Modon Holding achieved exceptional growth in its full-year results for 2024, driven by strong performance across its four key sectors—real estate, asset management, hospitality and tourism & events. The results underscore a transformative year of record-breaking growth and portfolio expansion across the UAE and international markets.
Modon Holding’s revenues grew to AED6.5 billion ($1.77 billion), a 637 percent annual increase driven by the acquisition of ADNEC and Modon Properties. Gross profit increased 500 percent year-on-year to AED2.4 billion, while net profit increased to AED9.4 billion, including a one-off bargain gain.
“2024 was a defining year for Modon, delivering unprecedented growth and strengthening Abu Dhabi’s position as a global investment hub. Our acquisitions and strategic expansions lay the groundwork for the next phase of Modon’s transformation,” stated Jassem Mohammed Bu Ataba Al Zaabi, chairman of Modon Holding.
Modon Holding launches five new real estate projects
Modon Holding launched five new real estate projects on Hudayriyat Island and Reem Island, generating AED13 billion in sales, showcasing Modon’s strength in the real estate sector. In addition, the total revenue backlog reached AED25.3 billion, reinforcing long-term revenue security for the next 3 years.
Modon Holding attracted 12.2 million visitors across its destinations and expanded its global footprint with strategic investments in Egypt, Spain, the United Kingdom and Morocco. The group hosted 85 major sports events and opened Surf Abu Dhabi featuring the longest open-barrel high-performance wave in the world.
Group achieves 74 percent occupancy rate
In the hospitality segment, it also achieved a strong 74 percent occupancy rate, and notable growth in average daily rates. Furthermore, it opened the Four Seasons Hotel Rabat in Morocco, expanding Modon’s luxury hospitality footprint.
“Modon has surpassed expectations both locally and internationally with landmark projects such as our appointment as master developer for Ras El Hekma in Egypt, and the acquisition of La Zagaleta in Spain. As we look ahead, Modon is well-positioned to accelerate growth across all its sectors and geographies,” stated Abdullah Al Sahi, group managing director of Modon Holding.
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Strategic international expansion drives growth
2024 was a pivotal year for Modon Holding’s international expansion, which falls in line with its strategy to build a globally diversified portfolio. In the UAE, the group acquired Royal Catering Services, a leading Abu Dhabi-based catering service provider with a reputation for delivering high-quality services across key sectors.
In Egypt, ADQ appointed Modon as the master developer for the Ras El Hekma megaproject, a milestone in Modon’s mission to set the future benchmark for intelligent, connected living. Moreover, it acquired a 40.5 percent stake in the TMG Hospitality arm in Egypt with ADQ.
The group also expanded to Spain when it acquired La Zagaleta, Europe’s most exclusive private residential estate, reinforcing its position in the luxury real estate market. In the United Kingdom, it also acquired the Business Design Centre in London, a premier exhibition and trade venue, expanding Modon’s commercial footprint in the Events industry.
“Strategic acquisitions throughout the year have been a key driver of our performance, setting a strong foundation for future growth. With a solid balance sheet, robust liquidity, and an expansive land bank, Modon is well-positioned to capitalize on emerging opportunities and sustain long-term value creation,” stated Bill O’Regan, group CEO of Modon Holding.
