Egypt’s Hassan Allam to build concrete hub for Ras El Hekma

Egypt’s Hassan Allam Holding has said one of its subsidiaries has signed a memorandum of understanding with Abu Dhabi-listed Modon Holding to supply construction materials for the Ras El Hekma megaproject on the Mediterranean.

3S Ready Mix, one of the country’s largest ready mix concrete suppliers, will develop a ready mix factory and a concrete products hub in the newly announced industrial zone adjacent to Ras El Hekma project, the company said in a statement.

No other details were given.

Last year, ADQ, one of Abu Dhabi’s sovereign wealth funds, appointed Modon as the master developer for the $35-billion mega development.

Last month a joint venture between Modon and Egypt’s Elsewedy Industrial Development announced plans to build a new industrial zone near the site.

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The 10 million sq m industrial zone, located south of the Alexandria-Matrouh highway and opposite the Ras El Hekma site, will initially focus on attracting investors and manufacturers for building materials.

The Ras El Hekma development is forecast to contribute $25 billion annually to Egypt’s GDP and create 750,000 jobs both directly and indirectly.