Fintech PR
Eco Wave Power: Q3 sees a significant net loss decrease, with new orders increasing Q4 revenues. Progress in Israel, U.S., and Portugal’s commercial installation
STOCKHOLM, Nov. 30, 2023 /PRNewswire/ — Eco Wave Power Global AB (publ) (“Eco Wave Power” or the “Company”) (Nasdaq: WAVE), a leading, publicly traded onshore wave energy technology company that has developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity, is pleased to report its financial results as of and for the three and nine months ended September 30, 2023 and provide a corporate update.
Management Commentary
During the third quarter of 2023, we achieved several key milestones:
· In Israel, we successfully connected the EWP EDF One Project in the Port of Jaffa to the national electrical grid. We have also performed an initial grid connection test, which effectively supplied electricity extracted from the power of the waves to the Israeli national electric grid for the very first time. Currently, our focus is on upgrading the power plants’ automation system to enable optimal electricity production and supply to the grid. Additionally, we were awarded a GREENinMED grant from the European Union as part of the ENI CBC Mediterranean Sea Basin Programme. This grant is intended to enhance Eco Wave Power’s energy station by integrating educational features. This funding will support the creation and installation of unique educational experiences, transforming the EDF-EWP One wave energy power station into a distinctive tourist attraction and showcasing Israeli innovation.
· Moreover, on September 22nd, 2023, Eco Wave Power was notified that a consortium of which we are a part won a UK grant in the total amount of GBP 1,499,644 (approximately $1.83 million), out of which Eco Wave Power share will be GBP 456,500 (approximately $558 thousand). The grant amount Eco Wave Power will be eligible for is GBP 319,550 (approximately $390,905).
· At the Port of Los Angeles, we are proceeding with the licensing for the installation of our first U.S.-based project. Recently, a local engineering firm examined the integrity of the jetty and approved our construction design and assembly plans for the floaters to be installed on the jetty. With this approval, we submitted our comprehensive project plan to the port authorities and made a request for the final necessary licenses from the Port of Los Angeles and the Army Corps of Engineers. In addition, in the beginning of October 2023, California Governor Gavin Newsom signed California Senate Bill 605 (“SB 605”) into law – a historic moment for wave energy in America. The legislation directs the California Energy Commission to evaluate the feasibility of wave and tidal energy in California, including the costs and benefits of implementing the technology along the state’s coastline. This legislative initiative aligns with California’s goal of achieving a carbon-free energy grid by 2045. SB 605 recognizes the potential of wave and tidal energy to provide economic and environmental benefits and is expected to assist in our project’s progress and advance other potential projects in the U.S.
· In Portugal, we received the last approval necessary for the commencement of the works of our first megawatt (MW) in the city of Porto (TURH license). The next steps include finalizing detailed construction plans for the first 1 MW power plan to be followed by commencing actual construction, which is expected to take up to 24 months. The Portuguese project is expected to be Eco Wave Power’s first MW scale project, which will position Eco Wave Power as a leading wave energy developer and serve as a significant milestone towards the commercialization of wave energy globally.
· With respect to our new collaborations, as previously announced in Q2 report, we would like to update that our collaboration with Lian Tat Company (LTC) in Taiwan is progressing as planned. In October, the president of Taiwan visited LTC’s exhibition of Eco Wave Power’s technology in the Taipei Nangang International Exhibition Center and announced that the Taiwanese government will actively promote the development of forward-looking renewable energy, such as wave power. Eco Wave Power and LTC are currently working towards EWP’s official visit to Taiwan and towards finding a first location for their planned joint wave energy pilot.
· With the potential project in the port of Heraklion, Greece, Eco Wave Power has finalized the feasibility studies for the implementation of our technology in the port, in collaboration with Rogan Associates. The parties are currently working towards applying for a grant from the European Union to fund the execution of a 2MW wave energy project. In parallel, we have finalized feasibility studies for the implementation of Eco Wave Power’s technology on a breakwater in Morocco and on Chevron Corp’s offshore gas drilling platform in Israel. We have also commenced a new feasibility study, funded by a large-scale U.S. energy company, for wave energy potential in the U.S. and around strategic locations around the globe.
· At the same time, the Company has shown a significant decrease in its Net Financial Loss for the 9 months of 2023, where Net loss was $1,052,000, compared to a net loss of $2,011,000, in the same period last year. , while announcing new orders, which will be recognized as revenues in the fourth quarter of 2023.
“Although in these challenging times Eco Wave Power has prioritized the well-being of our employees in Israel, we have also stayed extremely focused on the continuity of our business growth and goals. We are proud to share that during the third quarter of 2023, we have made significant progress with all our existing projects while adding new projects and collaborations to our pipeline,
In the third quarter of 2023, Eco Wave Power officially commenced the test-run operation of our power station in the Port of Jaffa, Israel and is finalizing a civil engineering design that is getting us closer to the deployment of our first project in the Port of Los Angeles. In addition, by securing the final requisite license for our first MW scale project in Portugal, we are striding with confidence towards our first commercial scale project in Porto, Portugal.
In parallel, we have also finalized feasibility studies for an installation of EWP’s innovative technology in a port in Morocco, on a gas drilling platform in Israel, and a feasibility study for a first of its kind 2MW project in the Port of Heraklion in Greece. We have also commenced a new feasibility study, ordered by a large scale US energy company, to examine wave energy potential in the U.S. and around the globe.
Now, more than ever, we remain strong, resilient, and deeply committed to advancing our wave energy projects.
First Nine Months 2023 Financial Overview
· For the nine months ended September 30, 2023, revenues were $27,000 compared to $26,000 in the same period last year.
· Operating expenses were $1.9 million, down by 33% from the same period last year.
· Research and development (“R&D”) expenses were $383,000 compared to $755,000 in the same period last year. R&D costs decreased mainly due to a one off non-recurring loss of $278,000 pertaining to the disposal of the floater mechanisms of the Gibraltar wave energy array in 2022 and due to the relocation of the Gibraltar conversion unit to the Port of Los Angeles. Although our R&D expenses have significantly decreased during the last nine months, we expect our R&D expenses to materially increase due to the finalization of the EWP-EDF One project, the planned implementation of our first U.S. project in the Port of Los Angeles, and the implementation of our first commercial scale project in Portugal.
· Sales and marketing expenses were $262,000 compared to $435,000 in the same period last year. Although our expenses have significantly decreased during the first nine months period, we expect that our sales and marketing expenses will materially increase as we add more projects to our project pipeline, which will result in the need for marketing in new areas of operation.
· General and administrative expenses were $1,217,000 compared to $1,610,000 in the same period last year. Although our general and administrative expenses have significantly decreased during the first nine months period, we expect that our general and administrative expenses will materially increase as we grow our operations, specifically in terms of employee headcount, professional support and legal costs due to the finalization of the EWP-EDF One project, the planned implementation of our first U.S. project in the Port of Los Angeles, and the implementation of our first commercial scale project in Portugal.
· Other income of $14,000 was generated mainly from management fees in a joint venture.
· Share of net loss of the EWP EDF One Project accounted for using the equity method for the nine months ended September 30, 2023 was $14,000.
· Operating loss was $1.9 million compared to $2.8 million in the same period last year.
· Net financial income was $802,000, compared to $783,000 in the same period last year.
· Net loss was $1,052,000, or $0.02 per basic and diluted share, compared to a net loss of $2,011,000, or $0.05 per basic and diluted share in the same period last year.
· The Company ended the period with $3.7 million in cash and cash equivalents and $5.1 million in short term bank deposits, compared to $5.3 million and $5 million, respectively, as of December 31, 2022.
Conference Call and Webcast Information
The Chief Executive Officer of Eco Wave Power, Inna Braverman will host a conference call to discuss the financial results and outlook on Tuesday, December 5, 2023, at 5 p.m. Eastern time.
• The dial-in numbers for the conference call are 888-506-0062 (toll-free) or 973-528-0011 (international).
If requested, please provide participant access code: 802479
• The event will be webcast live, available at: at: https://www.webcaster4.com/Webcast/Page/2922/49564
A replay will be available by telephone approximately four hours after the call’s completion until Tuesday, December 19, 2023. You may access the replay by dialing 877-481-4010 from the U.S. or 919-882-2331 for international callers, using the Replay ID 49564. The archived webcast will also be available on the investor relations section of the Company’s website.
About Eco Wave Power Global AB (publ)
Eco Wave Power is a leading onshore wave energy technology company that developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity. Eco Wave Power’s mission is to assist in the fight against climate change by enabling commercial power production from the ocean and sea waves.
The Company completed construction of its grid connected project in Israel, with co-investment from the Israeli Energy Ministry, which recognized the Eco Wave Power technology as “Pioneering Technology.” The EWP-EDF One station project marks the first grid-connected wave energy system in Israeli history.
Eco Wave Power will soon commence the installation of its newest pilot in AltaSea’s premises in the Port of Los Angeles and its first MW scale wave energy power station in Portugal, Europe.
The Company also holds concession agreements for commercial installations in Europe and has a total projects pipeline of 404.7 MW.
Eco Wave Power received funding from the European Union Regional Development Fund, Innovate UK and the European Commission’s Horizon 2020 framework program. The Company has also received the “Global Climate Action Award” from the United Nations.
Eco Wave Power’s American Depositary Shares (WAVE) are traded on the Nasdaq Capital Market.
Read more about Eco Wave Power at www.ecowavepower.com
Information on, or accessible through, the websites mentioned above does not form part of this press release.
For more information, please contact:
Inna Braverman, CEO
[email protected]
+97235094017
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995 and other Federal securities laws. For example, the Company is using forward-looking statements in this press release when it discusses the prospective use of the UK grant, that SB 605 is expected to assist the progress of its projects and advance other potential projects in the U.S, the next steps in the Portugal project and the expected timing thereof, the potential project in Morocco, that the LTC project is expected to create several economic benefits, the impending application for a grant to facilitate the project in Heraklion, Greece, the expected recognition of new orders as revenues in the fourth quarter of 2023, and the Company’s expectation that its research and development, sales and marketing and general and administrative expenses to materially increase, and the Company’s planned conference call to discuss these financial results. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will”, or variations of such words, and similar references to future periods. These forward-looking statements and their implications are neither historical facts nor assurances of future performance and are based on the current expectations of the management of Eco Wave Power and are subject to a number of factors, uncertainties and changes in circumstances that are difficult to predict and may be outside of Eco Wave Power’s control that could cause actual results to differ materially from those described in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Except as otherwise required by law, Eco Wave Power undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting Eco Wave Power is contained under the heading “Risk Factors” in Eco Wave Power’s Annual Report on Form 20-F for the fiscal year ended December 31, 2022 filed with the SEC on April 27, 2023, which is available on the on the SEC’s website, www.sec.gov, and other documents filed or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. References and links to websites have been provided as a convenience and the information contained on such websites is not incorporated by reference into this press release.
Eco Wave Power Global AB (publ)
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited)
|
September 30 2023
|
December 31 2022
|
||
|
In USD thousands
|
|||
|
Assets
|
|||
|
CURRENT ASSETS:
|
|||
|
Cash and cash equivalents
|
3,674
|
5 295
|
|
|
Short Term Bank Deposits
|
5,108
|
5 000
|
|
|
Restricted short-term bank deposits
|
59
|
63
|
|
|
Other receivables and prepaid expenses
|
211
|
161
|
|
|
TOTAL CURRENT ASSETS
|
9,052
|
10 519
|
|
|
NON-CURRENT ASSETS:
|
|||
|
Property and equipment, net
|
642
|
722
|
|
|
Right-of-use assets, net
|
105
|
166
|
|
|
Investments in a joint venture accounted for using the equity method
|
496
|
510
|
|
|
TOTAL NON-CURRENT ASSETS
|
1,243
|
1398
|
|
|
TOTAL ASSETS
|
10,295
|
11 917
|
|
|
Liabilities and equity
|
|||
|
CURRENT LIABILITIES:
|
|||
|
Current maturities of long-term loans from related party
|
966
|
941
|
|
|
Current maturities of other long-term loan
|
65
|
32
|
|
|
Accounts payable and accruals:
|
|||
|
Trade
|
87
|
75
|
|
|
Other
|
879
|
733
|
|
|
Current maturities of lease liabilities
|
90
|
78
|
|
|
TOTAL CURRENT LIABILITIES
|
2,087
|
1 859
|
|
|
NON-CURRENT LIABILITIES:
|
|||
|
Other long-term loan
Lease liabilities, net of current maturities
|
67
15
|
96
88
|
|
|
TOTAL NON-CURRENT LIABILITIES
|
82
|
184
|
|
|
TOTAL LIABILITIES
|
2,169
|
2 043
|
|
|
EQUITY:
|
|||
|
Common shares
|
98
|
98
|
|
|
Share premium
|
23,121
|
23 121
|
|
|
Foreign currency translation reserve
|
(2,754)
|
(2 061)
|
|
|
Accumulated deficit
|
(12,338)
|
(11 284)
|
|
|
TOTAL EQUITY
|
8,126
|
9 874
|
|
|
TOTAL LIABILITIES AND EQUITY
|
10,295
|
11 917
|
|
Eco Wave Power Global AB (publ)
CONDENSED CONSOLIDATED STATEMENTS OF LOSS (Unaudited)
|
Three months ended
|
Nine months ended
|
|||||||
|
September 30
|
September 30
|
|||||||
|
2023
|
2022
|
2023
|
2022
|
|||||
|
In USD thousands
|
In USD thousands
|
|||||||
|
REVENUES
|
27
|
–
|
27
|
26
|
||||
|
COST OF REVENUES
|
19
|
–
|
19
|
(22)
|
||||
|
GROSS PROFIT
|
8
|
–
|
8
|
4
|
||||
|
OPERATING EXPENSES
|
||||||||
|
Research and development expenses
|
(60)
|
(120)
|
(383)
|
(755)
|
||||
|
Sales and marketing expenses
|
(69)
|
(135)
|
(262)
|
(435)
|
||||
|
General and administrative expenses
|
(363)
|
(424)
|
(1,217)
|
(1,610)
|
||||
|
Other income
|
5
|
3
|
14
|
18
|
||||
|
Share of net loss of a joint venture
|
||||||||
|
accounted for using the equity method
|
(4)
|
(6)
|
(14)
|
(16)
|
||||
|
TOTAL OPERATING EXPENSES
|
(491)
|
(682)
|
(1,862)
|
(2,798)
|
||||
|
OPERATING LOSS
|
(483)
|
(682)
|
(1,854)
|
(2,794)
|
||||
|
Financial expenses
|
(15)
|
(11)
|
(41)
|
(42)
|
||||
|
Financial income
|
305
|
113
|
843
|
825
|
||||
|
FINANCIAL INCOME (EXPENSES) – NET
|
290
|
102
|
802
|
783
|
||||
|
NET LOSS
|
(193)
|
(580)
|
(1,052)
|
(2,011)
|
||||
|
ATTRIBUTABLE TO:
|
||||||||
|
The parent company shareholders
|
(193)
|
(580)
|
(1,052)
|
(2,011)
|
||||
|
(193)
|
(580)
|
(1,052)
|
(2,011)
|
|||||
|
In USD
|
||||||||
|
LOSS PER COMMON SHARE – BASIC AND DILUTED
|
(0.004)
|
(0.01)
|
(0.02)
|
(0.05)
|
||||
|
WEIGHTED AVERAGE NUMBER OF COMMON SHARES USED IN CALCULATION OF LOSS
|
||||||||
|
PER COMMON SHARE
|
44,394,844
|
44,394,844
|
44,394,844
|
44,394,844
|
||||
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Fintech PR
Universal Consulting Opportunities (UCO) Enters European Market as Exclusive Strategic Advisor to MLS Leader in Romania
UCO Leverages Its Expertise to Further MLS Leader’s Mission to Grow the MLS Concept and Enhance the Real Estate Industry for Professionals and Consumers
ALTAMONTE SPRINGS, Fla., Oct. 4, 2024 /PRNewswire/ — UCO, a subsidiary of Stellar MLS, a leading multiple listing service (MLS) in the U.S. and the fastest-growing in the world, has announced an agreement with MLS Leader to be its exclusive MLS strategic advisor in Romania. By sharing its expertise and experience, UCO will advance MLS Leader’s vision of being the leading MLS in the Romanian real estate marketplace.
MLS Leader has worked closely with the communities of real estate brokers and agents for more than a decade, continuously taking on the role of education and regulation, to build a transparent real estate market in the interest of real estate professionals, clients, and the general public. Being the source of information about properties and real estate transactions in Romania, MLS Leader’s mission is to provide real estate professionals a way to excel in their profession and offer valuable services at every step of their activities.
Through UCO, Stellar MLS brings its strategic experience in the MLS global realm to augment MLS Leader’s operational and technological expertise and will advise MLS Leader to enhance its innovative platform and services while building its membership of professionals within the real estate community of the European Union’s sixth most populous country.
“We’re proud to collaborate with MLS Leader on this important vision to promote a more transparent and efficient real estate market in Romania and beyond,” said Merri Jo Cowen, CEO of Stellar MLS and UCO. “Our team is focused on the MLS and supporting real estate professionals in Europe and across the globe.”
“As the pioneering MLS service in Europe, founded in 2007, MLS Leader (powered by Flexmls) has built a system that empowers real estate companies to successfully implement the MLS and exclusive representation model in a market beyond North America,” said Sorin Udrea, Founder and General Manager of MLS Leader.
“We are widely regarded as the most trusted source of market data in Romania, supporting agents with essential tools like CMA, market statistics, and client portals for buyer representation. With UCO as our strategic advisor, we are excited to accelerate our efforts toward establishing MLS Leader as the premier marketplace for real estate professionals specializing in exclusive representation in Romania.”
Cowen emphasized the expertise and dedication of UCO’s team of globally recognized business leaders, which includes Marion Weiler, UCO Vice President of Global Markets and Stellar MLS Vice President of Marketing and Communications, and Dr. Mathew Kallumadil, UCO Vice President of Global Markets and Stellar MLS Vice President of Technology and Innovation, in reaching this important milestone.
UCO has been actively engaged in global forums in France and Germany to support a forward-thinking approach to transforming the real estate industry. In October, UCO is a title partner of the International MLS Forum in Milan, where representatives of 45+ global markets will meet to understand and develop the MLS concept to bring about trust and transparency. UCO’s presence is supported through its partnerships with CEPI, the European Association of Real Estate Professions, and FIABCI, the International Real Estate Federation.
About UCO
With a mission to support real estate professionals across the globe, UCO offers expertise including but not limited to market entry, MLS development, and cross-border transactions. This expertise stems from a management team with over 100 years of combined experience in the real estate industry, including globally recognized business leaders who have worked with world-class organizations, and international professionals with 40 years of collective global experience, many of whom are fluent in multiple languages. By collaborating with global organizations like CEPI and FIABCI, UCO delivers tailored solutions to help real estate markets thrive globally, with an emphasis on trust, transparency, innovation, and sustainable growth. Whether you are enhancing existing operations or building new ones from the ground up, UCO is committed to helping real estate markets thrive – UCO specializes in meeting clients’ unique needs, wherever they may be in their MLS journey.
About MLS Leader (Powered by Flexmls)
Founded in 2007, MLS Leader is the first genuine multiple listing service in Europe, offering real estate professionals in Romania advanced tools to enhance market transparency and efficiency. MLS Leader’s mission is to empower real estate agents and appraisers with the resources to excel in their work and provide valuable services at every stage. By promoting the exclusive representation model, MLS Leader offers a robust platform that includes tools and information needed for successful real estate agency management, along with access to reliable market data, competitive analysis (CMA), and advanced client communication systems.
UCO Media Contact: Caryn McBride
Co-Communications
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/universal-consulting-opportunities-uco-enters-european-market-as-exclusive-strategic-advisor-to-mls-leader-in-romania-302267989.html
In the presence of Mohamed bin Zayed Al Nahyan and Abdel Fattah El-Sisi
- The event marked the signing of several significant agreements aimed at driving the development of the new destination
ABU DHABI, UAE, Oct. 4, 2024 /PRNewswire/ — In the presence of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and His Excellency Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, ADQ, an Abu Dhabi-based investment and holding company, appointed Modon Holding PSC as the master developer for the Ras El Hekma megaproject.
In addition to being master developer for the entire development spanning 170 million square metres, Modon Holding will undertake the responsibility of the developer role for the first phase of the envisaged city consisting of 50 million square metres.
The remaining 120 million square metres, which are part of the master plan presented by Modon Holding, will be developed in partnership with prominent developers from Egypt, the UAE, and the international community under the oversight of the recently established ADQ subsidiary Ras El Hekma Urban Development Project Company and Modon Holding.
This iconic project represents a major milestone for Modon Holding by significantly increasing its land under development outside the UAE. Ras El Hekma is located around 350 kilometres northwest of Cairo and envisioned as a fully functional, smart, sustainable, and inclusive urban community situated against the scenic coastline.
The project is expected to become a powerful economic engine, with cumulative investments anticipated to reach US$110 billion by 2045, an annual GDP contribution of around US$25 billion, and approximately 750,000 jobs to be created, both directly and indirectly.
Upon completion, the development will be home to two million people and feature more than 40 kilometres of green spines, set to make Ras El Hekma the greenest megaproject in the region.
As a result of Ras El Hekma’s location within a four-hour flight for over 400 million outbound tourists, the establishment of tourism infrastructure will be a priority during the first phases of the development, encompassing an international airport as well as high-speed rail connectivity. The masterplan also includes residential areas, office spaces, hospitality venues, retail, leisure, and recreation facilities.
Ras El Hekma will have an international marina and a special free zone. Additionally, Modon Holding will look to develop infrastructure to support a range of high-growth industries, including business services, financial services, light manufacturing, and technology.
His Excellency Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, said, “Ras El Hekma is destined to become a regional crown jewel in a country already famed for its rich and diverse attractions. Modon Holding is proud to bring this 170-million-square-metre visionary megaproject to life, leveraging our expertise and innovative approach. With our partners, we are poised to transform Ras El Hekma into a dynamic economic powerhouse and a global model for urban development.”
His Excellency Mohamed Hassan Alsuwaidi, Managing Director and Group Chief Executive Officer of ADQ, said, “As a project of unprecedented scale and impact, Ras El Hekma will be a catalyst for the development of Egypt’s economy by offering opportunities for businesses and stimulate tourism. Modon Holding brings a wealth of expertise in master planning and will pioneer state-of-the-art, innovative solutions, creating a destination that will deliver long-term value for Egypt and its people.”
Bill O’Regan, Group CEO of Modon Holding, said, “The Ras El Hekma destination is one of the Group’s most significant investment and development projects outside the UAE. The project provides an incredible development pipeline, and Modon Holding looks forward to delivering a destination that will be an exceptional experience for visitors and residents alike.”
During the ceremony, Modon Holding PSC engaged with the initial major partners to join in the development of the Ras El Hekma megaproject on Egypt’s stunning Mediterranean coast.
Ras El Hekma is set to become a leading urban and tourist hub, boasting a wide array of attractions and amenities. Modon Holding aims to harness its large-scale development expertise, collaborating with local, regional, and global partners to bring this visionary destination masterplan to life.
These collaborative efforts, combined with a focus on diverse entertainment, sports, cultural events, and top-tier community management, will position Ras El Hekma as a premier Mediterranean destination.
While the immediate focus is on tourism and hospitality, Modon’s long-term vision for the 170-square-metre site also includes business services, financial services, light manufacturing, and technology.
Modon Engages First Batch of Investors and Partners in Landmark Ceremony
On 4th October, in a momentous ceremony attended by President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Egyptian President His Excellency Abdel Fattah El-Sisi, Modon proudly initiated the engagement of its first group of investors and partners.
The event marked the signing of several significant agreements aimed at driving the development of the new destination:
– A framework agreement with Orascom Construction, designating them as one of the primary contractors for the initial phase of the project.
– A memorandum of understanding with Elsewedy Electric to explore opportunities for supplying building materials and collaborating on industrial parks, manufacturing, operations, and maintenance.
– A memorandum of understanding with Abu Dhabi Airports to collaborate in airport strategic planning, design, development, and operational support.
– A memorandum of understanding with TAQA to explore cooperation opportunities in relation to the development, financing, and operation of greenfield utilities infrastructure projects, water desalination projects, electricity transmission and distribution projects and wastewater projects.
– A memorandum of understanding with Valderrama for the development and operation of golf communities.
– A memorandum of understanding with e& Egypt to facilitate the design and implementation of smart city infrastructure, including digital connectivity, fiber networks, and 5G; smart building technologies and IoT-enabled solutions for residential and commercial properties; city-wide data collection, monitoring, and analytics systems; smart utilities, encompassing automated energy management, water, and waste systems; smart transportation systems; and any other mutually agreed smart city services.
– A memorandum of understanding with Candy International aims to explore luxury real estate development opportunities, leveraging Candy’s extensive international reach.
– A memorandum of understanding with Montage International for the development and management of luxury hotels in Ras El Hekma.
– A memorandum of understanding with Accor and Ennismore to operate hotels and resorts in Ras El Hekma.
– Finally, a memorandum of understanding with Burjeel Holding to develop multi-specialty healthcare facilities, implement innovative healthcare solutions, provide medical training programmes, and collaborate on public health initiatives and community wellness programmes.
These strategic partnerships underscore Modon’s commitment to creating a world-class destination, fostering innovation, and enhancing the quality of life for Ras El Hekma’s future residents.
His Excellency Jassem Mohamed Bu Ataba Al Zaabi, said, “Ras El Hekma represents a visionary and multifaceted endeavour that promises to make a substantial contribution to the Egyptian economy. Crafting a masterplan of such scale demands specialised expertise and capabilities across diverse industries, which can only be realised through robust strategic partnerships. We look forward to working with our partners present and future in harnessing the full potential of this extraordinary location.”
Bill O’Regan, said, “Ras El Hekma is an extraordinarily ambitious and complex project that will significantly contribute to the Egyptian economy through various stages of planning, design, and construction, ultimately bringing this new destination to life. Developing and delivering a masterplan of this magnitude requires sector-specific expertise and capabilities across a wide range of industries and is achievable only through strong strategic partnerships.”
About ADQ
Established in 2018, ADQ is an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises. Its investments span key sectors of the UAE’s diversified economy including energy and utilities, food and agriculture, healthcare and life sciences, and transport and logistics, amongst others. As a strategic partner to the Government of Abu Dhabi, ADQ is committed to accelerating the transformation of the Emirate into a globally competitive and knowledge-based economy.
For more information, visit adq.ae or write to [email protected]. You can also follow ADQ on Instagram, LinkedIn and X.
About Modon Holding
Modon develops vibrant communities, unique hospitality and lifestyle experiences, and world-class sports facilities. Based in Abu Dhabi, Modon Holding is a Private Joint Stock company listed on the ADX Growth Market with the shareholding of ADQ and the IHC Group being our majority shareholders. Through a diversified business portfolio in the UAE, we are engaged in strategic investment and innovation on an unrivalled scale, shaping future smart living. Our goal is to deliver long-term, sustainable value, laying the foundations for intelligent, connected living.
Ras El-Hekma Urban Development Project Company
A wholly owned subsidiary of ADQ, an Abu Dhabi-based investment and holding company, Ras El Hikma Urban Development Project Company S.A.E. (RED) is mandated to oversee the execution of the Ras El Hekma project, a 170 million square meter visionary megacity located on Egypt’s north coast. Established in March 2024 and based in Egypt, RED holds the ownership rights of the Ras El-Hekma as well as responsibility for the implementation of the multi-phase project together with its partners, which include Modon Holding as the master developer.
Photo – https://mma.prnewswire.com/media/2523688/Modon_ADQ.jpg
View original content:https://www.prnewswire.co.uk/news-releases/adq-appoints-modon-as-master-developer-for-ras-el-hekma-megaproject-in-egypt-302267927.html
BEIJING, Oct. 4, 2024 /PRNewswire/ — October 1, 2024, marked the 75th anniversary of the founding of the People’s Republic of China (PRC). The People’s Daily released a documentary that tells how, over the past 75 years, the country has embarked on an arduous journey of national development and modernization, transforming itself from a struggling agrarian nation into the world’s second-largest economy. China has made strides in not only enhancing the well-being of its people but also delivering benefits to the rest of the world through its own development. This video demonstrates how China’s development promotes the cause of human peace and development, and how it contributes to the building of a community with a shared future for mankind.
Video – https://mma.prnewswire.com/media/2523470/Peoples_Daily.mp4
View original content:https://www.prnewswire.co.uk/news-releases/prc-at-75–peoples-daily-releases-a-documentary-the-train-to-the-future-302267752.html
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