{"id":96620,"date":"2024-10-09T00:00:00","date_gmt":"2024-10-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/modon-and-candy-capital-set-up-jv-to-develop-luxury-real-estate-in-mena\/"},"modified":"2024-10-09T00:00:00","modified_gmt":"2024-10-09T00:00:00","slug":"modon-and-candy-capital-set-up-jv-to-develop-luxury-real-estate-in-mena","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/10\/09\/modon-and-candy-capital-set-up-jv-to-develop-luxury-real-estate-in-mena\/","title":{"rendered":"Modon and Candy Capital set up JV to develop luxury real estate in MENA"},"content":{"rendered":"

Abu Dhabi-based real estate developer <\/strong>Modon<\/a><\/strong> formed a JV with British tycoon <\/strong>Nick Candy\u2019s family <\/strong>office <\/strong>Candy Capital<\/a><\/strong> to develop projects in the Mena region<\/strong>, according to a press release<\/a>. The JV will focus on developing homes, while also looking at offices and hotels, Bloomberg<\/a> reports. The new entity will mainly build on Modon\u2019s existing pipeline and Candy-owned sites. <\/p>\n

The details are scant: <\/strong>The JV\u2019s work will mark the largest development Candy has been involved in since his luxury development in London, One Hyde Park, Candy told Bloomberg, without disclosing details on the exact projects or their locations.<\/p>\n

REMEMBER- Modon is already working with the Candy family on the USD 35 bn Ras El Hekma megaproject in Egypt. <\/strong>The Emirati developer was recently appointed<\/a> as the master developer for the project, and has signed an MoU with Candy International to look into developing luxury real estate. <\/p>\n

Candy believes the UAE is a rising power in luxury real estate<\/strong>, as the country continues to attract m\u2019naires with low taxes and crime rates and modern infrastructure, he told Bloomberg. He also hinted that there is room for better luxury real estate in the region, saying that some are nothing more than \u201cmid-market house builder quality.\u201d<\/p>\n

Modon\u2019s UAE pipeline is packed:<\/strong> The company is currently working on several projects in Hudayriat and Reem Islands in Abu Dhabi.<\/p>\n

About Candy Capital: <\/strong>Founded in 2014 by Nick Candy and his brother, the privately-held family office invests in real estate, interior design, fintech, and digital media, as well as a number of other sectors.<\/p>\n","protected":false},"excerpt":{"rendered":"

The newly established JV will capitalize on Modon\u2019s packed pipeline<\/p>\n","protected":false},"author":1,"featured_media":96621,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1565],"tags":[7,1342,25,1623,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-96620","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-enterpriseam-uae","tag-investment","tag-investment-watch","tag-modon","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"0b44b05c-2104-4cb4-bc7b-bf326bc5f51e","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/681.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Modon and Candy Capital set up JV to develop luxury real estate in MENA","related_issue":[96610],"teaser":"The newly established JV will capitalize on Modon\u2019s packed pipeline","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.fbc61823-48ba-46fe-80b3-d950c8df4926.mp3"},"yoast_head":"\nModon and Candy Capital set up JV to develop luxury real estate in MENA - 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