ADQ, Modon, and IHC roll out a platform to fast-track infrastructure projects: Abu Dhabi sovereign wealth fund ADQ formed a joint venture with Modon Holding and International Holding Company to launch Gridora, a new infrastructure platform, according to an ADX disclosure (pdf). The platform will operate under Modon Holding and focus on infrastructure projects and investments, with the aim of speeding up the delivery of strategic infrastructure projects in the UAE and abroad.

What this means: The three entities will work together to expedite procurement and execution processes, and strike partnerships between the public and private sector, including specialist firms and capital providers. The platform will have a dual approach of project delivery and asset management, targeting both fee-based income and long-term investment returns.

What they said: “As a long-term investor, we see strong potential in harnessing infrastructure

investments to unlock new economic value, deepen private sector participation, and drive

infrastructure-led growth across markets,” CEO of IHC Syed Basar Shueb said. Meanwhile, Modon’s CEO Bill O’Regan said the new platform will help “open new revenue streams” for Modon.

The tie-up comes against the backdrop of a host of mega infrastructure projects planned across the region, including in Saudi Arabia and the UAE. Here at home, projects like the AED 20.5 Dubai Metro Blue Line and the Etihad Rail are underway, while Saudi Arabia is working on gigaprojects like Neom and Qiddiya — though many of its projects could potentially face delays due to financing constraints amid prospects of lower oil prices and a bigger Saudi fiscal deficit.

REMEMBER- ADQ and Modon are working together on the USD 35 bn Ras El Hekmamegaproject in Egypt. The fund inked a USD 35 bn agreement with Egypt in February to develop the megaproject. Modon is responsible for developing the first 50 mn in the 170 mn sqm project.

ADQ is also heavily investing in infrastructure projects: The sovereign wealth fund also recently partnered with Australian infrastructure investment and development firm Plenary Group to launch Plenary Middle East, a development and investment platform focused on public and social infrastructure projects across high-growth markets in the Middle East and Central Asia. As part of this move, ADQ now holds a 49% stake in Plenary Group.

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