Modon’s Record H1 2026: AED 26 Billion in Sales and How Hudayriyat Golf Estates Made History

Modon Holding’s H1 2026 financial results, released July 30, 2026, confirm something that Abu Dhabi property watchers following Modon’s successive sellout launches on Hudayriyat Island had suspected but not yet seen in official numbers: Modon has become the largest developer in Abu Dhabi by sales value. Modon Holding today reported record first-half results for the six months ended 30 June 2026, building on the momentum established over the past two years, with real estate sales reaching AED 26 billion across Abu Dhabi, Egypt and Spain, 2.6 times higher than the same period in 2025.

Total Abu Dhabi sales reached AED 23 billion, the highest of any developer in the emirate across Q1 and Q2, positioning Modon as the number one developer by sales value in Abu Dhabi and among the largest developers in the UAE for this period. For a government-backed developer whose Hudayriyat Island communities have consistently sold out within days since 2024, this ranking confirms what the transaction pattern had already been signalling.

The Headline Numbers: Record Revenue, Record Profit, Record Backlog

Group revenue reached a semi-annual record of AED 9.2 billion, a 40% year-on-year increase, driven by growth across multiple segments with accelerated development progress, a full half-year contribution from Arena following its acquisition in May 2025, improved hospitality performance, and resilient recurring leasing income. Group Adjusted EBITDA reached AED 3.0 billion and Group net profit AED 2.2 billion.

Excluding prior-year one-off items related to the disposal of non-core financial assets, underlying Adjusted EBITDA and net profit increased by 18% and 23% year-on-year respectively, reflecting the strength and resilience of the Group’s underlying earnings rather than a one-time accounting effect. Adjusted EBITDA margin stood at a robust 32.6%.

Group Financial Metric	H1 2026	YoY Change
Group Revenue	AED 9.2 billion	+40%
Group Adjusted EBITDA	AED 3.0 billion	+18% (underlying)
Group Net Profit	AED 2.2 billion	+23% (underlying)
Adjusted EBITDA Margin	32.6%	—
Group Revenue Backlog	AED 65.4 billion	Doubled YoY, +42% since FY2025
Real Estate Sales	AED 26 billion	2.6x YoY
Total Assets	AED 92 billion	+6% vs Dec 2025
Total Equity	AED 57 billion	+5% vs Dec 2025

The backlog figure deserves particular attention. Group revenue backlog increased to a record AED 65.4 billion, doubling year-on-year and rising 42% since full-year 2025, providing strong multi-year earnings visibility, with development projects across the UAE and Egypt accounting for 95% of the total backlog. A backlog doubling in a single year is not simply a sign of strong current-period sales. It is confirmation that Modon has locked in a multi-year runway of future revenue recognition, largely secured from buyers who have already committed capital to projects still under construction.

Hudayriyat Golf Estates: The Launch That Made UAE History

The single most significant real estate event within Modon’s H1 2026 results was the launch of Hudayriyat Golf Estates. H.E. Abdulla Al Sahi, Group Managing Director of Modon Holding, stated directly: “An exceptional performance from real estate positioned Modon as the largest developer in Abu Dhabi in terms of sales value during H1. This included the UAE’s highest-ever single-project sales value for the launch of Hudayriyat Golf Estates, with AED 13 billion achieved within days.”

An AED 13 billion single-project sales result within days is not simply a strong launch by Modon’s own standards. It is confirmed as the largest single-project residential launch in the UAE’s history, a record that includes every developer across Dubai, Abu Dhabi, and the wider Emirates. For context, this single Hudayriyat Island launch alone generated exactly half of Modon’s entire H1 real estate sales total.

Modon H1 2026 Launch Highlight	Result
Hudayriyat Golf Estates (Abu Dhabi)	AED 13 billion in days, largest single-project launch in UAE history
Tara Park (Reem Island)	Sold out across two phases, launched mid-March and mid-April
Wadi Yemm (Egypt)	Additional phases launched, strong momentum
Montage Residences (Ras El Hekma, Egypt)	First branded residences at Ras El Hekma
La Zagaleta (Spain)	Continued plot sales, ultra-luxury estate

Real Estate remained the Group’s primary earnings driver, with segment revenue rising 56% year-on-year to AED 5.7 billion, driven by accelerated backlog recognition, while construction activity accelerated with AED 14.1 billion of construction and consultancy contracts awarded, including key infrastructure and development works across the UAE and Egypt.

Beyond Real Estate: Every Segment Contributed

Modon’s H1 2026 performance was notable not just for Real Estate’s dominance but for the fact that all business segments contributed positively to Group performance during the period, confirming the diversified platform is functioning as intended rather than relying on a single revenue engine.

Events, Catering & Tourism revenue increased 25% year-on-year to AED 2.8 billion, with growth primarily driven by the full-period consolidation of Arena Group, which contributed AED 1.0 billion, while activity levels were maintained year-on-year, with Modon hosting 484 events and attracting more than 2.7 million visitors across its UAE and UK venues. Proactive measures mitigated the impact of market disruptions, including working closely with event organisers to reschedule rather than cancel affected events, a genuinely useful indicator that this segment adapted rather than simply absorbed losses during a period of regional uncertainty.

Asset & Investment Management revenues increased 13% year-on-year to AED 361 million, supported by sustained rental growth and consistently high occupancy across the portfolio at 96% across owned assets. Hospitality revenue from owned and operated hotels increased 8% year-on-year to AED 388 million, with softer international demand linked to regional travel disruption in March and April offset by higher domestic and staycation demand, a pattern that speaks directly to the resilience of Abu Dhabi’s domestic tourism base during a difficult period.

The International Expansion: London, New Jersey, and Florida

Modon’s H1 2026 results also confirmed meaningful progress on its international diversification strategy, extending well beyond the UAE and Egypt. The Group recognised its first profit contribution from Wellington Lifestyle Partners in Florida and commenced construction of the Harborside 4 joint venture in Jersey City, while construction at 2 Finsbury Avenue in London continues to make progress, with exterior and internal works advancing for both towers, supported by strong pre-letting interest providing clear visibility on tenant demand.

At Wellington Lifestyle Partners in Florida, works are progressing on showground and access infrastructure ahead of the residential pre-sales launch, expected to commence in Q3 2026. This international pipeline, spanning the UK, the US East Coast, Egypt, and Spain, positions Modon’s earnings base with a geographic diversification that reduces its dependency on any single market’s cycle, a meaningful strength for investors evaluating the developer’s long-term stability rather than just its Abu Dhabi performance alone.

The ADIB Financing Partnership: A Strategic Update Worth Highlighting

Modon’s H1 2026 report also confirmed the strategic significance of a development previously covered on its own terms: in July 2026, Modon partnered with Abu Dhabi Islamic Bank to introduce Abu Dhabi’s first off-plan home financing solution, enabling eligible buyers to access up to 75% financing throughout the construction period through to handover, with the partnership supporting broader demand accessibility and strengthening the Group’s customer proposition.

Seeing this financing innovation referenced directly within Modon’s official H1 results, rather than solely in a standalone press release, confirms that Modon considers it a core strategic pillar rather than a minor product update. For buyers evaluating Trusted VIP property broker Abu Dhabi guidance on how this financing structure applies to future Modon launches following the record-breaking Hudayriyat Golf Estates sellout, this integration into Modon’s own investor reporting confirms the financing partnership is central to how the developer intends to sustain demand into H2 2026 and beyond.

What Leadership Said About the Results

H.E. Jassem Bu Ataba Al Zaabi, Chairman of Modon Holding, framed the results within the Group’s broader institutional ambition: “Modon’s performance in the first half of 2026 demonstrates the strength of the Group’s ambition, agility and resilience, translating a bold long-term vision into sustainable value while advancing growth. Supported by a diverse business platform and expanding international footprint, the Group is well positioned to capture emerging opportunities and deliver consistent, long-term value for shareholders.”

Bill O’Regan, Group Chief Executive Officer of Modon Holding, connected the backlog directly to future confidence: “Our Group revenue backlog of AED 65.4 billion, alongside additional income-generating assets coming online, ensure a positive outlook for future growth. As we move into the second half of the year and beyond into 2027, Modon will expand on its objectives, maintaining forward progress with a disciplined and relentless focus on delivery.” For investors seeking Abu Dhabi’s leading real estate advisory service guidance on positioning ahead of Modon’s H2 2026 and 2027 pipeline, this level of backlog visibility, doubled year-on-year and 95% concentrated in UAE and Egypt development projects, provides a genuinely rare degree of forward earnings certainty in a real estate developer.

Conclusion: A Developer Confirmed at the Top of Abu Dhabi’s Market

Modon’s H1 2026 results move the developer from “successful Hudayriyat Island specialist” into confirmed status as Abu Dhabi’s number one developer by sales value, a AED 23 billion Abu Dhabi sales figure anchored by the UAE’s largest single-project residential launch in history. With a record AED 65.4 billion backlog, a strengthened balance sheet carrying net debt to EBITDA of just 0.18x, and every business segment, real estate, events, asset management, and hospitality, contributing positively during the period, Modon enters H2 2026 with both the financial capacity and the demonstrated market position to sustain its trajectory well into 2027.