Modon Awards $1.4bln Contract for Hudayriyat Island Housing Projects

Abu Dhabi-based developer Modon Holding has awarded the main construction contract valued at AED5 billion ($1.36 billion) for two of its residential developments on Hudayriyat Island: Nawayef East and Nawayef West. 

The contract is for the construction of 735 luxury villas, the company said in a statement to the Abu Dhabi Securities Exchange (ADX). 

The villa will be built on man-made hills rising to heights of 45 and 55 metres, respectively. 

The contractor's name and the timeline for completing the projects were not provided.

This month, Modon awarded an AED1 billion contract to Trojan Construction Group for the execution of the Maysan project on Reem Island.

In April, Abu Dhabi’s state-owned ADQ formed a joint venture with International Holding Company (IHC) and Modon Holding to establish an infrastructure platform for large-scale, high-impact developments.