Ras El Hekma has secured another major development contract as Modon Holding expands construction across the coastal destination. The Abu Dhabi-based developer awarded the contract to an Egyptian joint venture. Innovo Build and RedCon Construction will handle infrastructure and construction work. The contract covers the DP03 East package within Wadi Yemm. Its value exceeds EGP12 billion, which equals about $230 million. The project forms part of the wider $35 billion master development.
Construction will cover about 323,000 square meters of built-up space. The development will include 660 residential units and public service areas. It will also feature lakes, a commercial mall and landscaped spaces. Road paving will form another part of the construction package. Meanwhile, the developers expect completion within 21 months. The joint venture will manage infrastructure and contracting works across the designated area.
Modon received its role as master developer in 2024. Abu Dhabi investment group ADQ appointed the company to lead the development. Since then, Modon has continued expanding its plans for the Egyptian destination. The company has also announced several additional projects within the wider development. These plans include a luxury resort and residential project carrying the Nammos brand.
Wadi Yemm represents a premium destination within the larger coastal project. The development will combine residential properties, hotels and recreational facilities. Plans also include two golf courses and a 10,000-seat outdoor theatre. Furthermore, the destination will include commercial and public spaces. These facilities aim to create a broad mix of services for residents and visitors.
The wider Ras El Hekma project carries major economic expectations for Egypt. Forecasts estimate an annual contribution of $25 billion to Egypt’s GDP. The development could also create around 750,000 direct and indirect jobs. Therefore, construction activity could support wider economic growth. It could also create additional opportunities for contractors and related businesses.
The latest contract strengthens cooperation between Gulf-backed developers and Egyptian construction companies. Innovo Build and RedCon Construction will jointly deliver the latest package. Their work will support residential units, infrastructure and public areas. Meanwhile, Modon will continue overseeing the broader development strategy. Additional contracts could follow as construction moves into further phases.
Ras El Hekma continues to expand through major construction and investment projects. Modon’s latest award adds another significant package to the development. The EGP12 billion contract will support housing and essential infrastructure. At the same time, the 21-month schedule provides a clear construction timeline. Future phases could expand residential, hospitality and entertainment facilities. Consequently, the latest agreement marks another step in the development of the coastal destination.
