Please register to access this content.
To continue viewing the content you love, please sign in or create a new account
This content is for our paying subscribers only

Business Property

Abu Dhabi's Q Holding completes ambitious real estate consolidation with ADQ, IHC

Next up for ADX-listed Q is a new identity - 'Modon Holding'

ADNEC (or Abu Dhabi National Exhibitions Company) is the destination for the biggest trade shows hosted by the emirate.
Image Credit: Afra Mubarak Alnofeli/Gulf News

Dubai: The Abu Dhabi Dhabi investment group Q Holding has completed a set of transactions that will propel it to be one of the biggest real estate players in the UAE.

Q Holding thus has acquired control of 100 per cent of the share capital of Abu Dhabi National Exhibitions Company (ADNEC); Modon Properties; Miza Investments LLC; Sahel 1 Restricted Limited; Sahel 2 Restricted Limited; and Oryx Action Restricted Ltd., among other real estate assets.

This follows transaction with ADQ Real Estate and Hospitality (ADQ) and IHC Capital Holding (IHC).

As part of the transaction, Q Holding will be issuing 25.62 billion mandatory convertible bonds with a nominal value of Dh1 each to ADQ (which will receive 17.08 billion of these bonds) and IHC (getting 8.53 billion bonds). The allocation to ADQ and IHC will translate into 6.32 billion and 3.16 billion new shares in the capital of Q Holding. (Under a conversion ratio of 2.70 bonds for each share.

Q Holding’s share capital thus increases to Dh16.34 billion through 9.49 billion new shares with a nominal value of Dh 1 each to ADQ and IHC.

Q Holding will now have a change of name and, on the real estate side, look to widen its international portfolio.
Image Credit: Supplied

"The increased share capital stemming from the agreement reflects Q Holding’s commitment to sustainable growth and preludes a robust and dynamic financial evolution that will propel the group’s mission to new heights," said a statement.

Creating a UAE real estate behemoth
It was in 2023 that the contours of the real estate asset consolidation under Q Holding was first announced.

Both ADQ and IHC held extensive real estate interests. The full-scale consolidation under Q elevates the company to be one of the biggest names in the UAE's real estate space.

And an entity with plans to expand that reach into overseas markets too.

Next up - international portfolio

"Following the deal, we will continue to prioritise the advancement of Abu Dhabi’s real estate economy, while setting new standards in the field of strategic investment," said Jassem Al Zaabi, Chairman of Q Holding.

"There will be a significant expansion in our international portfolio, which will further increase our real estate development ambitions."


And there's a rebranding too

Q Holding will also be assuming a new identity - 'Modon Holding' - after getting the approval of shareholders.

"We are confident that it will further enhance our brand identity and propel us towards greater success in the years to come,” said Al Zaabi.

Q Holding was established in in 2005 and is a subsidiary of IHC. “The recent sale and purchase agreement marks a significant shift in Q Holding’s business approach, with ADQ and IHC serving as important regional investment partners," said Bill O’Regan, Group CEO of Q Holding. 

"Our acquisition of these assets and the subsequent conversion of bonds establishes a new benchmark for strategic investment potential, effectively enabling Q Holding “soon to be Modon Holding” to reshape its outlook through expansion and entry into new verticals and new international markets."