Modon Holding acquires 50% stake in London office tower under new JV with Broadgate

M&A-

#1- Modon Holding buys into London office tower under new JV with Broadgate: ADQ-backed developer Modon Holding has acquired a 50% stake in London’s skyscraper project 2 Finsbury Avenue under a newly-formed 50-50 JV with Broadgate REIT, which is owned by British property company British Land and Singapore's GIC, according to a joint press release (pdf). While the financial terms of the transaction were not disclosed, the move marks Modon’s first venture into the UK real estate market. The story got ink from Bloomberg and the Financial Times.

Project profile: The commercial and office-led skyscraper — which is set to be completed by 2027 — comprises two high-rise towers of 36 and 21 floors. Notably, next-gen capital market firms Citadel and Citadel Securities have pre-leased at least a third of the space, with options to expand up to half, significantly mitigating leasing risk.

REMEMBER- The Abu Dhabi-based real estate developer has been making a global push, recently acquiring Spanish real estate company La Zagaleta and inking an agreement in October to become the master developer on the USD 35 bn Ras El Hekma megaproject in Egypt. Its subsidiary, Adnec’s Excel London, also recently acquired London’s BDCG Holdings, which owns the Business Design Center venue in north London.

#2- Americana acquires Pizza Hut Oman: Mena restaurant operator Americana Restaurants acquired the Pizza Hut brand in Oman from the Khimji Ramdas Group, it said in a statement (pdf). The transaction, whose value was not disclosed, added approximately USD 11 mn to Americana’s 2024 top line, ramping up its ability to “capitalize on advanced digital capabilities, such as online ordering and personalized marketing, to meet evolving customer preferences.” The transaction involves 46 Pizza Hut restaurants across the country.

The acquisition is part of Americana’s strategy to expand its regional footprint, particularly in the pizza segment, the statement reads. The company’s Pizza Hut network now spans 450 locations across the region.

REAL ESTATE-

Rak Properties launches the first project of 2025’s AED 5 bn pipeline: ADX-listed developer Rak Properties launched resort-style residential development Mirasol, the first in a AED 5 bn pipeline of projects the company plans to launch this year, it said in a press release (pdf). Mirasol, which is part of the Mina master plan, will feature two towers that will house 339 units. The project offers studios, apartments, and duplexes and is scheduled for handover in 1H 2028.

The project comes as part of the developer’s Mina master plan, a 4 mn sqm area set along Ras Al Khaimah’s coastline, which includes Raha Island, Hayat Island, and Lagoons. The development will feature 137 retail outlets spread across a 23k sqm of net leasable area, as well as luxury residences, a yacht club, a wharf, and a marina boulevard.

LOGISTICS-

DP World to launch cross-border payment with stablecoins: DP World is collaborating with global financial institutions and technology providers in the UAE, Singapore, India, and other key markets to introduce cross-border stablecoin transactions, according to a statement. The move aims to address prolonged settlement times, restricted access to finance, and a lack of transparency in emerging markets such as Asia and Africa.

BUSINESS-

Rakez to expand business support services: Businesses registered in the Ras Al Khaimah Economic Zone (Rakez) will now have access to additional value-added services — including corporate bank account opening, corporate tax filing, and accounting and bookkeeping services — under a new MoU signed between Rakez and the Department of Economic Development of Ras Al Khaimah, according to a statement.

MANUFACTURING-

Three new pharma factories coming to Sharjah: Sharjah will see the establishment of three new pharma factories worth over USD 84 mn, with construction scheduled to wrap up next year, Wam reports. The new factories — whose contracts were signed during the International Pharmacy and Medicine Conference at the Sharjah Research, Technology, and Innovation Park — will join an existing plant in the emirate.

Here’s the breakdown of the three factories:

• A USD 44 mn factory will produce eye drops and respiratory products, with construction scheduled to be completed in late 2026;
• A USD 35 mn factory will target antibiotic capsules and stomach medication, with an estimated production capacity of 600 mn capsules annually. Construction is expected to wrap up in mid-2026;
• A USD 5 mn factory will specialize in packaging first aid products, with construction set to be completed early next year.

DIGITIZATION-

#1- MBME + Wavz partner to offer digital solutions for Mena businesses: Homegrown IT solutions provider MBME Group partnered with Egypt-based Wavz to work together on rolling out digital solutions for businesses and government entities throughout the Mena region, MBME said in a statement. The services offered under the partnership will focus on the banking sector, offering payment, digital banking, risk, and compliance solutions. The companies also plan to offer online learning platforms for employees.

Why it matters: MBME Group aims to expand its presence in Egypt under the partnership by supporting the country’s digital financial ecosystem.

#2- Lulu Group taps Mashreq, Kyriba to optimize financial operations: Our friends at Mashreq partnered with US cloud treasury and finance solutions firm Kyriba to optimize financial operations for LuLu Group by creating a finance management platform for the supermarket chain operator, according to a press release. Mashreq and Kyriba will design a unified platform that will allow LuLu to track its finances in real-time and manage payments and fund transfers to suppliers across the region.

The project's first phase will see the integration of over 35 banks within the platform, which will be scaled across the company’s markets in the coming months.

REGULATION-

The UAE signed an MoU with the World Economic Forum to form the Global Regulatory Innovation Platform in a bid to develop legislation that addresses rapid technological advancements, Wam reports.

The details: The platform will provide tools for stakeholders to evaluate legislative frameworks and promote international collaboration on governance models. Key objectives include creating a Future-Readiness Index for Legislation, publishing a Global Guide for Regulatory Innovation, and establishing a network of experts and policymakers.