L’imad Holding, a company wholly owned by the Abu Dhabi government, has acquired shares in Modon Holding from both International Holding Company (IHC) and Abu Dhabi Development Holding (ADQ), thus bringing its ownership in Modon to 84.76%. 

This transaction reinforces the strategic investment outlook for the real estate and infrastructure development sectors in the emirate, and secures the optimal deployment of resources, with a focus on urban development projects that contribute to the sustainable growth of Abu Dhabi’s economy, said Modon in a statement.

The transaction supports Modon on its innovative path in urban development and its confidence to deliver world class destinations and experiences through its core business sectors that include real estate, asset management, hospitality, and events, catering & tourism. 

Modon Holding continues its commitment to building modern urban communities that provide a sustainable, smart, and connected lifestyle, it added.-TradeArabia News Service