ADQ, IHC, Modon establish new infrastructure platform ‘Gridora’

Abu Dhabi-based global entities ADQ, IHC and Modon Holding have entered into a joint venture (JV) to form a dedicated infrastructure platform that will actively drive infrastructure development for private and public-private partnerships.

Operating under Modon Holding, Gridora will serve as a strategic platform for collaboration with specialist partners and capital providers, enabling the delivery of large-scale, high-impact infrastructure projects.

Leveraging Modon Holding’s national, regional and international infrastructure and real estate development expertise, the new entity will accelerate the delivery of major projects across the UAE and globally. It will enhance capacity for deployment, streamlining the procurement and implementation of key infrastructure contracts.

Gridora will be structured around two complementary business lines, Infrastructure Projects and Infrastructure Investments, which reflect the project origination and asset management capabilities of its founding partners. This dual-focus model is designed to generate returns, while addressing the transformative shift required to scale infrastructure implementation nationally, regionally and internationally.

By assuming a leadership role in critical delivery processes, Gridora will create value throughout the infrastructure lifecycle – from early-stage planning through to operations – unlocking new opportunities for both fee-based revenues and long-term investment yields. With the combined strength of its three founding partners, Gridora is strategically positioned to foster long-term collaboration between the public and private sectors.

Commenting on the partnership, Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, said: “Abu Dhabi’s thriving economy and growing population demand world-class infrastructure. By leveraging the collective expertise and resources of ADQ, IHC and Modon Holding, Gridora will become a local, regional, and international champion for infrastructure development and drive a step change in delivering strategic projects.”

Mohamed Hassan Alsuwaidi, Managing Director and Group Chief Executive Officer of ADQ, said: “As a long-term investor with deep exposure across infrastructure investments, the establishment of Gridora exemplifies our commitment to design and enable transformative development for projects of strategic importance. Our partnership with world class institutions, such as Modon and IHC, aims to unlock further value through this platform, and it is a reflection of our growing confidence to drive innovation and efficiency built for long term impact for the emirate and beyond.”

Syed Basar Shueb, Chief Executive Officer of IHC, added: “Gridora reflects IHC’s continued focus on building future-ready platforms that combine innovation, scale, and strategic collaboration. As a long-term investor, we see strong potential in harnessing infrastructure investments to unlock new economic value, deepen private sector participation, and drive infrastructure-led growth across markets. With Modon as part of the IHC Group, this joint venture reinforces our strategy of empowering our dynamic value networks to lead in sectors that are vital to national and regional development.”

Bill O’Regan, Group Chief Executive Officer of Modon Holding, said: “The joint venture reinforces Modon’s mission to create smart cities defined by intelligent and connected living. It provides a targeted solution to meet infrastructure requirements, significantly accelerating the delivery of critical projects while broadening the field of specialist private sector delivery partners. Gridora will harness Modon Holding’s pioneering capabilities to channel expertise and capital into key projects and builds on Abu Dhabi’s proven framework for development of transformative infrastructure. Alongside expediting the delivery of state-of-the-art infrastructure, it will also open new revenue streams and attractive long-term opportunities for Modon Holding and our partners.”

In February 2025, Modon Holding announced that it has 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 Dhs6.5 billion, a 637 per cent year-on-year increase, primarily due to the acquisition of ADNEC and Modon Properties.

Gross Profit increased to Dhs2.4 billion, a 500 per cent year-on-year rise, demonstrating robust business fundamentals.

Net profit reached Dhs9.4 billion, including a one-off bargain gain.

Five new real estate projects were launched on Hudayriyat Island and Reem Island, generating Dhs13 billion in sales, underscoring Modon’s real estate strength.

The revenue backlog reached Dhs25.3 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.”

WAM