Modon Holding Posts Dh26B Property Sales in H1 2026, Boosting Dubai-UAE Market
Gulf News
Modon Holding achieved Dh26B in property sales in H1 2026, driven by Abu Dhabi projects and a 40% revenue rise, signalling strong real estate demand in the UAE.
Modon Holding's Strong Mid-Year Performance in UAE Real Estate
Modon Holding has reported an impressive Dh26 billion in property sales for the first half of 2026, marking a significant upturn led by robust demand across new residential developments. Notably, Abu Dhabi contributed Dh23 billion to these sales, underscoring the capital’s prominence in the UAE’s real estate landscape.
The group’s financial performance mirrors this growth, with net profit reaching Dh2.2 billion and total revenue climbing 40% year on year to a historic half-year high of Dh9.2 billion. This surge emphasizes Modon’s expanding footprint and effective market positioning.
Expanding Revenue Backlog and Sales Highlights
Modon’s revenue backlog surged to Dh65.4 billion, doubling compared to the previous year and rising 42% since the close of 2025. The backlog predominantly reflects developments within the UAE and Egypt, which together account for 95% of the total future income pipeline.
Real estate sales have more than doubled—up 2.6 times over the same period in 2025—driven by projects in Abu Dhabi, Egypt, and Spain. A standout success was the launch of Hudayriyat Golf Estates, which recorded Dh13 billion in sales within just days. This launch set a new UAE record for the highest sales value of any single residential project.
Additional projects also performed strongly. Tara Park on Reem Island sold out its two phases launched during March and April, while further phases of the Wadi Yemm development in Egypt were released amid growing regional demand.
Revenue Breakdown and Operational Highlights
The real estate segment emerged as the primary revenue contributor, shooting up 56% to Dh5.7 billion. Alongside this, Modon awarded construction and consultancy contracts worth Dh14.1 billion, indicating ongoing development momentum.
Adjusted EBITDA rose to Dh3 billion, with recurring revenue growing 22% to Dh3.5 billion, representing 38% of the group’s overall revenue. When excluding one-off gains and previous year dividend income, adjusted EBITDA increased by 18%, and net profit by 23%, highlighting Modon’s underlying operational strength.
Cash Position, Debt, and Assets
The company finished June with Dh8.6 billion in unrestricted cash and Dh1.5 billion in undrawn committed credit facilities, maintaining a conservative net debt position of Dh912 million. This results in a low net debt to EBITDA ratio of just 0.18 times.
Total assets stood at Dh92 billion with equity of Dh57 billion, reflecting 6% and 5% increases since the end of 2025 respectively.
Diversification Beyond Property Sales
Modon’s revenue from events, catering, and tourism expanded by 25% to Dh2.8 billion, including a Dh1 billion contribution from its Arena Group operations. The group hosted 484 events attracting over 2.7 million visitors across venues in the UAE and UK, with catering services providing 24.9 million meals—up 5% year on year.
Asset and investment management revenues increased 13% to Dh361 million, bolstered by improved rental income and a high occupancy rate of 96% across owned properties. Hotel operations also saw an 8% revenue rise to Dh388 million, supported by strong domestic and staycation demand despite international tourism softness during regional travel disruptions earlier in the year.
Implications for Dubai and UAE Real Estate Agents
Modon's robust sales and expanding backlog demonstrate escalating demand for residential projects, particularly in Abu Dhabi but impacting the broader UAE market. For real estate agents, this signals vibrant opportunities in off-plan and newly launched developments. Staying attuned to high-demand projects like Hudayriyat Golf Estates could be key to matching client interests and capitalizing on the ongoing market momentum.
Based on reporting from Gulf News. Summary and analysis by Propilot AI.
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