Aldar Boosts Control Over Aldar Estates to 82.55%

Aldar Properties has acquired Modon Holding’s full 17.45 per cent indirect stake in Aldar Estates, pushing its total ownership to 82.55 per cent. The shares had been held through Modon’s subsidiary ADNEC Group. Financial terms of the deal were not made public.

With the transaction, Aldar retains its position as majority stakeholder, consolidating its influence over the real-estate services arm. Aldar Estates, launched in 2023 via a merger of property management operations from Aldar, IHC and ADNEC, has since become the UAE’s largest integrated real-estate services provider.

In 2024 Aldar Estates recorded revenue of AED 2.6 billion and EBITDA of AED 400 million, making it a major contributor to Aldar’s recurring income strategy. The platform now oversees over 155,000 residential units—an increase of 15 per cent over two years—and has doubled its prime retail and commercial leasable space to about two million square metres. It also maintains active contracts valued above AED 3 billion.

Jassem Salah Busaibe, CEO of Aldar Investment, said that Aldar Estates is on a strong upward trajectory, citing “rising demand for facilities, property management and community services.” He also pointed to Aldar’s growing development pipeline and expanding investment properties as underpinning factors for further growth and scalability.

This move signals a shift in Modon Holding’s strategy. Although Modon has divested from Aldar Estates, it will continue to develop its core segments—real estate, hospitality, asset management, events, and catering—under its Modon Communities brand. Modon officials described the sale as a focused exit that allows the firm to channel resources into its distinct business lines.

Market observers view the acquisition as a strengthening measure for Aldar in an increasingly competitive services segment. By absorbing the entire indirect stake, Aldar eliminates potential dissent from minority interests and positions Aldar Estates for deeper expansion. The consolidation may also simplify governance and accelerate decision-making in an environment where service margins and operational efficiency are under scrutiny.

Analysts note that the real-estate services market across the Gulf is entering a maturation phase, with integrated platforms able to deliver scale and cross-service synergies gaining advantage. Aldar’s control over nearly 83 per cent of the Estates entity gives it latitude to bundle offerings, leverage its broader property development ecosystem and push into new geographies or verticals.