Today's Edition
ABU DHABI (ALETIHAD)
Aldar has increased its ownership in Aldar Estates to 82.55% after acquiring Modon Holding’s entire 17.45% indirect shareholding, previously held through Modon’s wholly owned subsidiary ADNEC Group.
The change in ownership was confirmed in separate statements by Aldar and Modon. No financial details about the share sale are given in the statements.
Aldar Estates, formed in 2023 from the combined property management operations of Aldar, IHC, and ADNEC Group, has since become the region’s largest integrated real estate services company. Over the past two years, it has expanded residential units under management by 15% to 155,000 and doubled prime retail and commercial leasable space under management to two million square metres. The platform now manages more than Dh3 billion worth of active contracts.
In 2024, Aldar Estates reported revenues of Dh2.6 billion and EBITDA of Dh400 million, contributing significantly to Aldar’s strategy of scaling diversified recurring income streams. The platform is a key business within Aldar Investment, which oversees a diverse Dh47 billion portfolio of income-generating assets. In recent years, Aldar Estates has expanded its scope through acquisitions across landscaping, security, technical services, sustainability consulting, and community management. In late 2023, it also acquired FAB Properties, substantially broadening its client base and service offering.
Jassem Salah Busaibe, Chief Executive Officer of Aldar Investment, said: “Aldar Estates is on a strong growth trajectory, driven by rising demand for facilities management, property management, and community services. Supported by Aldar’s development pipeline, an expanding portfolio of investment properties, and a growing base of third-party clients, the business is well positioned to scale further, capture new opportunities in the real estate services market, and deliver long-term value to communities, clients and shareholders.”
For Modon, the divestment marks a complete exit from Aldar Estates but does not include its own property and facilities management operations, which will continue to expand under Modon Communities. Modon said it will focus on strategic growth across its four core business segments: real estate, asset management, events, catering and tourism, and hospitality.
