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Hassan Allam signs agreement for Ras El-Hekma project

10 April 2025

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Egyptian firm Hassan Allam Holding has announced that its subsidiary 3S Readymix Concrete has signed a memorandum of understanding (MoU) with Abu Dhabi’s Modon Holding to serve Ras El-Hekma, a planned new city on Egypt’s Mediterranean coast.

The MoU covers setting up a ready mix concrete and concrete products hub in Ras El-Hekma’s newly established industrial zone.

The announcement follows Modon Holding’s signing of a letter of intent with the Egyptian firm Elsewedy Industrial Development to develop and operate an industrial zone at the Ras El-Hekma development.

The industrial zone will cover an area of over 10 million square metres (sq m) and will be located south of the Alexandria-Matrouh highway.

According to media reports, the industrial zone will seek to attract manufacturers and investors from the building materials sector to produce sustainable materials catering to the broader Ras El-Hekma project.

The agreement follows the signing of several memorandums of understanding in October 2024 with local and international firms to join the development.

Last year, Abu Dhabi-based holding company ADQ appointed Modon Holding as the master developer for the Ras El-Hekma project.

According to an official statement, Modon will act as the master developer for the entire development, which will cover more than 170 million sq m.

Modon Holding will develop the first phase of the project, which will cover 50 million sq m.

The remaining 120 million sq m will be developed in partnership with private developers under the supervision of the recently established ADQ subsidiary Ras El-Hekma Urban Development Project Company and Modon Holding.

The agreement was signed during a ceremony attended by President of the UAE Sheikh Mohamed Bin Zayed Al-Nahyan and President of Egypt Abdel Fattah El-Sisi.

MEED’s March 2025 special report on Egypt includes:

> COMMENT: Egypt battles structural issues
> GOVERNMENT: Egypt is in the eye of Trump’s Gaza storm
> ECONOMY: Egypt’s economy gets its mojo back
> OIL & GAS: Egypt gas project activity collapses amid energy crisis
> POWER & WATER: Egypt’s utility projects keep pace
> CONSTRUCTION: Coastal city scheme is a boon to Egypt construction
> DATABANK: Egypt faces complex economic reality

READ THE APRIL 2025 MEED BUSINESS REVIEW – clck here to view PDF

Regional construction heads underground; Riyadh reaps both diplomatic and economic success; Luxury GCC hospitality projects drive tourism

Distributed to senior decision-makers in the region and around the world, the April 2025 edition of MEED Business Review includes:

> SAUDI ARABIA REPORT: Riyadh enjoys buoyant fortunes
> GULF PROJECTS INDEX: Gulf index sees minor correction
To see previous issues of MEED Business Review, please click here
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Yasir Iqbal

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