2nd August 2023, The National News
Modon is a project manager and developer of mixed-use real estate in Abu Dhabi
Abu Dhabi’s International Holding Company (IHC) has acquired a 49 per cent stake in Modon Properties.
IHC Capital Holding, a unit of IHC, has signed a definitive agreement to buy a stake in the Abu Dhabi-based developer, the company said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded.
The total value of the deal, which is subject to obtaining regulatory approvals, was not disclosed.
Modon Properties is a project manager and developer of mixed-use real estate in Abu Dhabi.
It is leading the development of the Hudayriyat Island master plan that was unveiled by the government in June. The project, spanning more than 51 million square metres, will include residential communities and amenities.
IHC, the UAE’s most valuable company, has investments in sectors including clean energy, food and agriculture, health care, real estate, information technology and artificial intelligence in 20 countries across Asia, Africa, Europe, North America and South America.
The conglomerate has made several strategic investments in recent quarters to expand its asset base in the UAE as well as in international markets.
Earlier this year, it acquired a 55 per cent stake in UAE-based recruitment company Reach Employment Services to increase its market share in the employment sector. The deal is valued at Dh315 million ($85.8 million).
Last year, the company bought a 54 per cent stake in Abu Dhabi’s information and communications technology provider Emircom for Dh250 million.
It is also teaming up with Aldar Properties and Adnec Group to merge their jointly owned property and facilities management businesses to create the Middle East region’s largest such company, the parties said last month.
In May, IHC Capital teamed up with with Grupo Nutresa, Grupo Sura, Grupo Argos – a Colombian conglomerate with investments in the cement and energy industries – and other business shareholders, in a push to expand its assets in South America.