Top 30 Un­listed Real Es­tate Com­pa­nies in the Mid­dle East

Forbes Middle East - - CONTENTS -

1 WASL AS­SET MAN­AGE­MENT GROUP

Coun­try: U.A.E.

Es­tab­lished: 2008

wasl As­set Man­age­ment Group—one of the largest real es­tate man­age­ment com­pa­nies in Dubai—was es­tab­lished by the Dubai Real Es­tate Cor­po­ra­tion to over­see the man­age­ment of its as­sets and grow its real es­tate port­fo­lio. Cre­ated in 2008 fol­low­ing the merger of two gov­ern­ment or­ga­ni­za­tions—Dubai De­vel­op­ment Board and Real Es­tate Depart­ment—wasl has fo­cused its ac­tiv­i­ties on a num­ber of key business sec­tors, in­clud­ing project and prop­erty man­age­ment, hospi­tal­ity and in­vest­ment man­age­ment. wasl's oper­a­tions span var­i­ous sec­tors, from res­i­den­tial and com­mer­cial prop­er­ties to in­dus­trial plots of land, and from leisure and en­ter­tain­ment to ho­tels and ser­viced apart­ments. nad al ham­mar gar­dens is its lat­est ven­ture, which is a planned mixed-use free­hold com­mu­nity of ap­prox­i­mately six mil­lion square feet.

2 DUBAI PROP­ER­TIES

Coun­try: U.A.E.

Es­tab­lished: 2002

Dubai Prop­er­ties is one of the lead­ing real es­tate mas­ter de­vel­op­ers in the U.A.E. Its port­fo­lio of projects spans Dubai, from Jumeirah Beach Res­i­dence and Business Bay to Dubai­land, Al Jadaf Water­front and be­yond. Last year the com­pany re­vealed the re­gion's largest Green Wall at Dubai Wharf. The ver­ti­cal gar­den spans 1,260 square me­tres, fea­tures over 80,000 plants form­ing a leaf canopy area equiv­a­lent to around 200 trees, and is ca­pa­ble of off­set­ting an es­ti­mated 4.4 tonnes of car­bon diox­ide an­nu­ally.

3 MERAAS

Coun­try: U.A.E.

Es­tab­lished: 2007

Meraas Real Es­tate com­prises prop­erty de­vel­op­ment sales and as­set man­age­ment across some of Dubai's most sought-af­ter and iconic lo­ca­tions, such as City Walk, Blue­wa­ters, Jumeirah Bay, Pearl Jumeirah and La Mer. The com­pany prides it­self on work­ing with the best-in-class part­ners, build­ing projects of the high­est qual­ity, de­liv­ered on time, us­ing the most com­pre­hen­sive and in­te­grated mas­ter plan­ning. Meraas also boasts a sig­nif­i­cant land bank in key ar­eas in Dubai. This year the com­pany un­veiled its plans for Cen­tral Park at City Walk, a new ex­clu­sive res­i­den­tial neigh­bor­hood that will sur­round a 40,000 square me­ter pri­vate park in the heart of Dubai.

4 NAKHEEL

Coun­try: U.A.E. Es­tab­lished: 2000

U.A.E.-based Nakheel is the mas­ter­mind be­hind record­break­ing na­tional de­vel­op­ments like the Palm Jumeirah, The World, Deira Is­lands, Jumeirah Is­lands and Jumeirah Vil­lage. Un­der its core business, res­i­den­tial de­vel­op­ment, they handed over 657 land­form and built form units in 2018, tak­ing the to­tal num­ber of han­dovers since 2010 to 13,357. The com­pany also launched new res­i­den­tial projects, in­clud­ing the twin-build­ing Dragon Tow­ers apart­ment com­plex at Dragon City, and a col­lec­tion of new homes at Jumeirah Park in 2018, with more planned as the mar­ket dic­tates. To­gether, all their de­vel­op­ments span more than 15,000 hectares and cur­rently pro­vide homes for over 300,000 peo­ple. Shaped like a date palm, Palm Jumeirah is one of the world's largest man-made is­lands, cov­er­ing 560 hectares of land.

5 ARENCO REAL ES­TATE

Coun­try: U.A.E. Es­tab­lished: 1975

Arenco Real Es­tate is the prop­erty de­vel­op­ment arm of A. A. Al Moosa Group. Founded in 1975, the de­vel­oper of­fers prime res­i­den­tial and com­mer­cial de­vel­op­ments, along with lux­u­ri­ous ho­tels and mixed-use prop­er­ties. In 1989, it launched the Golden Sands brand, the first ho­tel apart­ments in the emi­rate. In re­cent years Arenco Real Es­tate has added lux­ury ho­tels, Hil­ton Dubai Jumeirah and Hil­ton Creek, as well as two of the Four Points by Sher­a­ton to its port­fo­lio. Lo­cated on Sheikh Zayed Road, Al Moosa Tow­ers 1 and 2 are among their pi­o­neer projects.

6 MA­JID AL FUTTAIM PROP­ER­TIES

Coun­try: U.A.E. Es­tab­lished: 1992

Ma­jid Al Futtaim Prop­er­ties, a U.A.E.-based di­ver­si­fied real es­tate de­vel­oper, is a pi­o­neer in de­vel­op­ing and op­er­at­ing world-class shop­ping malls, mixe­duse com­mu­ni­ties and ho­tels in the re­gion. Ma­jid Al Futtaim Com­mu­ni­ties di­vi­sion has four ma­jor projects un­der­way in Dubai, Mus­cat, Shar­jah and Beirut, in­clud­ing the $3.8 bil­lion Ti­lal Al Ghaf mixed-use de­vel­op­ment in Dubai. The com­pany has de­vel­oped 21 malls, in­clud­ing City Cen­tre Deira and Mall of the Emi­rates. This year it has con­tin­ued the ex­pan­sion of its core busi­nesses across the re­gion with the ad­di­tion of 19 new Car­refour stores, two new shop­ping malls, and 65 new VOX Cin­e­mas screens.

7 AL-FUTTAIM REAL ES­TATE

Coun­try: U.A.E. Es­tab­lished: 1992

Al-Futtaim Real Es­tate is an Al-Futtaim Group port­fo­lio com­pany. Founded in 1992, the prop­erty de­vel­oper owns over 200,000 square feet of show­room space and 600,000 square feet of work­shops across the U.A.E. AlFut­taim's ware­hous­ing com­plex at Rashidiya in Dubai, mea­sur­ing over a mil­lion square feet, is the largest owned by any com­pany in the Gulf. In De­cem­ber this year, Al-Futtaim is set to open a new mega mall called Fes­ti­val Plaza, which cov­ers 64,800 square me­tres and will in­clude flag­ship Ikea and Ace out­lets. The re­tail precinct will serve as a con­ve­nient and lo­cal life­style des­ti­na­tion at the cen­ter of the up­com­ing Wasl Gate com­mu­nity.

8 AL RA’IDAH IN­VEST­MENT COM­PANY

Coun­try: Saudi Ara­bia Es­tab­lished: 2007

Al Ra'idah In­vest­ment Com­pany is the real es­tate arm of the Pub­lic Pen­sions Agency. The com­pany man­ages and op­er­ates real es­tate as­sets. It is also in charge of over­see­ing and de­vel­op­ing new real es­tate projects for the Pub­lic Pen­sion Agency. Its ma­jor de­vel­op­ments in­clude the King Ab­dul­lah Fi­nan­cial Dis­trict, IT and Com­mu­ni­ca­tion Com­plex in Riyadh. Al Ra'idah is be­hind the de­vel­op­ment of the Jed­dah Hous­ing Project—the largest ur­ban res­i­den­tial project in the Kingdom. The Jed­dah Ob­hur is a 1.8 mil­lion me­ter mixed-use de­vel­op­ment project, north of Jed­dah.

9 AL HABTOOR REAL ES­TATE

Coun­try: U.A.E. Es­tab­lished: 1993

One of the most renowned lux­ury de­vel­op­ers in the U.A.E., Al Habtoor Real Es­tate is part of the Al Habtoor Group. It was es­tab­lished in 1993 and today boasts a di­verse port­fo­lio of prop­er­ties across the U.A.E. and as far afield as Hun­gary and Le­banon. Its lux­ury prop­er­ties in­clude Al Habtoor City's Res­i­dence Col­lec­tion, The Res­i­dences at the Al Habtoor Polo Re­sort and Club and four pala­tial VIP vil­las in Umm Suqeim, Dubai. Al Habtoor City is a land­mark nine-hectare hospi­tal­ity, res­i­den­tial and leisure com­plex on the banks of Dubai Wa­ter Canal. The de­vel­op­ment is also home to the Leisure Col­lec­tion, which is made up of the re­gion's first per­ma­nent the­atri­cal pro­duc­tion, La Perle, cre­ated by Dragone—one of the world's most revered cul­tural artis­tic di­rec­tors.

10 EA­GLE HILLS

Coun­try: U.A.E. Es­tab­lished: 2014

Ea­gle Hills is an Abu Dhabi-based pri­vate real es­tate in­vest­ment and de­vel­op­ment com­pany, fo­cused on cre­at­ing new city hubs and re­vi­tal­ize ur­ban ar­eas in emerg­ing mar­kets. Re­gion­ally, it is cur­rently de­vel­op­ing a range of mixed-use, mega-projects in Bahrain, Ethiopia, Jor­dan, Morocco, Oman, Ser­bia and on its home-turf, the U.A.E. Ea­gle Hills' mas­ter de­vel­op­ment, Maryam Is­land, is the lat­est ad­di­tion to Shar­jah's bur­geon­ing tourism sec­tor. It is the first water­front de­vel­op­ment of its kind in the emi­rate. Lo­cated near Shar­jah's Aquar­ium Marine Sta­tion, the is­land will be com­prised of four res­i­dences: Azure Beach, Sap­phire Beach, Cyan Beach and Indigo Beach.

11 MAS­DAR CITY

Coun­try: U.A.E.

Es­tab­lished: 2006

The 10-megawatt (MW) so­lar ar­ray at Mas­dar City was the largest so­lar project of its kind in the Mid­dle East when it was launched in 2009.

12 GFH PROP­ER­TIES

Coun­try: Bahrain

Es­tab­lished: 2014

GFH Prop­er­ties' ex­ten­sive port­fo­lio in­cludes the $1 bil­lion Mum­bai Eco­nomic De­vel­op­ment Zone, $220 mil­lion Royal Ranches Mar­rakech and the $300 mil­lion Tu­nis Har­bour project, among other de­vel­op­ments in Bahrain and the re­gion.

13 DANUBE PROP­ER­TIES

Coun­try: U.A.E.

Es­tab­lished: 2014

The prop­erty de­vel­op­ment arm of Danube has launched 11 prop­er­ties since in­cep­tion and is among the pi­o­neers of af­ford­able hous­ing in the emi­rates. 14 SOBHA REALTY Coun­try: U.A.E. Es­tab­lished: 1976

Es­tab­lished by Omani bil­lion­aire, PNC Menon, Sobha Realty's Mid­dle East oper­a­tions span the U.A.E., Qatar and Oman. 15 AL GHURAIR PROP­ER­TIES Coun­try: U.A.E. Es­tab­lished: 1981

Al Ghurair Prop­er­ties op­er­ates over 800 ho­tel rooms and ser­viced apart­ments, and 2,846 res­i­den­tial apart­ments. 16 ME­MAAR AL MOR­SHEDY Coun­try: Egypt Es­tab­lished: 1983

Al Mor­shedy's prom­i­nent projects in­clude Sky­line, Kat­tameya Gate and Degla Land­mark. 17 ARADA Coun­try: U.A.E. Es­tab­lished: 2016

In Septem­ber, Arada an­nounced the launch of The Boule­vard, a new res­i­den­tial com­mu­nity with 600 units, that forms part of its ur­ban megapro­ject, Al­jada. 18 MAG LIFE­STYLE DE­VEL­OP­MENT Coun­try: U.A.E. Es­tab­lished: 2003

MAG LD is set to launch two new projects in Jumeirah Vil­lage Cir­cle worth $81 mil­lion.

19 IMKAN

Coun­try: U.A.E. Es­tab­lished: 2017

Lo­cated on Abu Dhabi's Reem Is­land, IMKAN's Pixel project will de­liver seven tow­ers with 525 un­con­ven­tional liv­ing spa­ces and 94 col­lab­o­ra­tive and cre­ative hubs upon com­ple­tion in 2021.

20 OM­RAN

Coun­try: Oman Es­tab­lished: 2005

OM­RAN is cur­rently de­vel­op­ing Mad­i­nat Al-Ir­fan, the Sul­tanate's largest ur­ban de­vel­op­ment project, which will cre­ate a new down­town area for the Mus­cat cap­i­tal dis­trict.

21 BLOOM HOLD­ING

Coun­try: U.A.E. Es­tab­lished: 2007

Bloom boasts over 630 guest rooms, in­clud­ing 128 ex­ec­u­tive apart­ments in the Abu Dhabi, such as the Abu Dhabi EDI­TION and the Mar­riott Ho­tel Down­town Abu Dhabi.

22 EDAMAH

Coun­try: Bahrain Es­tab­lished: 2006

So­cial project, “Sa'ada”, aims to of­fer pub­lic pedes­trian water­front space for cit­i­zens and tourists cov­er­ing over 13,000 square me­ters.

23 AL OMRANE GROUP

Coun­try: Morocco Es­tab­lished: 2007

Al Omrane Group has an av­er­age an­nual in­vest­ment of $672 mil­lion and serves more than five mil­lion Mo­roc­can cus­tomers.

24 DI­A­MOND DE­VEL­OP­ERS

Coun­try: U.A.E. Es­tab­lished: 2003

Shar­jah Sus­tain­able City will be pow­ered en­tirely by re­new­able en­ergy pro­duced by so­lar pan­els, and has re­cy­cling plants that will re­cy­cle a 100% of wa­ter and waste.

25 AL RAID GROUP

Coun­try: Oman Es­tab­lished: 1974

The Group op­er­ates busi­nesses with over 5 mil­lion square feet of buildup projects and over 2 mil­lion square feet of projects un­der con­struc­tion.

26 DUBAI SPORTS CITY

Coun­try: U.A.E. Es­tab­lished: 2004

The City's Canal Res­i­dence West de­vel­op­ment com­prises of five build­ings, each in­spired by a dif­fer­ent school of ar­chi­tec­ture. The Span­ish and Ara­bian tow­ers are cur­rently un­der con­struc­tion.

27 BAHRAIN BAY

Coun­try: Bahrain Es­tab­lished: 2006

In 2018, two new projects were added to Bahrain Bay's port­fo­lio. Golden Gate held a pub­lic launch in November, as did NAMA in­ter­na­tional real es­tate.

28 DORRA DE­VEL­OP­MENTS

Coun­try: Egypt Es­tab­lished: 1994

The 35,000 square me­ter Cap­i­tal Business Park is a com­mer­cial de­vel­op­ment that Dorra added to its port­fo­lio in 2019.

29 BINGHATTI DE­VEL­OP­ERS

Coun­try: U.A.E. Es­tab­lished: 1875

The real es­tate arm of BinGhatti Hold­ing op­er­ates across the U.A.E. with a value of more than $816 mil­lion, in­clud­ing the $272 mil­lion Swarovski Sparkle Tow­ers in Dubai Ma­rina.

30 MAJAN DE­VEL­OP­MENT COM­PANY

Coun­try: Oman Es­tab­lished: 2006

Lo­cated in the Al Mawaleh city, the five-storey Majan Res­i­dences will be built over 22,560 square me­ters of land.

nad al ham­mar gar­dens

Re­gion's largest Green Wall at Dubai Wharf

Cen­tral Park at City Walk

Fes­ti­val Plaza

Ti­lal Al Ghaf

Maryam Is­land

Al Habtoor City

King Ab­dul­lah Fi­nan­cial Dis­trict

Me­maar Al Mor­shedy: Sky­line project

Sobha Realty

Mad­i­nat Al-Ir­fan

OM­RAN:

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