Abu Dhabi-based sovereign fund ADQ has appointed the UAE’s Modon Holding PSC as the master developer of a vast project to develop a city at Ras El Hekma on Egypt’s north coast, Modon said in a statement on Friday. Modon is an Abu-Dhabi developer in which ADQ and Abu Dhabi’s IHC are majority shareholders. The Ras El Hekma deal was announced in February with $35 billion in short-term investments, including $24 billion for the land rights to the undeveloped site on the Mediterranean coast. It provided a crucial injection of funds for Egypt, which had been struggling with chronic foreign currency …