Abu Dhabi-listed Modon Holding has invited 10 contracting companies operating in the Egyptian market to bid for the development of infrastructure for its first tourism project in Ras Al Hekma, according to a news report.

The company will invest 45 billion Egyptian pounds ($928 million) over the next two and a half years to develop infrastructure over an area of 8.1 million square meters (sqm), Ashraq Business reported, citing unnamed sources.

The work scope includes roads and bridges, the electricity network, and water and sewage systems. Work is set to begin with the award before the end of the year, the report said.

Modon plans to develop 49 million sqm in the first phase of the project, which will include hotels and a large marina.

Abu Dhabi-based investment and holding company ADQ has appointed Modon as the master developer for the 170-million sqm Ras El Hekma megaproject.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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