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Abu Dhabi’s Modon Holding has formed a joint venture with Candy Capital, the private family office of British luxury real estate investor Nick Candy, to build a series of high-end projects in the Middle East and North Africa, focusing on residential, commercial, and hospitality properties.
The joint venture will build on Modon’s development pipeline as well as sites currently owned by Candy.
The partnership seeks to set new benchmarks in design, quality, and luxury living through the development of world-class projects that cater to the most discerning global clientele.
“Together, we are committed to creating unparalleled living experiences that blend innovation, sustainability, and elegance. This partnership will not only enhance our portfolio but also set new standards in the luxury real estate market,” said Bill O’Regan, group CEO of Modon.
The newly established venture combines Candy Capital’s unparalleled expertise in ultra-luxury real estate with Modon’s robust development and operational capabilities and financial strength.
Meanwhile, Abu Dhabi wealth fund ADQ appointed IHC’s Modon as the master developer of a vast project to develop a city at Ras El Hekma on Egypt’s north coast.
Modon will lead the development of the envisaged city’s first phase, which will consist of 50 million square meters. The Abu Dhabi-listed property developer is partnering with Egyptian, UAE, and international developers to develop the Ras El Hekma city masterplan.
With a market value of more than Dhs59.8bn ($15bn) as of October 9, 2024, Modon was created following the merger of Abu Dhabi’s Q Holding with the real estate assets of ADQ and IHC Capital Holding. The real estate firm is developing projects on the Hudayriyat and Reem islands in Abu Dhabi.
