Orascom Construction partners with Modon for Egypt’s Ras El Hekma mega project

Feyisayo Ajayi -

Key Points

  • Orascom Construction to lead Phase One of Egypt's Ras El Hekma mega project, in collaboration with Modon Holding.
  • The Ras El Hekma project is set to become a major milestone in Egypt's tourism and urban development strategies.
  • Orascom, owned by North Africa’s wealthiest family, the Sawiris family, continues to drive large-scale projects critical to Egypt’s economic growth.

Orascom Construction, controlled by Egypt's wealthiest family, the Sawiris family, has officially confirmed its partnership with Modon Holding to spearhead the initial phase of Egypt’s ambitious Ras El Hekma mega project.

The agreement, signed on Oct. 4, 2024, establishes Orascom as the primary contractor for this landmark initiative, further solidifying its leadership position in Egypt’s flourishing construction and infrastructure sector.

Ras El Hekma: A vision for urban and tourism growth

Located along Egypt’s Mediterranean coast, the Ras El Hekma project aims to emerge as one of the country's largest urban and tourism developments.

The collaboration with Modon Holding, a prominent player in property development, is set to accelerate construction efforts while invigorating Egypt’s tourism and real estate sectors.

The initial phase will focus on creating modern urban living spaces, luxury hotels, and high-end recreational facilities, ensuring that the project meets the needs of both domestic and international visitors.

Upon completion, the project is expected to draw domestic and international visitors, contributing significantly to Egypt's economy and solidifying its status as a prime luxury tourism destination.

Sawiris family's continued influence in construction

Founded by the late Egyptian tycoon Onsi Sawiris in 1976, Orascom Construction remains a family-controlled enterprise, with the Sawiris family holding a 51.8 percent stake through OS Private Trust Company. Nassef Sawiris, Egypt's richest man, owns an additional 28.97 percent.

As a global construction leader operating in the Middle East, Africa, and the U.S., Orascom is now leading the Ras El Hekma project, which aims to blend luxury, tourism, and urban development.

This initiative seeks to set a new standard for private sector infrastructure, boosting Egypt’s economy and strengthening its position in the regional construction market.