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Abu Dhabi-based real estate developer Modon formed a JV with British tycoon Nick Candy’s family office Candy Capital to develop projects in the Mena region, according to a press release. The JV will focus on developing homes, while also looking at offices and hotels, Bloomberg reports. The new entity will mainly build on Modon’s existing pipeline and Candy-owned sites.
The details are scant: The JV’s work will mark the largest development Candy has been involved in since his luxury development in London, One Hyde Park, Candy told Bloomberg, without disclosing details on the exact projects or their locations.
REMEMBER- Modon is already working with the Candy family on the USD 35 bn Ras El Hekma megaproject in Egypt. The Emirati developer was recently appointed as the master developer for the project, and has signed an MoU with Candy International to look into developing luxury real estate.
Candy believes the UAE is a rising power in luxury real estate, as the country continues to attract m’naires with low taxes and crime rates and modern infrastructure, he told Bloomberg. He also hinted that there is room for better luxury real estate in the region, saying that some are nothing more than “mid-market house builder quality.”
Modon’s UAE pipeline is packed: The company is currently working on several projects in Hudayriat and Reem Islands in Abu Dhabi.
About Candy Capital: Founded in 2014 by Nick Candy and his brother, the privately-held family office invests in real estate, interior design, fintech, and digital media, as well as a number of other sectors.
