Top 30 Unlisted Real Estate Companies in the Middle East
1 WASL ASSET MANAGEMENT GROUP
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
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.
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.
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
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
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
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.
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.
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.
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
Tilal Al Ghaf
Al Habtoor City
King Abdullah Financial District
Memaar Al Morshedy: Skyline project