Real estate development is one of the most active sectors in the GCC, and one of the most profitable investments in the region. Despite a few setbacks over the past decades, the real estate arena has witnessed outstanding growth and development. Real estate developers in the region are plentiful, but which of which are the top?
To be completely objective in our list, we have based our choices for the best real estate developers on the projects on which these developers are currently working, projects delivered over the past years as well as their sustainable growth strategies.
So take a closer look with us on the companies helping this sector to grow and flourish; here is our list for the top 5 real estate developers in the GCC.
Emaar Properties, UAE
Based in Dubai, this leading real estate developer is one of the best in the world not just in the GCC.
Emaar Properties was established in 1997 by Chairman Mohamed Alabbar. It is a Public Joint Stock Company listed on the Dubai Financial Market. Over the past 20 years the company has grown immensely. It currently boasts a diversified portfolio that includes properties, shopping malls, hospitality and leisure, as well as master-planned communities.
One of the most significant projects which the group has developed is Downtown Dubai. The mega development resembles a complete neighborhood. It houses several iconic landmarks such as Burj Khalifa, The Dubai Mall and The Dubai Fountain.
Furthermore, the company is extending internationally and developing real estate across many countries. Today, Emaar has a substantial presence in numerous global markets.
In June 2018, the company was valued at $9.7 billion USD.
Dar Al-Arkan Real Estate, Saudi Arabia
Based in the capital, Riyadh, Dar Al-Arkan Real Estate DAAR is the largest developer by market value in Saudi Arabia.
The company, which was established in 1994, is currently listed on the Saudi Stock Exchange Tadawul, with 10.8 billion SR in capital and 26 billion SR in assets.
Since the company was founded, it has successfully delivered more than 30 real estate projects in Saudi Arabia, including more than 15,000 residential units, and more than 500,000 m2 of leasable space.
The company holds a diverse portfolio of projects in the kingdom. And in a feat to go global, Dar AL-Arkan has recently expanded to Dubai.
Mabanee Company, Kuwait
Based in Kuwait City, Mabanee is one of the oldest real estate developers in our list. It was established in 1964 and listed on the Boursa Kuwait in 1999.
The company has got a diversified portfolio of real estate investments. The activities of the company include developing lands and real estate projects, managing properties for third parties, as well as developing, selling and leasing commercial properties. In addition to all that, Mabanee provides consultations in various real estate fields as well.
Mabanee has 12 subsidiaries operating across Kuwait, Bahrain, and Egypt.
Its most prominent project is The Avenues. This huge mall with its modern architectural design is built and managed by Mabanee Company K.P.S.C. It is by far the largest and the most popular shopping, dining and leisure destination in Kuwait.
Bin Faqeeh Real Estate Investment Company, Bahrain
Bin Faqeeh Real Estate Investment Company is a privately held company based on the Kingdom of Bahrain. It was established in 2008 with a total capital of $53m and has developed more than $1.2bn worth of projects since.
The company’s diverse portfolio includes subsidiaries for real estate development and property management.
Bin Faqeeh has delivered many projects in Bahrain and developed many communities, and won many awards for doing so with the utmost quality and punctuality.
The company has helped shape the real estate market in Bahrain since it was established; their most prominent project is the mega-development Diyar Al Muharraq.
Aldar Properties, UAE
Based in Abu Dhabi, Aldar Properties is a leading real estate developer that was established in 2005.
The company’s shares are traded on the Abu Dhabi Securities Exchange, they were listed in 2005.
Aldar develops and manages major projects within its portfolio in Abu Dhabi; The Company operates across six primary business segments: Property Development and Sales, Investment Properties Portfolio, Operative Village, Hotels, Schools and Leisure.
Its most prominent mega-project though is Yas Island, which is a mixed-use self-sustainable project that combines all those business segments and provides a great tourist destination and a wonderful lifestyle.