Abu Dhabi-based Modon Holding has cemented its position as the emirate’s largest developer by sales value after recording Dh26 billion in property transactions during the first half of 2026, with Abu Dhabi accounting for Dh23 billion of the total.
The group posted net profit of Dh2.2 billion for the six-month period, while revenue climbed 40 percent year-on-year to Dh9.2 billion, marking a new half-year record. Strong demand for new residential developments drove the performance and significantly expanded the company’s future income pipeline.
Revenue backlog doubled from the same period in 2025 to reach Dh65.4 billion and increased 42 percent from the end of 2025, with developments in the UAE and Egypt representing 95 percent of the total.
An exceptional performance from real estate positioned Modon as the largest developer in Abu Dhabi in terms of sales value during H1. This included the UAE’s highest-ever single-project sales value for the launch of Hudayriyat Golf Estates, with Dh13 billion achieved within days.
Abdulla Al Sahi, Group Managing Director of Modon Holding, attributed the results to robust real estate performance.
Record-Breaking Launch at Hudayriyat Golf Estates
The launch of Hudayriyat Golf Estates generated Dh13 billion in sales within days, representing the highest sales value ever recorded for a single residential project launch in the UAE, according to Modon.
Tara Park on Reem Island sold out across two phases launched in March and April, while additional phases were released at Wadi Yemm in Egypt. Real estate sales increased 2.6 times compared to the first half of 2025, driven by developments across Abu Dhabi, Egypt and Spain.
Real estate revenue rose 56 percent to Dh5.7 billion, making the segment Modon’s main earnings contributor. The group awarded Dh14.1 billion in construction and consultancy contracts during the period.
Strong Financial Position and Diversified Income
Adjusted EBITDA reached Dh3 billion for the half-year, while recurring revenue increased 22 percent to Dh3.5 billion and represented 38 percent of group revenue.
Excluding one-off gains and dividend income recorded during the previous year, adjusted EBITDA increased 18 percent and net profit rose 23 percent.
Revenue from events, catering and tourism climbed 25 percent to Dh2.8 billion, including a Dh1 billion contribution from Arena Group. Modon hosted 484 events that attracted more than 2.7 million visitors across venues in the UAE and UK, while its catering operations served 24.9 million meals, up 5 percent year-on-year.
Asset and investment management revenue rose 13 percent to Dh361 million, supported by higher rental income and occupancy of 96 percent across owned properties.
Revenue from owned and operated hotels increased 8 percent to Dh388 million. Modon said higher domestic and staycation demand helped offset softer international tourism during regional travel disruption in March and April.
Liquidity and Balance Sheet Strength
Modon held Dh8.6 billion in unrestricted cash and Dh1.5 billion in undrawn committed facilities at the end of June. Net debt stood at Dh912 million, with net debt to EBITDA at 0.18 times.
Our Group revenue backlog of Dh65.4 billion, alongside additional income-generating assets coming online, ensure a positive outlook for future growth. As we move into the second half of the year and beyond into 2027, Modon will expand on its objectives, maintaining forward progress with a disciplined and relentless focus on delivery.
Bill O’Regan, Group Chief Executive Officer of Modon Holding, outlined plans for continued expansion.
The group entered the second half with total assets of Dh92 billion and equity of Dh57 billion, representing increases of 6 percent and 5 percent respectively since the end of 2025.
Modon’s performance reflects the broader momentum across Abu Dhabi’s property market, which recorded Dh117 billion in total real estate transactions during the first half of 2026, a 112 percent year-on-year increase driven by surging foreign investment and strong demand across residential and commercial segments.
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