Who are the top 50 developers in the GCC in 2022? The wait to find out is finally over, as we count down the top fifty. The list, compiled by Construction Week, was finalised based on the following criteria: value of projects completed; value of projects under construction; value and/or size of the land bank; value of new projects launched (for developers with multiple projects, combined value was considered); and value of new contract awards.
1. Emaar
Founded in 1997 by Mohamed Alabbar, Emaar Properties is an Emirati multinational real estate development company responsible for some of the most iconic structures and buildings in Dubai.
As of 2022, the developer of the world’s tallest building, Burj Khalifa, has recorded a significant increase in H1 profitability, underpinned by robust property sales and growth in the performance of recurring revenue businesses. Emaar also recorded a strong first-half revenue of $3.7bn, a growth of 10 percent compared to the same period in 2021.
After the successful launch of properties both in the UAE and international markets as well as the concerted focus on sales of under-construction projects, Emaar achieved record property sales of $4.81bn, an increase of 5 percent compared to the H1 2021 sales of $4.58bn.
With an established reputation for excellence in design, build quality, and innovation, the company’s integrated masterplan developments continue to remain popular with local and international investors.
Emaar’s international real estate operations recorded property sales of $661mn in H1 2022 and contributed revenue of $563mn, which represents 15 percent of the developer’s total revenue, primarily driven by successful operations in Egypt and India.
In December 2021, Emaar topped out its 72-storey Opera Grand tower in Dubai with construction being carried out by China State Construction Engineering.
2. Aldar
As a prominent real estate developer in the UAE, Abu Dhabi-headquartered Aldar Properties has been continuing to place itself as one of the leading real estate developers in the region.
With Aldar Investment housing the company’s core asset comprising a $4.4bn portfolio, Aldar’s assets are diversified across retail, residential, and commercial segments. Currently, the company is acquiring hospitality projects, launching residential communities, and expanding its land bank all within the region.
In April 2022, Aldar expanded its land bank by acquiring 6.2mn m2 of land located on the east side of Saadiyat Island. The acquisition significantly enhanced the company’s ability to deliver further world-class communities in key locations across Abu Dhabi. The new integrated community will include 2,700 units, most of which are villas with an estimated gross development value of $4.08bn.
Some of Aldar’s most notable projects include Yas Mall Abu Dhabi, Saadiyat Grove, The Union Plaza project in Khalifa City, the Al Rayana project, and Al Zina in Al Raha Beach. The developer reported 62 percent year-on-year increase in H1 net profit as it continued to accelerate its transformational growth strategy.
In 2022, Aldar announced the launch of its latest gated community, the Yas Park Gate which will be located on the doorstep of Yas Park.
3. Wasl Asset Management
Established in 2008 by the Dubai Real Estate Corporation (DREC), wasl Asset Management has been overseeing the management of DREC’s assets and growing its real estate portfolio.
Over the past 12 months, wasl handed over several projects across its leasing, freehold and hospitality portfolio, marking a new milestone. At Park Gate Residences, the first phase of the wasl1 freehold development, 746 units were completed, and buyers moved into their homes. Another phase of the project, 1 Residences was also launched for sale, with great response from buyers.
wasl also released over 2,000 units onto the leasing sector, which includes ‘masaken wasl’ and ‘wasl village’ in Al Qusais; ‘wasl bay’ in Al Garhoud; and ‘wasl green park’ in Ras Al Khor. Additionally, a mosque at the ‘wasl port views’ development in Al Mina and the ‘wasl experience centre,’ located on Sheikh Zayed road, were also completed.
In the hospitality sector, wasl added 492 hotel rooms and service apartments to the sector through the Aloft Dubai Airport, Element Dubai Airport hotels, as well as, the Hyatt Centric La Mer hotel.
wasl also signed agreements with the Dubai Integrated Economic Zones Authority (DIEZ) and Emirates Development Bank to collaborate on the Food Tech Valley project, which will be developed by wasl.
4. Nakheel
Known to be the developer behind the UAE’s biggest and most well-known master communities, Nakheel boasts a portfolio of developments that span 15,000ha, accommodating nearly 300,000 people.
Most recently, the developer has unveiled its masterplan vision for the Dubai Islands which comprise of five different islands with a total area of 17km2. The island will be home to 80 resorts and islands to boost Dubai’s tourism ambition.
Nakheel is also working on residential developments such as the Jebel Ali Village, Murooj Al Furjan, and even a waterfront residential project at the heart of Montenegro.
Some of its highly-acclaimed projects include the Palm Jumeirah, The World Islands, Discovery Gardens, International City, and the upcoming Dubai Islands.
5. NEOM
Saudi Arabia’s Public Investment Fund-backed NEOM is the developer behind the $500bn (SAR1.9tn) futuristic giga-project of the same name.
Based along the Red Sea and the Gulf of Aqaba, some of NEOM’s upcoming projects include the automated and integrated port OXAGON, the snowy mountain tourist destination TROJENA, and the newest project is THE LINE, a vertically-layered city meant to run on 100 percent renewable energy.
Launched in January 2021, THE LINE will accommodate 9mn residents and will be built on a footprint of 34km2 to reduce the infrastructure footprint in the city. The 200-metre wide, 170-kilometre long, and located 500 metres above sea level project is also set to feature a high-speed rail with an end-to-end transit of 20 minutes.
6. Qatari Diar
Established by Qatar’s sovereign wealth fund in 2005, the Qatari Diar Real Estate Company, also known as Qatari Diar, has been supporting the country’s growing economy and coordinating Qatar’s real estate development priorities.
Headquartered in Doha, Qatari Diar has a share capital of $8.1bn as of 2021, with 50 investment projects under development held in 20 countries around the world. This has brought the company’s combined investment value to around $35bn. One of Qatari Diar’s flagship projects is the Lusail City, launched in December 2005 to become the largest self-contained city to be undertaken in the State of Qatar.
Now, the company is venturing outside of the GCC to develop projects in countries such as the UK, Montenegro, Turkey, France, Morocco, Sudan, and Tunisia to provide long-term economical sustainable opportunities.
7. Damac
Shaping the Middle East’s luxury real estate market since 2002, DAMAC Properties has been known to deliver some of the most iconic residential, commercial, and leisure properties in the UAE and beyond.
In 2022, DAMAC has been engaged in the launch of several residential properties across the country including Beverly Hills Drive, Cavalli Tower, DAMAC Lagoons, Safa One de GRISOGONO, Safa Two de GRISOGONO, and ultra-luxury penthouses sitting atop its signature towers.
As a real estate developer, DAMAC adds vibrancy to the cities in which its projects are located, with a huge and diverse portfolio that includes a master-planned golf development, Trump International Golf Club.
To date, DAMAC has delivered c. 42,000 quality homes, with c. 28,000 more underway.
The company has also ventured from the UAE to build projects around the world including its most recent DAMAC Towers Nine Elms in London. The 50-storey luxury twin tower will be situated in the upscale Zone 1 district in London with interiors designed by VERSACE.
In September 2021, The Securities and Commodities Authority (SCA) approved Maple Invest Co’s offer to acquire shares in the share capital of DAMAC, after the company expressed its consideration to go private and delist itself from the Dubai Financial Market. This was also the same time DAMAC Properties appointed Farooq Arjomand as its new chairman to replace Hussain Sajwani.
8. Diriyah Gate Development Authority
Founded in 2017 with a mandate to preserve and celebrate the historic city of Diriyah, Diriyah Gate Development Authority (DGDA) has developed the gigaproject on schedule and has grown it in terms of size and scope. With a $50.6bn investment pipeline to transform 14km2 of Saudi Arabia’s birthplace, DGDA has been aiming to create 55,000 jobs and attract 27mn visitors by 2030.
In the past year, DGDA has been actively awarding contracts. The northern portion of the development’s infrastructure was awarded to SaudiCo in 2021 at the value of $1.5bn (SAR5.76 bn), with the southern contract awarded to a joint venture by El Seif and China State at the value of $1.8bn (SAR6.65bn).
Additionally, DGDA awarded a $1.1bn (SAR3.99bn) contract for the Diriyah Square Super Basement car park to Salini and the $346mn (SAR1.3bn) contract to Nesma & Partners to provide critical transportation works on Diriyah’s circulatory transport system.
In June 2022, the first phase of DGDA’s masterplan was awarded platinum-level precertification for the Leadership in Energy and Environmental Design (LEED) accreditation by the United States Green Building Council (USGBC).
DGDA aims to cultivate Diriyah into a global gathering place by creating rich cultural experiences, while ensuring that the development is pedestrian-friendly, walkable city.
9. ROSHN
Established in 2019 by Saudi Arabia’s sovereign Public Investment Fund (PIF), ROSHN has been aiming to contribute to the development of the kingdom’s real estate sector through an ambitious agenda of localisation and job creation.
Soon after its launch, in November 2020, the real estate giant unveiled its first project, a community in Riyadh. Spread across 20km2, the megaproject comprises more than 30,000 homes, and is an integral part of ROSHN’s 10-year mandate to develop communities across the kingdom.
In August 2021, ROSHN decided to name the project “SEDRA”. The mega-development has been strategically located north of Riyadh, south of King Khalid Airport, and within close proximity to Princess Nourah University. As a growing company, ROSHN has been aligned with the PIF strategy to meet Saudi Arabia’s Vision 2030 objectives, including reaching a rate of 70 percent Saudi homeownership.
With a transformative approach to urban development and partnerships with the best local and international organisations, ROSHN has been contributing to increasing the quality of life in the kingdom.
In addition to SEDRA, ROSHN has also recently launched ALAROUS, a 4mn m2 community that will include more than 18,000 thousand different residential units. The development will become a part of a larger strategy of developing modern and vibrant neighbourhoods in four regions and nine cities in Saudi Arabia. The developer has also targeted a Saudisation rate of 60 percent by the end of 2021 and managed to exceed this goal by hitting a rate of 69 percent.
In addition to building its domestically sourced talent pool, the company wants to remain plugged into global networks of expertise by forging partnerships with some of the world’s most renowned firms across an array of specialities.
ROSHN also formed an agreement with SAMSUNG C&T to explore the use of modular construction techniques that will allow the company to efficiently build at the highest standard of quality. With the KSA market consistently growing year by year, ROSHN is expecting to strike partnerships over the coming years.
10. TRSDC & AMAALA
The Red Sea Development Company (TRSDC) was established as a closed joint stock company wholly owned by the PIF to drive the development of ambitious The Red Sea Project. Now, TRSDC has evolved from a developer of a single project into a multi-project developer.
Over the last 12 months, the company has demonstrated significant progress with Phase One of the project now 50 percent complete. The structural work on the 3.3km-long Shura Bridge has also been completed, connecting the mainland to the island which will house 11 hotels and more than 1,900 keys.
At AMAALA, the iconic designs for the Triple Bay Yacht Club has been received, ensuring that the evolution of the Red Sea coast becomes an international hub for luxury yachting. AMAALA also signed a major contract for the infrastructure development of the first phase of the accommodations at its Employee Village at Triple Bay. TRSDC and AMAALA has awarded $2.07bn in the last 18 months.
Across both destinations, over 1,250 contracts worth more than $8bn have been awarded, with 70 percent of the total value of these contracts awarded to Saudi companies and contractors. Moreover, TRSDC has been making significant progress on its projects. The Turtle Bay Hotel at The Red Sea Project opened last year, with Desert Rock resort’s site office being significantly complete.
11. Dubai Holding Real Estate
A diversified global company operating in 13 countries, Dubai Holding Real Estate (DHRE) is essentially the Dubai Holding entity responsible for the development and sales of integrated residential communities across Dubai’s most sought-after locations – from luxury villas and high-end condominiums to family-friendly neighbourhoods.
What makes DHRE stand out is its long-standing experience in shaping the emirate’s residential landscape, combined with Meraas’ expertise in creating popular lifestyle destinations.
The company offers its residents innovative and wide-ranging real estate solutions spanning property development, and project management, as well as facilities, and district management domains. Moreover, DHRE’s portfolio consists of communities across numerous urban, suburban, and waterfront locations in Dubai.
Some of its projects include Bvlgari Residence, Bluewaters, Port de La Mer, Dubai Wharf, City Walk, Madinat Jumeirah Living, Remraam, Mudon, Villanova, and more.
The company has been a cornerstone of innovation for over 15 years and continues to lead in aiding the growth of a diverse and sustainable economy.
Currently, the developer has been working towards aligning themselves with the Dubai 2040 Urban Master Plan.
12. Al Diyar Al Arabia
Al Diyar Al Arabia is a family-run company with branches in Saudi Arabia. The developer has positioned itself well to promote sustainable development in the market.
It has been working on residential projects based on an integrated human-centred model where it focuses on creating technical efficiency in project implementation.
According to Nayef Al-Atwi, CEO and managing director of Al Diyar Al Arabiya, the company has adopted a new urban approach as its works according to targeted policies and global partnerships to build the cities of the future.
In 2022, the developer launched Diyar communities by delivering several housing units in multiple cities in the Kingdom of Saudi Arabia. It also took the lead as the first residential developer of the Makkah Road project with the parent company Umm Al-Qura Real Estate Development Company.
According to the company, the total value of the projects under construction totals $2bn (SAR7.3bn).
Currently, the developer is busy working on the Bouvardia 2 project in Jeddah by the National Housing Company. And Diyar Al-Haram Project – Masar by Umm Al-Qura Real Estate Development Company. The developer’s construction covers an area of 1,741,041m2.
In order to ensure the growth of projects, the real estate developer and major Saudi banks signed project financing agreements. The developer has also launched the Diyar Incubator to empower entrepreneurs in the contracting sector in cooperation with the Chambers of Commerce in the kingdom.
The company has several projects under construction with some of them currently in the handover stage. Meanwhile, other projects are progressing according to the scheduled plan.
13. Assets Group
Assets Group is a fast-growing regional developer offering a unique collection of properties worldwide. The group consists of Assets Development, Assets Management, and Assets Hospitality.
The group owns and manages total assets of around $4.5bn, while Assets Hospitality has delivered over 1,200 keys that include iconic and innovative landmark projects in Qatar and the world throughout residential, hospitality, retail, healthcare, and commercial sectors.
Assets’ core services include hotels and resorts, restaurants, tourism development, malls, and the management of these developments. By adopting a circular approach to real estate development, the company goes beyond building the projects by also managing them, ensuring sustainable value creation.
Over the last 12 months, the group has delivered many projects including but not limited to DoubleTree by Hilton Doha Downtown, DoubleTree by Hilton Muscat, Al Qurum, internal and external upgrades for the Mall of Qatar, in addition to enhancements of Waldorf Astoria in the Maldives.
Assets’ other hotel projects are also expected to open this year ahead of the 2022 FIFA World Cup, including the LXR Hotels & Resorts, and Embassy Suites by Hilton, the first for the brand outside the US.
The company’s future expansion includes projects in Antigua, Seychelles, Guyana, Oman, Turkey, Bosnia, and Mauritania, along with opportunities in Europe and Southeast Asia.
By advancing care for the planet, people and responsible business, the group is embracing responsibility to drive progress against key sustainability commitments and setting annual targets to advance environmental action in the industry.
14. Azizi Developments
Established in 2007, Azizi Developments has successfully developed and delivered thousands of properties across a variety of prime locations in Dubai. The company possesses an extensive portfolio of modern residential and mixed-used communities located in some of Dubai’s most sought-after neighbourhoods.
The total value of Azizi’s ongoing projects is over $2.9bn including Riviera Phase 1, now 97 percent complete, Berton in Al Furjan at 85 percent completion, Creek Views II 12 percent complete, and many more. Over the past year, Azizi has made several changes to the way it operates.
It launched Azizi Learning, signed direct sales with over 250 suppliers, hired over a 100 new staff, handed over Plaza in Al Furjan, and sponsored the Dubai World Cup for the 5th consecutive year.
15. Sobha Realty
Headquartered in Dubai, Sobha Realty was established in 1976 by first-generation entrepreneur PNC Menon. The real estate developer has since expanded its footprint in Dubai to establish world-class infrastructure, sustainable economic growth, and access to international talent.
One of Sobha’s flagship developments is the Sobha Hartland, a 74.3ha waterfront community located in Mohammed Bin Rashid City. As of January 2022, Sobha Hartland is 60 percent complete and on track for handover in 2025.
This year, the company also celebrated the launch of the Tranquility plots within Sobha Hartland, following the successful sell-outs of all the phases. Sobha Realty has recorded sales of over $1bn for 2021 amid the UAE’s strong economic recovery and strong demand for investors.
16. Arada
Founded in 2017 and headquartered in Dubai, Arada provides exceptionally designed homes in spacious and secure communities. As a company, Arada believes that spaces that surround homes matter as much as the homes themselves, which explains its particular attention to building quality public spaces with lush and green landscaping.
In the last 12 months, Arada has seen achievements on a number of fronts including the areas of sales, finance, and development. The company’s H1 results showed a 30 percent increase in the value of property sold (at $405.9mn) helped by the continuing high demand for integrated communities in Sharjah.
Arada has also launched various phases and districts within its existing communities including both the second and third phases at Masaar, the Nasaq district at Aljada, and other developments.
17. RAK Properties
Established in 2005 by the Ruler of Ras Al Khaimah, RAK Properties creates lifestyles that shape communities for the people of the future by developing a strong portfolio of people-focused projects in the region.
Last year, RAK Properties saw its profits increase by 433 percent during the first quarter, recording a total profit of $17.4mn compared to $3.38mn for the same period the year before. Currently, the developer has launched a number of different residences and hospitality projects such as Gateway Residences in Mina Al Arab, waterfront community Marbella Villas on Hayat Island, and the Anantara Resort in Ras Al Khaimah.
It is also expected that the operational activities of the Anantara Mina Hotel and Resort will commence in 2022. Most recently, RAK Properties launched Gateway Residences 2 in the Mina Al Arab community on Hayat Island, an area that covers an area of 40mn m2.
18. Ithra Dubai
Echoing the vision of Dubai, Ithra Dubai has been responsible for developing progressive real estate projects to further support the existing landscape of Dubai. The developer is known to have masterminded projects such as the Waterfront Market, the Deira Enrichment Project, and most recently, the One Za’abeel towers constructed by ALEC.
As of 2022, Ithra has announced the launch of projects like One Deira, the first mall in Dubai to be constructed atop a metro station.
The One Deira Project will serve the thriving residential and commercial communities of the surrounding Phase One districts consisting 2,200 residential units, 700+ retail units, 65,032.2m2 of GFA office space, F&B outlets, and eight international brand hotels.
19. Miral
Driven by its commitment to propel Abu Dhabi’s continued growth, Miral, which means “gazelle”, played a key role in the rapid evolution of the leisure and entertainment sector in the country, supporting the UAE’s capital’s Economic Vision 2030.
Miral spearheaded the development of Yas Island, Abu Dhabi’s most iconic tourism destination including the construction of attractions like Ferrari World, Yas Bay, SeaWorld Abu Dhabi, Warner Bros, Yas Waterworld, and Theme Park Zone.
In 2022, Miral was appointed by the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) to oversee Saadiyat Island’s Destination Management Strategy, in an effort to position the island as a global destination for culture and leisure tourism.
Aiming to strengthen Abu Dhabi’s position as a destination of distinctive cultural developments on Saadiyat Island, Miral has also partnered with DCT Abu Dhabi to develop the concept, architecture, and facilities of teamLab Phenomena Abu Dhabi, set to be completed in 2024, as well as conceive and develop the Natural History Museum Abu Dhabi, set to be completed in 2025.
20. Deyaar
Established in 2002 with capital of $1.6bn, Deyaar has grown exponentially over the past decade to become one of Dubai’s largest property developers. The singular vision at Deyaar is to contribute to Dubai’s cosmopolitan real estate landscape, building projects that cater to the changing current world’s dynamic customers.
Last year, Deyaar appointed Gulf Asia Contracting as the main contractor to build Regalia, the tallest tower launched in Business Bay.
The 70-storey luxury project is scheduled for completion in 2024 with a total cost of $204mn. This year, the company achieved a remarkable increase of 196 percent in net profit to reach $18.2mn in comparison to $6.2mn for the same period in 2021. Deyaar launched Tria in Dubai Silicon Oasis earlier this year.
21. Dubai Investments Real Estate
Dubai Financial Market-listed Dubai Investments was established in 2006 with a mandate to build a portfolio of developments that offer long-term investment in the UAE real estate market.
Over the years, Dubai Investments has delivered residential, commercial, and industrial assets across the UAE including Mirdiff Hills, Ritaj in DIP, warehouses, staff accommodations, and land banks.
In the first half of 2022, the company reported a 20.5 percent rise in net profits to $99.1mn (AED364mn) for the six-month period ended 30 June 2022, as compared to $82.2mn (AED302mn) during the corresponding period of 2021.
In line with its strategic divestment strategy, Dubai Investment recently divested 50 percent of its stakes in Emicool. The developer is expected to deliver Al Taif Business Centre project in Fujairah later this year.
22. Sharjah Investment & Development Authority
The driving force behind the transformation of the emirate of Sharjah, Shurooq connects investors, corporations, and entrepreneurs to accelerate the continuous growth of the emirate.
Most recently, Shurooq announced two new mega projects in the luxury hospitality sector as well as three eco-tourism projects in the region.
As part of its efforts, the company has also revealed details about its upcoming integrated development project in the Eastern enclave of Khorfakkan comprising a 5-star hotel, the first waterpark in the Eastern region, and more than 200 residential units. The infra project is set to be completed in 2024.
23. Al Hamra Real Estate
Headquartered in Ras Al Khaimah, Al Hamra operates across residential, commercial, and leisure real estate developments. Since its establishment in 2003, Al Hamra has planned and developed real estate assets that are home to people from over 100 countries.
One of Al Hamra’s biggest ongoing projects is the freehold luxury villa called Falcon Island, situated within the Al Hamra Village residential community. The hallmark of the project is that 70 percent of the island will be devoted to open spaces.
In addition, the company has also recently announced the launch of Marina Residences Phase 3, a new 318-unit apartment building at the heart of Al Hamra Village. The company also introduced benefits from the Al Hamra VIP Card which will provide discounts of up to 30 percent at Al Hamra’s partner network of 5-star luxury destinations.
24. Jeddah Central Development Company
A wholly-owned subsidiary of the Saudi Public Investment Fund (PIF), Jeddah Central Development Company (JCDC) has been paving its way to becoming one of the major catalysts in reshaping Jeddah’s unique and diverse landscape.
Propelled by the potential to drive growth in Jeddah Central, JCDC has launched an impressive portfolio of projects in the last 12 months.
Most recently, JCDC signed an MoU with Waterise to pursue the development and implementation of a new desalination technology. The new project will help JCDC achieve its sustainable development objectives which are in line with the kingdom’s broader Vision 2030.
The company also awarded contracts for its Oceanarium & Coral Farm landmark building that will capture the cultural essence of Jeddah.
25. The Royal Commission for AlUla
Focused on preserving and developing AlUla, a region of natural and cultural significance in the north-west of Saudi Arabia, The Royal Commission for AlUla (RCU) has been engaging in transformational practices to deliver environmentally and historically-sensitive projects.
In the last two years, RCU has launched a number of projects and masterplans such as “The Journey Through Time” masterplan spanning five districts into the heart of AlUla.
The masterplan is a roadmap that will protect 200,000 years of natural and human history and aims to set a benchmark for responsible and impactful investment in destination development.
The Royal Commission for AlUla has also signed two landmark strategic partnerships with AECOM and Egis-led consortium to set out a development timeline based around three phases that lead up to 2035.
26. Select Group
Founded in 2002 in Dubai, UAE, Select Group is a dynamic and diverse entity with premium real estate and property development at its core.
Consisting of diverse investments in various sectors across the Middle East and Europe, its development portfolio comprises over 1.85mn m2 of award-winning residential, commercial, hospitality, retail and mixed-use developments, having delivered to date over 7,000 units.
The group has experienced a positive upward trend over the last 12 months in its real estate and investment verticals with the launch of over eight new development projects, completion of the sale of GymNation to UK-based firm JD Sports Ltd, as well as its most recent hospitality acquisition, The Mere Golf Resort & Spa in the UK.
During this period, Select Group’s portfolio of developments include the master community Peninsula in Business Bay; Six Senses Residences The Palm, Dubai, located on the last remaining beachfront plot on Palm Jumeirah’s West Crescent; XLV Residence, a seven-bedroom residential masterpiece, holding the highest price tag for a villa in Emirates Hills, as well as 98 Baker Street in the heart of London.
With premium delivery, best-in-class and diverse strategies, and transparent business integrity as its core values, Select Group has established itself as one of the region’s most trusted and successful privately-owned companies.
In the coming months, the Group will focus on executing 650,321 m2 of properties, equating to approximately 4000 homes, while diligently searching for new investment and acquisition opportunities, locally and abroad, to further enhance growth goals.
27. Danube Properties
UAE-based Danube Properties, the property development arm of Danube Group, founded and chaired by Rizwan Sajan, has been busy over the past 12 months with the launch of two of its most anticipated projects.
In May 2022, the developer launched Gemz, redefining luxury living in the heart of Al Furjan. A $95.3mn residential project with pyramid-shaped architecture, apartments within Gemz have been designed to include convertible layouts. When completed, Gemz will have a built-up area of 49,238m2, and will be developed at a plot area of 9,383m2. The 14-storeyed project will host 270 apartments, including 24 studios, 74 1BHK units, 114 2BHK units, and 42 3BHK apartments, with 16 duplexes.
Adding another project under its belt, the Dubai-headquartered developer launched $81mn Pearlz in Al Furjan area in March. A residential project offering 1,000 residential units and a number of retail and recreational facilities.
The launch of Pearlz came five months after Danube Properties revealed the $129.3mn Skyz project in Arjan in October 2021. One of Danube’s ongoing projects is the Wavez Residence, located in Liwan, the township in Dubai features 414 apartments which includes 338 studios and 76 one-bedroom units. The 8,573m2 development consists of two ten-storey buildings and will provide amenities including swimming pool, jacuzzi, jogging track, kid’s play area, and a health club.
Earlier this year, the developer told Construction Week Middle East that in addition to reinforcing the local market share in Dubai, it looks to continue diversifying its business throughout 2022.
The developer is planning to start property development business in two new countries and an addition of a new vertical in Dubai as part of its forward integration model.
During the launch of its most recent project, Sajan said that backed by its strong financials in the building materials industry, Danube is making great progress on its existing projects with a majority of them “moving closer to completion”.
Earlier this year, the developer launched Opalz, a high-rise residential development, located in close proximity to Dubai Science Park. Opalz features two high-rise towers (Tower A and Tower B) comprising studio, 1 BHK, 2 BHK and 3 BHK Duplex.
28. Eagle Hills
Eagle Hills was formed with the aim to develop and revitalise cities and communities. The developer operates projects in Bahrain, Ethiopia, Jordan, Morocco, Oman, Serbia and the UAE.
As an Abu Dhabi-based private real estate investment and development company, Eagle Hills takes its financial capability, expertise, and extensive relationships to drive the creation of large-scale, master-planned communities, with a blend of facilities that will elevate local economies, support holistic living and working solutions, while catering to both tourists and residents.
In November of last year, Eagle Hills partnered with AD Ports and Diyar Al Muharraq for Gulf Cruise acceleration in Bahrain, building on the country’s potential to become the fourth high-performing cruise destination in the Arabian Gulf.
29. Alef Group
Founded by the late Sheikh Khalid Bin Sultan Al Qasimi in 2013, Alef Group is a privately held lifestyle experience provider that develops premier integrated lifestyle communities and destinations in Sharjah.
With $1.9bn worth of assets and a land bank of $272.5mn, Alef Group’s premium developments lead the way in business and leisure projects complemented by developing high-quality residential communities.
This year, Alef Group launched Al Mamsha Raseel Zone 3 within its $436mn Al Mamsha Sharjah. According to Alef, the development has been designed as a new aqua living community in Sharjah.
In March of this year, the developer unveiled its Hayyan project under the theme, ‘Making Homes Human’. Valued at $950mn (AED3.5bn), the villa community extends over an area of 80.8ha.
30. Omniyat
OMNIYAT is a privately held developer in luxury real estate headquartered in Dubai. Since 2005, OMNIYAT has created living canvases of residential, commercial, hospitality, and retail spaces for a one-of-a-kind premium experience.
Earlier this year OMNIYAT revealed its latest real estate project, AVA Palm Jumeirah, featured on a drone light show as 17 hanging palaces. AVA is latest addition to OMNIYAT Group’s $4.08bn (AED15bn) investment portfolio.
Additionally, OMNIYAT became the first developer to collaborate with acclaimed hospitality brand Dorchester Collection on One at Palm Jumeirah which completed in March of this year. One at Palm Jumeriah is 105-metre-long and houses 94 residences and over 5,109.7m2 of gardens and other amenities.
31. Majid Al Futtaim Properties
Majid Al Futtaim Properties delivers customer-centric residential properties catering to the rising demand for super-prime properties in Dubai.
Recently, the developer revealed Elysian Mansions, a set of residential properties designed for ultra-premium property buyer’s demand. With innovative features such as an underground glass-encased car gallery, internal double-height courtyard gardens, and a penthouse Sky Suite offering an elevated experience.
Elysian Mansions also includes super-premium amenities, such as an exclusive beach club, a 120m private beach, a 28,000m2 community park.
Earlier this year, Majid Al Futtaim Communities, part of Majid Al Futtaim Properties in partnership with Sharjah Holding announced the launch of Camelia, the final neighbourhood at the premier gated community, Al Zahia.
32. National Real Estate Company
Established in Kuwait in 1973, the National Real Estate Company (NREC) is a publically listed real estate and investment company with a presence in the MENA region.
Founded with capital of $17.5mn, NREC has grown into one of the largest real estate companies in the GCC, with assets and capital exceeding $1.8mn and $300mn, respectively.
National Real Estate Company (NREC) is currently developing various mega projects in the MENA region. The developer announced a net profit of $17.5mn (KWD5.4mn) in H1 2022. The company’s operating revenue came in at $46mn (KWD14.2mn) for the 6-months period ended 30 June 2022, an increase of 18 percent compared to the same period in 2021.
The increase in operating revenue was supported by the performance of the developer’s Grand Heights’ project in Egypt.” Earlier this year, the developer signed two banking facility agreements with two local banks for a total amount of $376.4mn (KWD116mn), of which $236.9mn (KWD73mn) was signed in Q2 2022.
One of the latest projects the company is working on is Reem Mall in Abu Dhabi. A major retail, leisure, dining, and entertainment destination for families.
33. Omran
Established in 2005, Oman Tourism Development Company (OMRAN Group) is the executive arm of the Sultanate responsible for delivering the objectives contained in the 2040 National Tourism Strategy. OMRAN Group works closely with the Ministry of Tourism and other government entities to identify priorities, projects and opportunities that will maximise the potential of the Sultanate of Oman’s tourism sector.
OMRAN Group’s mandate is to create sustainable and authentic tourism assets, lifestyle communities and destinations that drive economic growth and contribute to the diversification of the Oman economy.
OMRAN’s latest project is the Mina Al Sultan Qaboos Redevelopment Project, which is expected to play an instrumental role in creating new job opportunities and further enhancing the sultanate’s position as a distinctive global tourism destination.
This flagship national project aligns with OMRAN Group’s mandate to create unique destinations and experiences that contribute to the economic diversification and socio-economic development of the country, in line with Oman Vision 2040 and the National Tourism Strategy. Some of OMRAN’s most notable projects include Madinat Al Irfan, Dibba Beach Resort, and W Muscat Hotel.
34. Bahrain Real Estate Investment Company
Bahrain Real Estate Investment Company (Edamah) is the real-estate arm of the sovereign wealth fund of the Kingdom of Bahrain.
With an unwavering commitment to its founding principles of quality, efficiency and sustainability, and in line with the highest standards of transparency and corporate governance, Edamah strives to transform the kingdom’s diverse and dynamic property sector.
Edamah’s portfolio include projects in the leisure and entertainment and industrial sectors. Its latest project include works on Phase 1 and 2 of the Educational Park in Isa Town. The Education Park focuses on sustainable practices to promote a ‘go green’ consciousness among students and parents. It also features scenic green spaces with jogging tracks, walkways, and outdoor installations.
Some of Edamah’s most notable projects include eco-responsive destination Hawar Island, a seafront mixed-used development Bilaj Al Jazayer, Sa’ada, and Jumeirah Gulf of Bahrain resort and spa.
35. Ellington Properties
Ellington Properties, founded in 2014, is a customer-centric developer in the UAE real estate market. Having developed award-winning design buildings, Ellington has benchmarked itself against well-versed and skilled international developers while building residences for people who appreciate design from first principles to last details.
The design-led real estate developer has built properties for high-quality lifestyles and is inspired by artistry and architecture.
Over the last 12 months, Ellington has launched five projects, with three more underway in 2022, due to high demand. The company has also increased its footfall into two new locations – one in Dubai Hills Estate and the other in The Palm for multi-family apartments.
Ellington also handed over projects in Sobha Hartland and Jumeirah Village Circle with 650 units in February 2022. Additionally, the firm has completed projects worth over $430mn (AED1.57bn), while it has $930mn (AED3.4bn) worth of projects under construction.
New contract awards include Harrington House, Wilton Park Residences, The Sloane by Belgravia Heights, Kensington Waters, The Berkeley Place, and Ellington Palm Villa. The total contract value for the six projects is $157mn (AED576mn).
For the JVC project, Ellington has partnered with Sol Properties to jointly develop a new residential project that will span five floors, making the firm one of the largest developers in Jumeirah Village Circle.
In terms of key projects launched over the past 12 months, Ellington highlights Berkeley Place, Ellington House, The Portman, Hamilton House and Oakley Square Residences, of which Oakley is the latest project.
Aiming to strengthen its position in the real estate industry, Ellington is increasing its footprint to three new locations and is in the planning stage of expanding into the hospitality sector.
The firm has also confirmed that with the handover of two more projects before the end of 2022, its total handover count will increase to 800 units, which is a first for the company.
36. Dar Al Arkan
Since its establishment in 1994, Dar Al Arkan has been delivering premier real estate projects.
Earlier this year, Dar Al Arkan began construction on the $272.3mn W Residences in Dubai. The development is expected to mark the first standalone residences in the world under the W Hotels brand.
The developer topped out its 34-storey Urban Oasis residential tower in April of this year. The project was developed in partnership with the luxury Italian fashion house, Missoni.
Dar Al Arkan has also signed a deal with OMRAN to develop ‘AIDA’, one of the largest premium, mixed-use real estate projects located in the Yiti area in Muscat. The project marked the Kingdom of Saudi Arabia headquartered developer’s entry into Oman’s construction landscape.
37. Diyar Al Muharraq
Diyar Al Muharraq is the developer of Bahrain’s master-planned megaproject of the same name. These projects encompass residential and commercial properties that conceive a modern, fully-integrated city and a vibrant community.
The developer’s latest project update came as it completed Phase 4 of Al Bareh. The scope of work included power and water connection and telecommunications systems installation as well as road paving and lighting.
Al Bareh is known for its spacious area located northwest of Diyar Al Muharraq overlooking spectacular views of the Gulf and the City’s main water canal. The company also commenced construction work on Phase 2 of its residential project, Al Naseem, with Ahmed Omer Trading & Contracting as the main contractor in June 2022.
38. Jabal Omar Development Company
Jabal Omar Development Company (JODC) is one of the largest real estate developers in the region and one of the largest listed companies on the Saudi Tadawul Stock Exchange.
Its flagship project, Jabal Omar, is a mixed-use real estate mega-development project within walking distance of The Grand Mosque of Makkah.
As the Kingdom of Saudi Arabia continues to increase its capacity to welcome a growing number of pilgrims, JODC has been developing of the area surrounding The Grand Mosque. Jabal Omar Project will include a variety of 4-star and 5-star hotels with the capacity to host 36,000 visitors annually, and more than 100,000 visitors during Hajj season.
39. Meydan
Dubai-based Meydan Group’s real estate projects include villas, townhouses, and apartments, in addition to Emirates Airline housing that features 528 townhouses set amongst retail, lush green parks and vital amenities.
The developer’s Meydan One, has been developed as a premier destination to live, work, play, dine and shop Supported by a wide range of amenities, the mega development will feature 550 retail outlets, 180 F&B outlets, 21 cinema screens, 1km ski slope and 12,000m2 Winter Village, 6,000m2 of entertainment experience, 8.2km Crystal Lagoon, among other features.
The project also features the iconic 711m tall Dubai One Tower which is set to be the world’s tallest residential tower as well as Meydan One Mall. Additionally, the development will also be home to the Luxury Plaza Hotel, Lifestyle Canyon Hotel and a 20,000m2 office tower.
40. Jubail Island Investment Company
Jubail Island Investment Company (JIIC) is the developer behind the Jubail Island neighbourhood located between Yas Island and Saadiyat Island.
Earlier this year, JIIC held a ground-breaking ceremony to mark the start of construction for the new townhouses which will be part of the premium residential community at Souk Al Jubail on Jubail Island.
Set to be completed by March 2024, the project will see 150 unique elegant and spacious townhouses, ranging from two, three and four-bedroom units, being built to the highest quality and standards that will redefine the living experience for tenants and new homeowners.
41. Modon Properties
Modon develops vibrant and unique leisure destinations to support the offerings of Abu Dhabi and contribute to its growth. The state-of-the-art developments offer a broad range of commercial properties, including recreational facilities as well as innovation and technology hubs.
Some of the developer’s most renowned projects include Bab Al Nojoum- Al Mugheirah Resort, located within the Marawah Marine Bisophere Reserve offering 20 one-bedroom Airstream cabins as well as 10 one-bedroom and 10 two-bedroom cabins. The cabins feature private plunge pools, BBQ facilities and a fire pit.
Modon was additionally the developer behind The Courtyard Mall in Riyadh City, 50km south-west of Abu Dhabi. It is considered the emirate’s latest vibrant and sustainable residential community.
42. Bloom Properties
Bloom Holding is one of the UAE’s leading companies dedicated to the development of modern, sustainable communities in the UAE. The developer is committed to developing premium real estate properties as well as education and hospitality projects.
The launch of Bloom Living, the developer’s flagship community development in Abu Dhabi, marked a significant milestone for Bloom Properties. Built over an area of 2.2mn m2, the gated community features more than 4,000 homes, including a selection of villas, townhouses, and apartments to suit the unique needs of residents of all generations.
In August 2022, Bloom Holding appointed Edrafor Emirates LLC as the first contractor for enabling works of its fully integrated residential community, Bloom Living.
43. MAG Lifestyle Development
Established in 2003, MAG Lifestyle Development is part of the Moafaq Ahmad Al Gaddah (MAG) Group – a multinational conglomerate based in the UAE.
With a 40-year-old legacy, MAG Group is one of the largest corporations in the region, maintaining a highly prominent position of leadership among its peers.
One of their most popular projects MAG City is a residential community, located at Meydan District 7 featuring a mix of townhouses and apartments in MBR City, Dubai. The homes in this residential project are designed to present a sophisticated lifestyle that is both practical and affordable. Offering a choice of 2, 3 and 4 bedroom townhouses, as well as, studios & 1 bedroom apartments.
Some of its projects include Jumeirah Lakes Towers; Mag 318 in the heart of Business Bay, Downtown Dubai; Mag 5, an all-inclusive residential community located in Dubai South.
44. Diamond Developers
Diamond Developers is the leading sustainable developer that has designed, built, and operated commercially-viable developments under ‘The Sustainable City’ brand.
Earlier this year, Diamond Developers launched the sustainable city at Yas Island, forming a joint venture with Aldar Properties. The Sustainable City at Yas Island will span an area of 397,000m2 in Yas North. It will be developed to align with the UAE’s net-zero goals and the highest sustainability standards, comprising 864 townhouses and apartments and 3,000m2 of retail.
The developer also entered into a development partnership agreement with OMRAN for the development of the first phase of the Yiti Tourism masterplan with an investment value of approximately $1bn.
45. Seven Tides International
Launched in 2004, Seven Tides is a privately owned luxury property developer and holding company. Seven Tides has developed and owns a variety of projects spanning residential, commercial and resort properties.
Seven Tides has opened the five-star, Thai-inspired Anantara World Islands Dubai Resort, the first luxury resort to open on Dubai’s ‘World Islands’ in December 2021. The resort features its own 2,000m2 private beach and features a total of 70 rooms, suites and villas, which combine island living with contemporary luxury. The developer’s projects under construction are valued at $600mn in total.
According to the developer, in the last quarter of 2022 it aims to sell out its Seven Palm and Golf Views Seven City developments. Both the developments have been progressing well.
46. Binghatti Developers
Binghatti Developers, the real estate development arm of Binghatti Holding, operates throughout the UAE with an investment value constituting $952.9mn (AED3.5bn) across a portfolio of 40 projects.
The company currently operates in several areas throughout Dubai including Dubai Silicon Oasis, Jumeirah Village Circle, Liwan, Dubai Land Residence Complex, and Business Bay. The developer possesses bold plans of expansion in the coming years, specifically focusing on the expansion of its real-estate portfolio in Dubai.
Binghatti Luna is the new name of the exclusive residential development by Binghatti Developers that offers 1, 2 & 3 bedroom apartments at JVC, Dubai. An integration of traditional ideas with modern luxury collectively makes the spacious functions.
47. Lootah Real Estate Development
Lootah Real Estate Development (LRED) is the real estate development arm of Lootah Holding established in 2002. The developer has delivered over 90 buildings and 1,500 units, with many more in the pipeline.
In August 2022, the developer partnered with JPA Design kicking off 114 apartment Atmosphere Residence. The residence will be located at JVC and will feature smart home technology. Overlooking 2021, the developer reported a surge of 450 percent in sales in the first quarter, and its total sales reached record quarterly amounts, increasing 2,400 percent compared to the sales of the last quarter of 2020.
The developer also launched Loci, a modernistic and dynamic living facility for young professionals in the UAE.
48. Kleindienst Group
Established over 30 years ago in Austria and Hungary and present in Dubai since 2003, the Kleindienst Group is the largest European real estate company in Dubai with more than 1,000 employees over its diverse portfolio of businesses.
Its portfolio include property development, construction, hospitality, property brokerage, and corporate business centres. Kleindienst is the developer behind The Heart of Europe, the developer’s flagship masterplan in The World Islands, four kilometres from the Dubai coastline.
The Heart of Europe is spread across six of the 300 islands that make up the World Islands Dubai.
Once complete, the development will be host to at least 4,000 prime hospitality and second home units, including 15 hotels and a community of now world-famous Floating Seahorse Villas. It also includes Beach Palaces of Sweden Island, Bauhaus-inspired villages of Germany Island, Honeymoon Island with its sunset and sunrise beaches, Portofino Hotel and the Côte d’Azur resort.
It will also feature one of the largest and sustainable swimming pools in the Middle East, alongside the longest private beach in Dubai.
49. Samana Developers
Samana Developers is a part of the business conglomerate Samana Group of Companies which is headquartered in Dubai and has a global presence. Park Views is an upcoming project by Samana Developers, created with a vision of curating a lifestyle that celebrates nature and allows its residents to experience of luxury in Dubai.
Samana Waves is yet another residence apartment located in the heart of Dubai. The project features state-of-the-art apartments with spacious interiors inside and breathtaking views outside.
Earlier in June, the developer handed over its $27.2mn Samana Hills residential project, situated in the heart of Arjan. The resort-styled G+5 free-hold property houses 202 units comprising studios, one, and two-bedroom apartments.
Moreover, in July 2022, Samana Developers unveiled a 100 percent free-of-charge golden visa for investors who buy $545k and above worth of properties from any of its projects in Dubai. Samana says its free golden visa offering is the first in Dubai’s real estate market. Six months ago, this type of visa was an indirect demand but is now asked for openly and directly.
Some of its most notable projects include Saman Hills, Samana Greens, Samana Miami, Samana Park Views, and Samana Golf Avenue.
50. Al Mouj Muscat
Al Mouj Muscat is a developer known for creating lifestyle destinations and communities in Muscat, Oman. The developer currently has approximately 400 yachting berths, 7 hotels, 2 of which are completed and 3 planned, 18 championship golf courses and 9 parks as well as many other luxurious projects.
Its flagship project, the Al Mouj Muscat, is a mixed-use waterfront development in Oman. One of the developers’ projects is the Shatti District oceanfront living, including ocean-side villas and the renowned Kempinski Muscat Hotel and St. Regis Resort and Residences. St Regis features more than 360m of prime beachfront and is located close to the Al Mouj Golf links. Total investment in the mixed-use development has reached $3.5bn.
To date, over 2,500 residences have been delivered from one-bedroom marina-side apartments to six-bedroom oceanfront luxury villas.
With the project now in its final 25 percent phase, approximately 2,200 homes will be completed taking the total up to 4,770. Al Mouj Muscat is a joint venture between OMRAN, Tanmia, and Majid Al Futtaim.
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