Modon awards Ras El Hekma contract to Orascom

Abu Dhabi developer Modon Holding has reportedly awarded a contract to Egypt’s Orascom Construction to develop a mixed-use project within the $35 billion Ras El Hekma megaproject.

The contract is estimated at EGP15 billion ($316.3 million), Asharq Business reported, quoting two unidentified sources.

The project, covering 202,343 square meters, will include residential units, administrative offices and a 70-room hotel. No information was given on when the work will commence or be completed.

Orascom will be responsible for implementing all aspects of the project, the report said.

Orascom Construction is listed on both the Egyptian Exchange and the Abu Dhabi Securities Exchange (ADX).

Abu Dhabi wealth fund ADQ appointed Modon as the master developer for the megaproject in 2024. 

The Ras El Hekma project is forecast to contribute $25 billion annually to Egypt’s GDP and create 750,000 jobs both directly and indirectly.

Wadi Yemm is the first premium destination within Ras El Hekma, featuring residential units, hotels and recreational facilities, including two golf courses and a 10,000-seat open-air theatre.

• Egypt receives $3.5bn from Qatar in coastal development deal
• Egyptian minister touts Ras El Hekma as blueprint for global deals
• ADQ’s Egypt project lights fire under region’s real estate

Last week Orascom Construction said its backlog increased by a fifth to more than $9 billion by the end of December 31, 2025.

The company’s shares closed 6 percent higher at AED37.86 on ADX on Monday, nearly 13 percent up in the year to date.

Shares in Modon fell 1.1 percent to AED3.53 on the ADX on Monday, after gaining 5 percent since January 1.  

ADQ is one of Modon’s largest shareholders.