By One project launch alone brought in Dh13 billion for Modon Holding this year. That single data point helps explain how the Abu Dhabi master developer turned in a record first half of 2026, with net profit reaching Dh2.2 billion and its revenue backlog doubling to Dh65.4 billion.
- Modon’s H1 2026 net profit hit Dh2.2 billion on revenue of Dh9.2 billion, up 40 percent year on year, as property sales reached Dh26 billion.
- The Hudayriyat Golf Estates launch generated Dh13 billion in sales within days, which Modon calls the highest single-project launch value in UAE history.
- The revenue backlog doubled to a record Dh65.4 billion, giving Modon a deep pipeline of future income even if sales momentum slows.
The results, reported for the six months ended June 30, extend a run of strong performances from Abu Dhabi’s state-backed developers even as parts of the wider UAE property market show signs of cooling.
What Powered Modon’s H1 2026 Results
Real estate sales for the period rose 2.6 times compared with the first half of 2025, driven mainly by developments in Abu Dhabi, alongside projects in Egypt and Spain. Abu Dhabi alone accounted for Dh23 billion of the Dh26 billion in total property sales, according to figures reported by Gulf News.
Real estate revenue climbed 56 percent to Dh5.7 billion, making it Modon’s largest single earnings contributor for the half. The company also awarded Dh14.1 billion in construction and consultancy contracts during the period, a sign it is moving quickly to convert booked sales into delivered units.
Hudayriyat and Reem Island Do the Heavy Lifting
The standout was Hudayriyat Golf Estates, which Modon says generated Dh13 billion in sales within days of launch, the highest sales value ever recorded for a single residential project launch in the UAE. Tara Park, Modon’s development on Reem Island, also sold out across two phases launched in March and April, while further phases were released at Wadi Yemm in Egypt.
That kind of launch velocity is unusual even by Gulf real estate standards, and it underscores how much demand Abu Dhabi’s master-planned communities are still pulling in relative to some of Dubai’s more saturated submarkets.
A Backlog Built for the Long Run
Perhaps more telling than the profit figure is Modon’s revenue backlog, which doubled year on year and grew 42 percent from the end of 2025 to reach Dh65.4 billion. Developments in the UAE and Egypt make up 95 percent of that backlog, giving Modon several years of contracted revenue to work through regardless of how new sales trend in the second half.
Adjusted EBITDA reached Dh3 billion for the half. Stripping out one-off gains and dividend income booked a year earlier, adjusted EBITDA still rose 18 percent and net profit climbed 23 percent, suggesting the underlying business, not just accounting timing, is genuinely stronger.
Balance Sheet Stays Conservative
Despite the aggressive launch pace, Modon kept its balance sheet in good shape. The company held Dh8.6 billion in unrestricted cash plus Dh1.5 billion in undrawn committed facilities at the end of June, against net debt of just Dh912 million, a net debt to EBITDA ratio of 0.18 times. Total assets grew 6 percent to Dh92 billion, while equity rose 5 percent to Dh57 billion since the end of 2025.
Beyond Housing: Events, Hotels and Recurring Income
Modon’s business extends well past residential sales. Recurring revenue, which includes leasing, hospitality and events, rose 22 percent to Dh3.5 billion and now makes up 38 percent of group revenue, a cushion that reduces the company’s reliance on lumpy project launches.
Events, catering and tourism revenue grew 25 percent to Dh2.8 billion, including a Dh1 billion contribution from Arena Group. Modon hosted 484 events that drew more than 2.7 million visitors across venues in the UAE and UK, while its catering arm served 24.9 million meals, up 5 percent from a year earlier. Revenue from Modon’s own hotels rose 8 percent to Dh388 million, with the company saying stronger domestic and staycation demand helped offset softer international tourism during regional travel disruption in March and April.
Asset and investment management revenue increased 13 percent to Dh361 million, supported by 96 percent occupancy across owned properties, a level most landlords in the region would consider close to full.
What Modon’s H1 2026 Results Signal for Abu Dhabi
Taken together, the numbers point to an Abu Dhabi real estate market still running hot on the master-developer side, even as some analysts flag softer conditions elsewhere in the UAE. Whether Modon can repeat a Dh13 billion single-launch result in the second half remains to be seen, but the size of its backlog means the company does not need to.
For more on how the UAE property market is trending elsewhere, see our coverage of the UAE real estate market cooling in Q2 2026.
Sources: Gulf News, Zawya, Business Today Middle East.