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Abu Dhabi-listed Modon Holding has awarded an EGP 15 billion ($316.25 million) contract to Orascom Construction to develop a project in Ras El Hekma on Egypt’s North Coast, according to a news report.
The project spans 50 acres and includes residential units, office spaces, and a 70-room hotel, Asharq Business reported quoting two unnamed sources.
Orascom, which is dual-listed on the Abu Dhabi Securities Exchange and the Egyptian Exchange, will be responsible for the complete construction, including infrastructure, the report said.
In October 2024, ADQ, an Abu Dhabi-based investment and holding company, appointed Modon Holding as the master developer for the Ras El Hekma megaproject.
The Wadi Yemm area is the first mixed-use neighborhood to be developed within the project, the report said.
(Writing by P Deol; Editing by Anoop Menon)
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