Modon awards Abu Dhabi’s largest residential contract of 2025

Real estate developer Modon awarded contractors AED 5 bn for the main build of its Nawayef East and Nawayef West developments on Hudayriyat Island, according to a press release (pdf). The package covers 735 luxury villas and marks the single biggest residential construction mandate signed in the emirate this year. The two projects will sit atop what Modon says are the world’s largest man-made residential hills, rising 45-55 meters above sea level.

EGA pours USD 170 mn into Germany’s green aluminum push

Emirates Global Aluminium (EGA) will boost capacity at its Hannover EGA Leichtmetall plant in Germany by more than six-fold, investing USD 170 mn to add 110k tonnes of scrap sorting and 153k tonnes of melting and casting capacity, with first hot metal from the expanded facility expected in 2028, according to a press release.

Background: As we’ve recently reportedly, EGA is actively expanding abroad, with a US smelter planned in Oklahoma and ongoing talks with Guinean authorities to secure bauxite from Nimba Mining after its Guinea Alumina Corporation license was revoked. The Oklahoma project could double US aluminum production and will be powered by competitive long-term agreements, EGA says.

Depa’s rights issue finds its backstop

Nasdaq Dubai-listed Depa placed the unexercised portion of its recent rights issue with three investors — PC 2405-2 Fund (managed by Pinnacle Capital), Al Futtaim Capital, and Saudi Arabia’s Public Investment Fund, according to a Nasdaq Dubai disclosure. The trio took up 260.7 mn shares at AED 0.27 each, absorbing stock left untaken by existing shareholders.

Why it matters: The placements complete Depa’s c.AED 588 mn capital raise — approved in November — enabling the issuance of up to 2.4 bn new shares to shore up liquidity and fund a Saudi-led turnaround, including a planned joinery facility in Riyadh. Proceeds are earmarked for working capital, capacity expansion, and selective MENA acquisitions, as the interior design and construction firm looks to convert a growing backlog into higher-margin growth.

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