Abu Dhabi-backed Modon Holding is headed for Jersey City, New Jersey, with a joint venture to develop a luxury condominium high-rise with US-based property developers. The move from the anchor asset of L’imad is one of the few clues about the direction of Abu Dhabi’s latest state-linked fund, which popped up practically overnight earlier this year after buying a controlling stake in Modon from Sheikh Tahnoon bin Zayed’s IHC. Modon remains the only publicly known holding of L’imad, which has yet to publish a corporate website or publicly name leadership.
Modon — estimated to be worth around $17 billion by sovereign wealth tracker Global SWF — is Abu Dhabi’s government-mandated master developer behind projects such as Hudayriyat and Reem islands. But it has a handful of international assets in a portfolio that spans high-end real estate, hotels, as well as entertainment and sports venues. Most are in the UAE, with outposts of an EDITION hotel in Reykjavik, a golf course development in Spain, and a London convention center.
International footprints are becoming the norm among Gulf property developers who were once locally-focused. Emaar, Dubai’s largest listed developer, is also eyeing the US to achieve growth.