Modon awards EGP 12B construction works at Ras El Hekma project

Modon Holding, the master developer of the Ras El Hekma project on Egypt’s North Coast.

Modon Holding, the master developer of the Ras El Hekma project on Egypt’s North Coast, awarded a package of works at the Wadi Yemm project to a consortium comprising REDCON Construction and INNOVO, at an estimated value of around EGP 12 billion (about $240 million), Asharq reported.

These awarded works include infrastructure and residential projects within Wadi Yemm and are scheduled for completion within 18 months from the contract date.

According to the sources, this is the third major contract awarded by Modon Holding as part of the Ras El Hekma project, following a EGP 15 billion contract with Orascom Construction for residential and hotel projects as well as infrastructure works, and a EGP 10 billion (about $200 million) infrastructure contract for Wadi Yemm awarded to a consortium comprising Rowad Modern Engineering and Consolidated Contractors Company (CCC).

In 2024, Egypt and the UAE launched the Ras El Hekma project with an initial $35 billion investment from ADQ, while Modon Holding was appointed as the project’s master developer.