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Tag: Modon Holding

  • UAE’s Top 10 Developers Sell Dh113.7 Billion in First Half of 2026

    UAE’s Top 10 Developers Sell Dh113.7 Billion in First Half of 2026

    The combined sales figures demonstrate the scale and momentum of the UAE’s property development sector, with the top three developers — Modon, Emaar and DAMAC — accounting for Dh61.4 billion alone during the six months to the end of June.

    Modon topped the ranking with Dh23 billion in Abu Dhabi property sales, supported by the launch of Hudayriyat Golf Estates and the sell-out of all units at Tara Park on Reem Island. The company’s total property sales across all markets reached Dh26 billion, 2.6 times the level recorded a year earlier, while group revenue climbed 40 percent year-on-year to Dh9.2 billion.

    Emaar followed with Dh22.4 billion in UAE sales, part of Dh26.6 billion in total property sales when international transactions are included. The developer’s revenue backlog from projects under development stood at approximately Dh164.9 billion at the end of June, up 13 percent from a year earlier.

    DAMAC ranked third with Dh16 billion in sales, placing the three developers well ahead of the rest of the market during the first half of 2026.

    Aldar recorded Dh9.5 billion in UAE development sales, part of Dh12.1 billion in total development sales across the group, ranking fourth among the country’s leading developers. International buyers and expatriate residents accounted for Dh7.6 billion, or 80 percent, of Aldar’s UAE sales during the period.

    Aldar’s development revenue backlog reached Dh71.6 billion at the end of June, including Dh59.9 billion from UAE projects, while net profit after tax rose 18 percent year-on-year to Dh4.9 billion.

    Binghatti ranked fifth with Dh7.6 billion in sales, narrowly ahead of Meraas at Dh7.5 billion and H&H at Dh7.4 billion.

    Ellington followed with Dh7 billion, while Omniyat recorded Dh6.7 billion and Beyond completed the top 10 with Dh6.6 billion, establishing the minimum threshold needed to rank among the UAE’s largest developers by sales volume during the first half of the year.

    The figures are based on announced first-half financial results, excluding international sales recorded by Modon and Emaar, together with the half-year ranking published by real estate data platform DXB Interact.

    The performance comes as Dubai completed 24,800 residential units during the first half of 2026, a 38 percent increase year-on-year, while transaction values across the emirate reached Dh221.4 billion. Meanwhile, Modon’s revenue backlog doubled year-on-year to a record Dh65.4 billion, positioning it as Abu Dhabi’s largest developer by sales value.

  • Modon H1 Net Profit Reaches Dh2.2 Billion After Property Sales Hit Dh26 Billion

    Modon H1 Net Profit Reaches Dh2.2 Billion After Property Sales Hit Dh26 Billion

    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.

  • Modon and ADIB Launch Abu Dhabi’s First Off-Plan Home Financing

    Modon and ADIB Launch Abu Dhabi’s First Off-Plan Home Financing

    For the first time in Abu Dhabi, homebuyers can secure financing for properties before construction is complete. The partnership between Modon Holding and ADIB creates a structured framework where customers pay 15 percent during construction and 5 to 10 percent upon handover, while the bank finances up to 75 percent of the property’s value for eligible buyers.

    “Abu Dhabi continues to strengthen its position as one of the world’s most attractive destinations for investment and long-term growth, creating high demand for new real estate launches,” said Bill O’Regan, Group Chief Executive Officer of Modon Holding. “Modon’s off-plan financing solution with ADIB will give more buyers access to these opportunities, reflecting the market’s ongoing transformation and supporting broader efforts to enhance global competitiveness.”

    The financing solution applies exclusively to future Modon developments and provides funding throughout the property development journey, from off-plan purchase through construction to handover. This approach addresses a gap in Abu Dhabi’s market that has traditionally required buyers to arrange financing closer to completion.

    Mohamed Abdelbary, Group Chief Executive Officer of Abu Dhabi Islamic Bank, emphasized the innovation: “Through our partnership with Modon, ADIB is introducing a first-of-its-kind offering in Abu Dhabi that transforms the home-buying experience by providing financing throughout the property development journey.”

    The initiative aligns with Abu Dhabi’s broader real estate expansion, which has seen significant infrastructure investment and development activity. Abu Dhabi’s Dh55 billion PPP pipeline and Dh200 billion infrastructure portfolio underscore the emirate’s commitment to long-term growth and urban development.

    Ibrahim Al Maghribi, CEO of Modon Real Estate, described the partnership as “a significant step forward in redefining off-plan home financing” that “unlocks easier access to Modon’s future developments” and “expands opportunities for eligible buyers.”

    The move comes as Abu Dhabi emerges as an off-plan hotspot, with the capital accounting for nearly 70 percent of off-plan transactions in some developer portfolios during 2026, signaling growing investor confidence in the emirate’s property market.

    The financing structure mirrors models that have proven successful in Dubai’s mature off-plan market, where developers and banks have collaborated on payment plans that reduce upfront capital requirements for buyers while maintaining project funding security for developers.

    By introducing institutional financing at the off-plan stage, the partnership is expected to attract a broader range of buyers, including families and professionals who meet ADIB’s eligibility criteria but may not have had sufficient liquidity to participate in traditional off-plan payment structures.

  • Modon and Montage Launch Luxury Resort at Egypt’s Ras El Hekma

    Modon and Montage Launch Luxury Resort at Egypt’s Ras El Hekma

    The project, named Montage Ras El Hekma, will feature 200 guestrooms and suites alongside 96 branded residences available for purchase within the wider Ras El Hekma master development on Egypt’s Northern Coast.

    The resort will include beachfront swimmable lagoons, a Spa Montage facility with 13 treatment rooms, six dining venues, retail areas, event spaces and an owners’ clubhouse designed for residents. The branded residences will consist of villas ranging from three to six bedrooms located within Wadi Yemm, the first precinct of the Ras El Hekma development to enter active delivery.

    Bill O’Regan, Group Chief Executive of Modon Holding, said the partnership aligned with the company’s plans to position Ras El Hekma as a Mediterranean destination focused on tourism, lifestyle and long-term investment value.

    Montage International Founder and Chief Executive Alan Fuerstman described the Egypt launch as a milestone in the hospitality group’s international expansion plans. The project marks the start of a broader partnership between Modon and Montage, with the companies indicating potential future collaborations across other Modon destinations.

    Ras El Hekma is being developed as a mixed-use coastal city spanning 44 kilometres of Mediterranean coastline and covering 170.8 million square metres. The masterplan includes residential districts, tourism infrastructure, marinas, cultural venues, a business district and transport links connecting the destination by road, sea and air.

    The $35 billion development is expected to attract $110 billion in investment by 2045, contribute around $25 billion annually to Egypt’s gross domestic product, and generate approximately 750,000 jobs upon completion, according to project estimates.

    The announcement follows Modon’s strong performance in Abu Dhabi, where the developer recently sold out Tara Park with AED2 billion in sales, reflecting sustained investor confidence in the emirate’s property sector.

  • Modon’s Tara Park Sells Out with AED2 Billion in Sales

    Modon has completed the sell-out of Tara Park on Reem Island, marking a significant milestone as the 834-apartment development generated approximately AED2 billion in sales. The achievement reflects sustained investor confidence in Abu Dhabi’s property sector as the emirate solidifies its position as a global safe-haven investment destination.

    “Tara Park further validates Modon’s disciplined, market-driven approach, connecting a prime location and thoughtful placemaking to generate sustainable urban growth and long-term value. We continue to see strong demand across the market, which speaks to the confidence that local and international buyers continue to place in Abu Dhabi, particularly for projects where clear attention to quality of life supports future investment potential,” said Bill O’Regan, Group CEO of Modon Holding.

    International Buyers Drive 60% of Demand

    The development attracted significant international interest, with approximately 60% of buyers originating from overseas markets. Russia, the United Kingdom, and India represented the leading sources of demand, demonstrating the project’s broad global appeal.

    Notably, 85% of buyers were first-time investors with Modon, underscoring both the strength of the development’s positioning and its success in expanding the developer’s international investor base.

    “The sell-out Tara Park sends a clear signal. Buyers are not hesitating. Buyers are making considered, long-term decisions. Tara Park was designed with clear buyer priorities and needs in mind, and the market response has validated that approach entirely,” said Ibrahim Al Maghribi, CEO of Modon Real Estate.

    Premium Location with Integrated Amenities

    Tara Park comprises six residential towers offering one-, two-, and three-bedroom apartments. The towers are connected by an active podium that provides residents with access to a wide range of amenities and direct connectivity to Reem Mall.

    The development’s strategic location offers proximity to Fay Park, Sorbonne University Abu Dhabi, and Repton School, alongside easy access to Abu Dhabi Global Market (ADGM), The Galleria Mall, and the wider city center.

    The sell-out coincides with record-breaking performance across Abu Dhabi’s residential market, which delivered its second-strongest quarter on record in Q1 2026. Transaction volumes in Abu Dhabi City exceeded 7,200 deals, just below the all-time peak of 7,600 recorded in Q4 2025, according to Savills’ latest Market in Minutes report.

    As ultra-high-net-worth individuals continue to increase across the UAE, developments like Tara Park demonstrate sustained appetite for quality residential projects in prime locations. The capital’s momentum reflects broader confidence in the UAE’s economic resilience and long-term growth trajectory.