Zaldi Capital partners with Better Home for USD 500 mn Oman expansion

Local asset manager Zaldi Capital is eyeing hotel acquisitions in Oman in partnership with Better Home Real Estate, founder Mohamed Negme told Al Borsa. The wider expansion strategy includes developing a new residential and hospitality project under the Midtown brand in Muscat, with self-funded initial investments of USD 500 mn, and a potential expansion into the ins. sector.

Here at home, Zaldi’s financial investment arm is targeting EGP 50 bn in managed assets by year-end, up from EGP 35 bn currently. The firm is working on five new vehicles — up from the three flagged last year — including an equity fund, two index trackers, and two shariah-compliant funds (one equity, one fixed income) with plans to reach 10 funds under management by end-2026.

Modon awards Ras El Hekma contract

Modon Holding is ramping up development at Egypt’s USD 35 bn Ras El Hekma megaproject, awarding infrastructure works for the first district of the project to a consortium comprising Rowad Modern Engineering and Consolidated Contractors Company (CCC) in a EGP 10 bn (c. USD 203 mn) contract, the Arabic press reports, citing people familiar with the matter.

BACKGROUND- Modon was tapped as master developer for the coastal city shortly after Egypt and the UAE inked the historic investment agreement in 2024. Other local, regional, and international partners will work on the development alongside the Abu Dhabi-based developer, under the oversight of ADQ’s subsidiary Ras El Hekma Urban Development Project Company.

IN CONTEXT- The award marks the second major construction package handed out at Ras El Hekma. (Earlier this year, Modon signed up Orascom Construction for residential, hospitality, and infrastructure works valued at EGP 15 bn. Wider construction work is already underway, as Emirati real estate developer Sky Abu Dhabi broke ground on the project last year.