PHOTO
Arab Finance: Modon Holding has entered into definitive agreements to divest its full indirect investment in TMG Holding's hospitality arm, Icon Hotel Investment Ltd (ICON), to Abu Dhabi Developmental Holding Company (ADQ), according to a statement.
Subject to regulatory approvals, the transaction is expected to be concluded by the first quarter (Q1) of 2026.
It will not affect Modon’s hospitality assets outside of ICON, which has a portfolio of 15 operated hotels in the UAE as well as global markets.
