ABU DHABI, UAE: Modon Holding achieved exceptional growth in its full-year results for 2024, driven by strong performance across its four key sectors: Real Estate, Asset Management, Hospitality, and Tourism & Events.

The results reflect a transformative year with record-breaking growth and portfolio expansion in both the UAE and international markets.

Revenue rose to AED 6.5 billion, a 637 percent year-on-year increase, primarily due to the acquisition of ADNEC and Modon Properties.

Gross Profit increased to AED 2.4 billion, a 500 percent year-on-year rise, demonstrating robust business fundamentals.

Net profit reached AED 9.4 billion, including a one-off bargain gain.

Five new real estate projects were launched on Hudayriyat Island and Reem Island, generating AED 13 billion in sales, underscoring Modon’s real estate strength.

The revenue backlog reached AED 25.3 billion, ensuring long-term revenue security for the next three years.

12.2 million visitors were attracted to Modon’s destinations.

Modon expanded its global footprint with strategic investments in Egypt, Spain, the United Kingdom, and Morocco.

Jassem Mohammed Bu Ataba Al Zaabi, Chairman of Modon Holding, said, “2024 was a defining year for Modon, delivering unprecedented growth and strengthening Abu Dhabi’s position as a global investment hub. Our acquisitions and strategic expansions lay the groundwork for the next phase of Modon’s transformation. We remain committed to sustainable urban development and unlocking opportunities across key markets.”

Abdullah Al Sahi, Group Managing Director of Modon Holding, added, “Modon has surpassed expectations both locally and internationally with landmark projects such as our appointment as master developer for Ras El Hekma in Egypt, and the acquisition of La Zagaleta in Spain. As we look ahead, Modon is well-positioned to accelerate growth across all its sectors and geographies.”

Bill O’Regan, Group Chief Executive Officer of Modon Holding, stated, “Modon’s record-breaking 2024 results across our resilient platform of business activities – Real Estate, Asset Management, Hospitality, Tourism, and Events – demonstrated strong growth in revenue and net profit. This reflects our solid fundamentals, disciplined capital allocation, and well-diversified portfolio. Strategic acquisitions have been a key driver of our performance, setting a strong foundation for future growth. With a robust balance sheet, liquidity, and an expansive land bank, Modon is well-positioned to capitalise on emerging opportunities and sustain long-term value creation.”