Abu Dhabi – Mubasher: The UAE’s Modon Holding has teamed up with Elsewedy Industrial Development to build and operate a new industrial zone for the Ras El-Hekma city megaproject in Egypt, according to a press release.
The two companies signed a letter of intent (LOI) under which Modon and Elsewedy will be actively securing anchor partners and industrial investors, prioritising leading Egyptian companies in key segments to drive industrial growth and create synergies with international investors.
The first wave of companies to sign memoranda of understanding with Modon to supply the offtake of building construction and other materials for the project in addition to exploring opportunities to develop factories or industrial lines at the proposed industrial zone includes:
- Elsewedy Electric, a leading Egyptian and international electric products provider and builder of power and water solutions.
- 3S Ready Mix Concrete, part of Hassan Allam Group and one of the largest ready mix concrete suppliers in Egypt.
- The listed RAK Ceramics, one of the largest ceramic brands in the world and a UAE-born company.
- Hitech Concrete, subsidiary of Trojan Construction Group, one of the leading concrete products providers in the UAE.
Meanwhile, the 10 million square-meter new industrial zone is located south of the Alexandria-Matrouh Highway and opposite the Ras El-Hekma site being developed by Modon. It will initially focus on attracting investors and manufacturers for building materials for the wider project – ensuring timely, cost-effective construction while introducing advanced, sustainable materials.
The joint venture between Modon and Elsewedy Industrial Development is the latest in a series of partnerships established to drive the megaproject forward and reaffirms Modon’s commitment to collaborate with Egyptian companies in delivering Ras El-Hekma.
Additionally, this expansion will position Ras El-Hekma as a hub for industrial innovation, aligning with its vision to become a thriving, globally competitive city.
Over the next 10 years, the industrial zone is projected to generate more than 20,000 new jobs, reinforcing its role as a catalyst for economic growth.
Chairman of Modon, Jassem Mohamed Bu Ataba Al Zaabi, said: "Our collaboration with Elsewedy Industrial Development marks a significant step in realising our vision for Ras El-Hekma.”
Al Zaabi added: “In joining forces with one of Egypt’s leading industrial businesses, Modon also demonstrates our commitment to collaborate with Egyptian and international companies in delivering this ambitious and transformative project.”
Meanwhile, Bill O'Regan, Group CEO of Modon, said: “The agreement with Elsewedy Industrial Development will bring deep local expertise to delivering the Ras El Hekma masterplan, and helps ensure we create a destination that surpasses the expectations of future residents while adding tangible value to local communities.”
The CEO of Elsewedy Industrial Development, Mohamed AlKammah, stated: “Ras El Hekma Industrial Zone will be a model for smart industrial cities, not only in terms of infrastructure but also in its ability to attract strategic industries in building materials and construction, while supporting the local economy through job opportunities and value-added productive ventures.”
Spanning 170.8 million square metres, the Egypt-based megaproject will be a fully functional, smart, sustainable, and inclusive urban community, and home to up to 2 million people following completion.
ADQ appointed Modon as master developer for Ras El-Hekma in 2024, with the planned city representing a key element of Modon’s international growth strategy and significantly increasing its land under development outside the UAE.
It is worth noting that Modon generated net income worth AED 9.38 billion in 2024 and revenue of AED 6.51 billion.
