Egypt’s $35B Ras El Hekma Development Moves Forward With Nammos Hotels & Resorts Launch

Abu Dhabi-based Modon Holding and luxury hospitality group Nammos Hotels & Resorts announced on Thursday the launch of a luxury hospitality project within the $35 billion Ras El Hekma development on Egypt's North Coast, as the Mediterranean destination moves closer to becoming a major tourism and investment hub.Ras El Hekma strategy Nammos Ras El Hekma forms part of the Ras El Hekma masterplan, a 170.8 million-square-meter development seeking to attract tourism by transforming Egypt’s North Coast city, which spans 44 kilometres of Mediterranean coastline. The Ras El Hekma project is expected to attract $110 billion in investment by 2045, according to Modon's statement. “Ras El Hekma is fast emerging as one of the Mediterranean’s most ambitious destinations, and the progress we have made to date reflects the scale of our long-term vision," Bill O’Regan, group CEO of Modon Holding, said in the statement. The destination’s strategic location is a key advantage; Ras El Hekma is accessible to nearly half of the world’s population within a four-hour flight, according to Modon. Infrastructure projects, including a new international airport, high-speed rail networks, major highways, marinas, and a dedicated cruise terminal, are in development to capitalize on the city’s strategic position.Nammos Ras El Hekma is located in Wadi Yemm, the first of Ras El Hekma’s 17 precincts to enter the delivery phase. Other zones under development include a central business district featuring 2 million square meters of office space, as well as a marina district, parklands, and groves.Nammos: Intergrated destination Nammos Ras El Hekma marks a step in Greece-based Nammos’ global expansion strategy and represents the brand’s first fully integrated destination in Egypt. The luxury hospitality brand was established in Mykonos in 2003."Egypt’s North Coast is rapidly establishing itself as a world-class destination, and Ras El Hekma provides an exceptional platform for the continued expansion of the Nammos brand," said Petros Stathis, chairman of Nammos, in the statement. The North Coast development will draw inspiration from Mediterranean and Cycladic design traditions, incorporating architectural elements such as arched forms, sculpted massing, and limewashed surfaces.Nammos Residences will comprise a collection of 72 one- to four-bedroom apartments and a penthouse, while Nammos Resort will offer 79 rooms across five categories, ranging from junior suites to presidential suites.The Mediterranean village will combine hospitality, wellness, retail, and leisure, including a wellness and fitness centre, spa facilities, swimming pools and private dining. Key backgroundIn 2024, Abu Dhabi Developmental Holding Company (ADQ) appointed Modon Holding as the master developer of the Ras Al Hekma project. The agreement signing took place in the presence of UAE President, Sheikh Mohammed bin Zayed Al Nahyan, and Egyptian President Abdel Fattah El-Sisi. An ADQ-led consortium acquired the development rights for the Ras Al Hekma project for $24 billion that year, in a UAE-Egypt deal to develop the Mediterranean coastal city. The Egyptian government retains a 35% share in the development.