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Abu Dhabi-based Modon Holding P.S.C has made its first foray into an equestrian-led development in the United States with an investment in Wellington Lifestyle Partners.
The ADX-listed holding company joins a consortium of existing investors in the development. The value of the investment was not disclosed.
Modon’s portfolio includes Hudayriyat Island, Ras El Hekma and La Zagaleta. The company operates in 13 countries, and has made strategic investments in the United Kingdom and North America.
In October, state-owned L’imad Holding, which is wholly owned by the Abu Dhabi government, acquired Modon shares previously held by International Holding Company and Abu Dhabi Development Holding Company (ADQ), bringing its ownership to 84.76% of Modon Holding.
(Writing by Brinda Darasha; editing by Seban Scaria)
