Modon Holding and Egypt’s Elsewedy Industrial Development (Elsewedy) have inked a letter of intent (LOI) to develop and operate a new industrial zone that will serve the Ras El Hekma city megaproject in Egypt.

Spanning 10 million square metres, the industrial zone will be located south of the Alexandria-Matrouh Highway, directly across from the Ras El Hekma site, which is being developed by Modon.

The zone will primarily focus on attracting manufacturers and investors involved in building materials, with the goal of supporting timely and cost-effective construction while integrating advanced, sustainable materials into the development.

The industrial zone’s strategic location, with easy access to key roads, airports, and a high-speed rail network, will help localise supply chains and streamline logistics as the project progresses.

Read: Egypt approves establishing special free zone in Ras al-Hekma

Securing key partners and investors for the project

Modon and Elsewedy are actively engaging with anchor partners and industrial investors, focusing on key Egyptian companies across strategic segments.

The aim is to stimulate industrial growth and foster synergies with international investors.

Several companies, including Elsewedy Electric, 3S Ready Mix Concrete, RAK Ceramics and Hitech Concrete, have already signed memorandums of understanding (MoUs) with Modon.

Jassem Mohamed Bu Ataba Al Zaabi, chairman of Modon Holding, emphasized the importance of this partnership, stating, “Our collaboration with Elsewedy Industrial Development marks a significant step in realising our vision for Ras El Hekma.

“In joining forces with one of Egypt’s leading industrial businesses, Modon also demonstrates our commitment to collaborate with Egyptian and international companies in delivering this ambitious and transformative project.”

Modon is supporting economic growth in Egypt

The long-term vision for the industrial zone goes beyond the construction phase, aiming to establish a sustainable industrial base that will foster year-round economic activity, create jobs, and contribute significantly to Egypt’s GDP.

The zone will also bolster Egypt’s position as a leading trade and manufacturing hub while supporting regional projects along Egypt’s North Coast and expanding into key export markets such as Libya and Europe.

Bill O’Regan, group CEO of Modon Holding, said: “This new collaboration consolidates our already robust network of international partnerships. The agreement with Elsewedy Industrial Development will bring deep local expertise to delivering the Ras El Hekma masterplan, and helps ensure we create a destination that surpasses the expectations of future residents while adding tangible value to local communities.”

The expansion of the industrial zone will position Ras El Hekma as a hub for industrial innovation, aligning with its broader goal of becoming a globally competitive city.

Over the next decade, the zone is projected to generate more than 20,000 new jobs, driving economic growth and serving as a catalyst for future development.

Engineer Mohamed AlKammah, CEO of Elsewedy, expressed enthusiasm for the project, noting, “Ras El Hekma Industrial Zone will be a model for smart industrial cities — not only in terms of infrastructure but also in its ability to attract strategic industries in building materials and construction while supporting the local economy through job opportunities and value-added productive ventures.”

Vision for a sustainable city

Spanning 170.8 million square metres, Ras El Hekma is set to be a fully functional, smart, sustainable, and inclusive urban community, capable of housing up to two million people upon completion.

Modon was appointed as the master developer for Ras El Hekma by ADQ in 2024.

The planned city represents a key component of Modon’s international growth strategy, significantly expanding its land development footprint outside the UAE.

Al Zaabi concluded, “By joining forces with Elsewedy, we are enhancing our efforts to realise a truly transformative urban space. This collaboration will foster economic growth, bring long-term benefits to Egypt’s industrial landscape, and strengthen our role as a global leader in sustainable development.”

The UAE Fatwa Council has called upon the specialists, experts, and members of the community, including both citizens and residents, to observe the crescent of the month of Shawwal 1446 AH.

They are to do so on the evening of Saturday, March 29, 2025, corresponding to the 29th of Ramadan, a WAM report said.

Read-Celebrating Eid Al Fitr in Dubai? Here’s what you need to know

The “Shawwal Moon-Sighting Committee,” formed under the Council’s authority and responsible for moon sightings in the UAE, urged anyone who sees the crescent to contact the committee by phone at 027774647 or by submitting their report through this link.

Eid Al Fitr holiday in Dubai

The UAE’s Ministry of Human Resources and Emiratisation (MoHRE) had announced that Sunday, March 30 to Tuesday, April 1 will be a paid holiday for all private sector employees across the country to mark the festival of Eid Al Fitr.

The ministry also stated that if the month of Ramadan concludes on the 30th day, the holiday will be extended to Wednesday, April 2.

The Federal Authority for Government Human Resources (FAHR) in the UAE also issued a circular on March 17, announcing Eid Al Fitr holidays for federal government staff.

The authority announced that the holidays would be observed from Shawwal 1-3 of 1446 AH, with official work resuming on the 4th of Shawwal.

The 30th day of Ramadan will be observed as an additional public holiday if the holy month concludes with 30 days, thereby extending the Eid Al Fitr break.

The Dirham — the UAE’s official currency which has been in existence since 1973 — now has a new symbol as part of a fresh digital push.

The Central Bank of the UAE (CBUAE) revealed on Thursday the new currency symbol as part of a broader effort to strengthen the UAE’s position as a leading global financial hub.

The updated symbol draws from the English name “Dirham,” with two horizontal lines representing the currency’s stability, reflecting elements of the UAE flag. For the digital version, the symbol is enclosed in a circle with the national flag’s colours: an emblem meant to underscore national pride and the country’s forward-looking financial vision.

The move coincides with the CBUAE’s accession to the FX Global Code, making it the first central bank in the Arab region to join the voluntary code that promotes fair and transparent practices in the foreign exchange market. The new symbol and digital developments reflect efforts to raise the Dirham’s international profile, especially as digital finance gains pace.

As part of the broader Financial Infrastructure Transformation (FIT) programme launched in 2023, the CBUAE is preparing for the phased issuance of the Digital Dirham. Legally recognised as a universal payment instrument under Federal Decree-Law No. (54) of 2023, the Digital Dirham will be accepted across all payment platforms and channels, alongside physical currency.

CBUAE Governor Khaled Mohamed Balama described the initiative as a “major milestone” for the central bank.

“This marks a major milestone in the implementation of the Digital Dirham programme and aligns with the Central Bank’s strategic vision,” he said.

“The Digital Dirham, as a blockchain-based platform with cutting-edge capabilities, will enhance financial stability, inclusion, and resilience, while helping to combat financial crime,” Balama added. “It will also drive innovation in digital products and services, reduce costs, and expand access to global markets.”

Built on blockchain architecture, the Digital Dirham aims to provide atomic transaction completion, improved privacy, and strong risk management. Retail issuance is expected in the last quarter of 2025, with individuals and businesses set to access it via licensed banks, exchange houses, and fintechs.

The CBUAE is also rolling out a secure and integrated digital wallet that will support a wide range of use cases, from retail and wholesale payments to cross-border transfers and redemptions. Features such as tokenisation and smart contracts are expected to support more complex and automated financial transactions while enhancing efficiency and inclusion.

Similar move in Saudi

The UAE’s move mirrors a similar initiative in Saudi Arabia, where the Saudi Central Bank (SAMA) unveiled an official symbol for the Saudi Riyal in February 2025. Inspired by Arabic calligraphy, the new Riyal symbol is designed to reinforce the currency’s identity and usage in local and international financial contexts.

Saudi Arabia has also become a full participant in Project mBridge, a cross-border central bank digital currency (CBDC) pilot involving central banks from China, Hong Kong, Thailand, and the UAE. The project is seen as a key initiative to modernise international trade payments through blockchain-powered CBDCs.

BT Properties, the international arm of Pakistan’s real estate giant Bahria Town, has officially entered the UAE market with the launch of its Dubai South head office in January 2025. The move marks a major milestone in the developer’s global expansion plan and brings with it over three decades of real estate experience from Asia’s property sector.

Based in Dubai South – a 145 square kilometre master-planned city near Al Maktoum International Airport – BT Properties is betting big on one of the emirate’s most promising growth corridors. Its initial focus is on developing a large-scale, mixed-use community that includes villas, townhouses and apartments.

Here are five things to know about Dubai’s newest real estate player:

1. Strategic location in Dubai South
   BT Properties has chosen Dubai South as its home base – a rapidly emerging hub designed to accommodate one million residents. Located adjacent to the Expo City legacy site and the future hub of Dubai’s logistics and aviation activity, Dubai South offers strong infrastructure, connectivity and future growth prospects. The location also aligns with Dubai’s 2040 Urban Master Plan.
2. Ambitious master-planned community
   The company’s flagship development will be a gated master community in the Golf District of Dubai South. Spread across hundreds of acres, the project will include homes, schools, medical facilities, retail, mosques and entertainment zones. The design aims to create a self-contained community with a blend of greenery, luxury and convenience.
3. Tech-led approach to real estate
   BT Properties has embraced technology across its operations, using enterprise platforms such as Salesforce CRM and Oracle Fusion to ensure seamless customer engagement and internal efficiency. The company has also said it will incorporate sustainable design principles and smart infrastructure into its residential offerings – in line with Dubai’s green building regulations.
4. Driving investment and job creation
   BT Properties expects its Dubai entry to stimulate the local economy. Its developments will create jobs across construction, sales, facilities and community management. With the Dubai property market witnessing over Dhs430bn in transactions in 2023, the company is positioning itself to tap into both investor and end-user demand for high-quality, affordable homes.
5. Backed by Bahria Town’s legacy
   BT Properties is backed by the reputation and resources of Bahria Town – Pakistan’s largest private real estate developer. Bahria Town has delivered master-planned cities across Islamabad, Lahore and Karachi, known for their wide roads, landscaped parks, and integrated amenities. That track record is now being exported to the UAE, as BT Properties aims to build trust and recognition in Dubai’s competitive market.

The Dubai Municipality has announced quite a few preparatory attempts to make the Eid Al Fitr holiday in Dubai a safe, clean, and enjoyable one for all residents and visitors to the city.

According to a Dubai Media Office report, the authority has deployed a total of 477 engineers, supervisors, inspectors, and workers as part of a comprehensive operational plan covering vital tourist areas and public facilities throughout the emirate.

Read-Eid Al Fitr 2025: GCC countries announce long holidays

The entity plans to secure key sites in areas including food safety, public health, environmental safety, waste management, public beaches, parks, recreational facilities, and markets.

Food safety

Dubai Municipality has also intensified inspection campaigns to monitor compliance with food safety regulations at all stages of food handling – ranging from storage and preparation to cooking and serving.

The entity is focusing special attention to food establishments and vendors operating within entertainment areas and tourist attractions, with the aim of safeguarding public health and maintaining hygiene standards during peak periods.

Targeted inspections are also to be planned to be carried out in malls, markets, salons, beauty centres, cafes with smoking areas, event zones, worker accommodations, and community markets.

A series of Eid-related events and recreational activities will be organised in Al Quoz Industrial Areas 3 and 4, and Muhaisnah 2. This is to be done in collaboration with the Permanent Committee for Labour Affairs in Dubai.

Pest control

The public health pest control measures have been reinforced to ensure that tourist hotspots, parks, lakes, and public facilities remain free of pests. Any detected activity will be addressed promptly using environmentally safe treatments in line with sustainability goals.

Beaches

Dubai Municipality is readying up the public beaches by deploying security personnel, crowd control teams, and equipment to manage footfall efficiently. Accessibility measures, including designated pathways for people of determination and the elderly, have been implemented.

Public parks and recreational destinations

The entity has also prepared its major parks and recreational destinations, such as the Dubai Frame and Children’s City, to host a range of entertainment activities and events throughout the holiday period.

Waste management

In terms of sanitation and waste management, comprehensive cleaning operations have been carried out in Eid prayer areas, markets, beaches, roads, and public facilities.

Additional waste containers have also been strategically placed in high-traffic zones, with field supervisors on duty to monitor cleanliness and uphold the city’s aesthetic and environmental standards.

Residents and visitors are encouraged to report any public health or food safety concerns by contacting Dubai Municipality’s 24-hour call centre at 800900.