Abu Dhabi's Modon Holding strikes 'extraordinary' deal with UK's Nick Candy

British billionaire Nick Candy has announced his company Candy Capital has struck a deal with Abu Dhabi-based property developer Modon Holding.

The joint venture will focus on delivering a portfolio of "extraordinary real estate developments" spanning high-end residential, commercial and hospitality sectors.

The deal will combine Candy Capital’s background in "ultra-luxury real estate" alongside Modon’s "operational capabilities and financial strength", it added.

The partnership will initially focus on deals within the Middle East, with a view to expanding globally in the future. Mr Candy said the agreement reflected a "shared long-term vision for growth, innovation and excellence in the ultra-luxury sector".

"We look forward to creating iconic developments with Modon that will redefine luxury living on a global scale."

In an interview with Bloomberg, Mr Candy took aim at luxury developers in the Middle East, claiming that some high-end properties were nothing more than “mid-market house builder quality.”

Mr Candy, one of Britain's richest men, collaborated with his brother Christian on the development of One Hyde Park, a luxury apartment block in Knightsbridge, west London.

In 2021, the 51-year-old listed his penthouse in the block for £175 million ($230 million), reportedly attracting interest from potential buyers in the Middle East.

Candy Capital has previously worked in the UAE, teaming up with Dubai World Trade Centre as part of a collaboration aimed at developing ultra-luxury real estate projects.

Jassem Al Zaabi, chairman of Modon Holding, said: “We are excited to announce our strategic partnership with Candy Capital. This collaboration marks another milestone for Modon, as we join forces with a leader in luxury real estate.”

In March, Modon Holding was created following the merger of Q Holding, Modon Properties and Adnec, a move aimed at expanding its market presence in the UAE and internationally.

Abu Dhabi-based investment and holding company ADQ announced last week that Modon Holding would be master developer for a megaproject in the Egyptian coastal city of Ras Al Hekma. Investment in the development is expected to reach $150 billion, with Egypt securing a 35 per cent share of the project’s profits.

One Hyde Park development - in pictures

Nick Candy at One Hyde Park, one of the most expensive luxury residential properties in London. Alamy Stock Photo

The 13-storey blocks of One Hyde Park designed by British architect Richard Rogers. EPA

A master bedroom of one of the luxury flats in the One Hyde Park apartment complex. REX/ Shutterstock

A reception room of one of the luxury flats in One Hyde Park. REX/Shutterstock

The penthouse at One Hyde Park, which is a five-minute walk from the famed Harrods department store. Alamy Stock Photo

One Hyde Park in Knightsbridge, London. Getty Images

A branch of Abu Dhabi Islamic bank at One Hyde Park. Stephen Lock for The National

One Hyde Park reflects the sunshine in Knightsbridge. Peter Macdiarmid / Getty Images

Moral education needed in a 'rapidly changing world'

Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.

Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.

"Moral education touches on every aspect and subject that children engage in.

"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.

"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."

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Farage on Muslim Brotherhood

Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.