Q Holding PSC

Modon Holding P.S.C has announced that the first phase of its new freehold development, Maysan, on Reem Island in Abu Dhabi, sold out within hours of its launch. This phase includes two districts, Mayar and Thoraya. Mayar introduces stacked maisonettes to Abu Dhabi, while Thoraya addresses the demand for townhouses. The project, open to buyers of all nationalities, covers over 600,000 square meters and is designed with boutique-style living in mind. It features 132 stacked maisonettes and 185 townhouses, highlighting strong investor confidence in Modon's quality offerings. Maysan aims to create a vibrant community with curated lifestyle amenities and will eventually include six residential districts with homes ranging from three to five bedrooms. The development promotes wellness and healthy living, with features like a walkable green spine, community center, and beach and park access. The development targets a diverse range of consumers, including families, professionals, investors, and expats.

Modon Holding P.S.C. announced the complete sell-out of phase one of its new freehold residential development, Maysan, on Reem Island, Abu Dhabi, on the same day of its launch. The first phase includes two districts, Mayar and Thoraya, featuring 132 stacked maisonettes and 185 townhouses. The project is open to buyers of all nationalities and spans over 600,000 square meters, designed with a boutique-style inside/outside living concept. The strong demand for these properties reflects investor confidence in Modon's quality projects. Maysan aims to create vibrant communities and address gaps in the property market, offering diverse lifestyle amenities, a community center, and access to beaches and parks. Once completed, Maysan will consist of six residential districts with homes ranging from three to five bedrooms. Mayar will introduce maisonettes to Abu Dhabi, and Thoraya will offer townhouses with communal gardens and recreational facilities. Interested investors can register for future phases through Modon's website or contact them directly.

Modon Holding PSC announced that its subsidiary, ADNEC Group, has acquired the Business Design Centre (BDC) in London through its 100% owned subsidiary, ExCel London. This acquisition is part of ExCel's investment in the UK's MICE (Meetings, Incentives, Conferences, and Exhibitions) industry, securing a long-term commitment to a historic venue. BDC, originally the Royal Agricultural Hall, hosts numerous events and is known for its extensive event and conference space. The acquisition highlights Modon Holding and ADNEC Group's dedication to the global events industry, enhancing their presence and diversifying their portfolio. Since acquiring ExCel in 2008, ADNEC has expanded its operations and established ExCel as a major European conference and exhibition venue. The acquisition aligns with Modon Holding's strategy to create shareholder value and expand globally, while supporting Abu Dhabi's economic diversification.

Modon Holding has announced a partnership with LuLu Retail to develop and operate hypermarkets and other retail facilities in the UAE and Egypt. This collaboration will utilize Modon Holding's expertise in large-scale project development and LuLu's retail operations to create community retail spaces, including hypermarkets and supermarkets. The partnership will also explore potential locations for retail development, implement smart retail solutions, and enhance customer experiences with innovative technologies. A memorandum of understanding formalizes this partnership, which is part of Modon Holding's growth strategy targeting high-potential sectors. A working committee with representatives from both companies will ensure effective collaboration and decision-making. LuLu Retail, headquartered in Abu Dhabi, is a leading retail chain with a presence in 23 countries and operates 240 stores across the GCC.

ADNEC Group, a subsidiary of Modon Holding, has signed agreements to acquire Royal Catering Services LLC, an Abu Dhabi-based catering provider with over 2,500 employees and a capacity of producing over 50,000 meals daily. This acquisition will integrate Royal Catering with ADNEC's Capital Catering business, making it one of the largest catering providers in Abu Dhabi. The move expands Capital Catering's focus and production capacity, enhancing ADNEC's market presence and profitability. The acquisition aligns with ADNEC's growth strategy, targeting high-potential sectors, and includes plans for operational improvements and technology integration. Modon Holding's CEO, Bill O'Regan, and ADNEC's CEO, Humaid Matar Al Dhaheri, emphasized the strategic importance of this acquisition in strengthening their market position and service offerings in Abu Dhabi and the UAE.

Modon Holding P.S.C has been appointed by ADQ, an Abu Dhabi-based investment company, as the master developer for the Ras El Hekma megaproject in Egypt. This project, located 350 kilometers northwest of Cairo, is set to cover 170 million square meters, with Modon initially developing 50 million square meters. The project aims to create a smart, sustainable urban community and is expected to generate significant economic impact, including USD 110 billion in cumulative investment by 2045, an annual GDP contribution of USD 25 billion, and approximately 750,000 jobs. Ras El Hekma will feature residential, commercial, and recreational facilities, including an international marina and a special free zone. Modon Holding has partnered with major developers, including Orascom Construction, to execute the project.

Modon Holding PSC, formerly known as Q Holding, reported significant financial growth for the first half of 2024 following its acquisition of Modon Properties and ADNEC. The company achieved a revenue of AED 2.2 billion, marking a 333% year-on-year increase, and a gross profit of AED 833.2 million, a 277% increase. Net profit stood at AED 8.74 billion, including gains from the acquisition. The acquisition is one of the largest in the UAE's history and positions Modon Holding as a major player in real estate. The company's liquidity surged by 119%, and market capitalization reached AED 45.94 billion, growing by 114%. Key business highlights include strong real estate sales of AED 7.6 billion and a 153% year-on-year increase in sales. ADNEC also saw a 21% increase in visitor numbers. Modon Holding aims to advance Abu Dhabi’s local and international ambitions in line with the UAE’s vision for sustainable development.