Egypt’s Ministry of Housing, Utilities, and Urban Communities has submitted a proposal to the Cabinet to launch a 49,000-feddan (210-square-kilometer) real estate project behind New Alamein City in partnership with Arab and foreign investors, according to a source familiar with the ministry’s land offering program.
The proposal aims to develop the coastal area and maximize the state’s foreign currency revenues, the source said, speaking to Al Manassa on condition of anonymity. It follows the sharp increase in land values around Ras El-Hekma after Egypt signed a $35 billion agreement with the UAE in February 2024 to develop a 40,000-feddan site, a deal then described as the largest foreign direct investment in the country’s history.
The Ministry of Housing submitted the proposal to the Cabinet earlier this week and outlined two implementation options, the source said, with the aim of finalizing the plan before the end of the year.
The first option would offer the entire project to a single master developer with the capacity to manage such a vast area, following the Ras El-Hekma model led by the UAE’s Modon Holding. The master developer would then divide the site and sell parcels to smaller developers.
The second option would “divide the land into large plots and offer them in phases to different investors. That would generate higher returns, but over a period of three to five years,” the source said.
The proposal comes as Modon Holding and Nammos Hotels & Resorts announced the launch of the Nammos Ras El-Hekma project in the Wadi Yemm district, the first of 17 districts planned for development within Ras El-Hekma.
The source said investor bids are expected to determine how the project is implemented, adding that it would proceed as a single major transaction if the government receives financial offers that reflect the area’s market value.
Beyond generating foreign currency revenues, the project is also intended to stimulate the construction sector and support Egypt’s energy and telecommunications industries by involving Egyptian companies in infrastructure and implementation work, the source said.
In October 2024, Modon Holding signed cooperation agreements with Egyptian partners and contractors, including TAQA, e& Egypt, and Orascom Construction, to develop infrastructure for the project and its smart city, while also carrying out preliminary works.
