Orascom is implementing a $316 million project in Ras El Hekma.
Informed sources have stated that the UAE-based Modon Holding has awarded the development of one of its projects in Ras El Hekma, on Egypt's North Coast, to Orascom Construction, at a total cost of approximately EGP 15 billion (USD 316.25 million).
According to Al-Sharq, one of the informed sources explained that the project spans 50 acres and includes residential units, administrative offices, and a 70-room hotel. The source indicated that Orascom will be responsible for implementing all components of the project, including infrastructure and residential construction.
Egypt and the UAE launched the Ras El Hekma project in October 2024 with total investments of USD 35 billion, appointing Modon Holding as the project's master developer. Several Egyptian and Emirati companies have signed contracts to commence construction.
The Wadi Yam area is the first neighborhood to be developed within the project. Located along the beach, it will include residential units, hotels, and recreational facilities, including two golf courses, a country club, and a 10,000-seat open-air theater. The project also offers apartments ranging from one to four bedrooms, in addition to five and six-bedroom villas with private facilities.