalent to about 200 million dollars.
The UAE-based Modon Holding Group, the master developer of the Ras Al Hekma project on the North Coast, has assigned the implementation of infrastructure works in the "Wadi Yam" city within the project to a consortium comprising "Modern Engineering Pioneers" and "Consolidated Contractors Company (CCC)."
According to Bloomberg, citing informed sources, this contract represents the second largest contract concluded by the Emirati group within the project, following its previous contract with Orascom Construction worth 15 billion pounds to implement residential, hotel and infrastructure works.
The "Wadi Yam" area is the first neighborhood where construction work will begin along the Mediterranean coast, where it is planned to include residential units, hotels and entertainment facilities, in addition to two golf courses, a country club and an open-air theater that can accommodate about 10,000 spectators.
This step comes as part of the comprehensive development of the Ras El Hekma project, which was launched in October 2024 with total investments of up to $35 billion.
Modon Holding is responsible for preparing the master plan and overseeing the implementation of the first phase of the project, which covers an area of 50 million square meters and focuses on tourism infrastructure. The remaining area of 120 million square meters will be developed in partnership with local and international developers, under the supervision of Ras Al Hikma Urban Development Company, a subsidiary of the UAE's ADQ, in cooperation with Modon Holding.
