Hong Kong-headquartered architectural firm Aedas has confirmed that it is working on the overall masterplan for the Ras El-Hekma project, a planned new city on Egypt’s Mediterranean coast.

Aedas has been appointed by Abu Dhabi-based developer Modon Holding, who will act as the master developer for the entire development, which covers more than 170 million square metres (sq m).

Modon Holding will develop the first phase of the project, covering 50 million sq m.

The remaining 120 million sq m will be developed in partnership with private developers under the supervision of the recently established ADQ subsidiary Ras El-Hekma Urban Development Project Company and Modon Holding.

MEED reported earlier this month that Abu Dhabi-based holding company ADQ had appointed Modon Holding as the master developer for its Ras El-Hekma project.

Several project agreements were signed this month during a ceremony attended by the presidents of the UAE, Sheikh Mohamed Bin Zayed Al-Nahyan, and Egypt, Abdel Fattah El-Sisi.

Ras El-Hekma is on a spur of land on Egypt’s northern Mediterranean coastline, about 240 kilometres west of Alexandria.

The greenfield development is planned as a combined business and leisure destination, with hotels, leisure facilities, a free zone, a financial district and residential components.

The master development has been billed as having the potential to attract over $150bn in investment.