REVEALED: Here are the top 50 GCC developers for 2023

Construction Week Middle East has unveiled its much-anticipated Top 50 GCC Developers 2023 list, showcasing the most prominent and impactful developers in the GCC region. This compilation is the result of a meticulous process undertaken by the editorial team, wherein questionnaires were distributed to gain insights into the developers’ accomplishments over the past year.

The list was ultimately crafted using the following criteria: the value of completed projects, the value of projects under construction, the value of recently awarded contracts, and the company’s commitment to Corporate Social Responsibility, and sustainability endeavours.

The final ranking was established based on publicly available information, questionnaire responses, and the editorial team’s collective evaluation of each company’s achievements in the last 12 months.

It is important to note that the list excludes companies that opted not to be featured in the 2023 list.

Here are the top 50 GCC Developers of 2023

ROSHN	Emaar	NEOM	Nakheel	Wasl
Aldar	Diriyah Company		Red Sea Global	DAMAC Properties
Aldyar Alarabiya	Qatari Diar	Sobha Realty	FIVE Holdings	LEAD Development
Danube Properties	Select Group	Arada	RAK Properties	Miral
Azizi Developments	Ithra Dubai	Dubai Investments	Alef Group	Royal Commission for AlUla
Deyaar Development	Majid Al Futtaim	Al Hamra	MAG	Bloom Holding
EDAMAH	Al Othaim Investments	ORO24	OMNIYAT	Jabal Omar Development Company
Dar Al Arkan	Binghatti Developers	Naif Al Rajhi Investments	Iman Developers	Samana Developers
Imtiaz Developments	Naseej	Fakhruddin Properties	ZāZEN Properties	Al Akaria
Safa Investment Company	Maskan Arabia	Luxe Developers	Kleindienst Group	Union Propreties

1. ROSHN

Since its inception in 2019, ROSHN has rapidly gained prominence in the Kingdom of Saudi Arabia with the development of integrated residential communities, hotels and other related establishments such as mixed-use projects. As Saudi Arabia’s national real estate developer, ROSHN is focused on addressing the increasing demands for a unique lifestyle in the Kingdom.

In line with this, the developer has incorporated an innovative selling process, which includes facilitating bank loans for prospective buyers and providing them with title deeds and keys on the same day of purchase. These factors collectively contribute to the ROSHN’s overarching vision, illustrating the developer’s endeavours to achieve a 70% homeownership rate within the next decade in the Kingdom.

These objectives are also aligned with the Kingdom’s sovereign fund, the Public Investment Fund’s (PIF) goals for Vision 2030. As such, ROSHN is crafting vibrant community experiences, encapsulating a comprehensive range of amenities and fostering employment opportunities nationwide.

Its portfolio showcases five major projects across Riyadh, Jeddah, and Al-Ahsa, positioning the company as a strong proponent of integrated and innovative community expansion. As such, the developer is executing projects in nine cities spanning four regions.

The planned communities aim to offer a modern living experience rooted in local work culture, leisure, and traditions. The designs draw inspiration from the city’s historical and cultural essence, blending it with a contemporary aesthetic. This development mirrors Saudi Arabia’s past and future aspirations and seeks to significantly boost the nation’s GDP and provide employment opportunities.

Additionally, there’s a concerted effort to uplift local businesses, especially within contracting and building materials, via strategic partnerships and innovative construction methodologies.

In 2023, ROSHN unveiled three projects, the latest being MARAFY, a transformative, mixed-use development north of Jeddah that will accommodate over 130,000 residents.

MARAFY will also incorporate an 11km long and 100m wide navigable artificial canal at its centre that will connect to and extend Obhur Creek. This will be surrounded by multiple unique districts and is the first canal ever to be built in Saudi Arabia and ROSHN’s first fully mixed-use development.

In addition, ROSHN launched WAREFA in Riyadh and ALFULWA in Al-Ahsa earlier in the year. These ventures underscore ROSHN’s unwavering commitment to sustainability and integrated living, cornerstones of the developer’s ethos. These projects also build on the success of earlier developments like SEDRA and ALAROUS in Riyadh and Jeddah, respectively, further underlining the developer’s adherence to their signature design principles.

The company’s partnership with the PIF has significantly streamlined its operations, ensuring a competitive edge in the marketplace. While initially established as a residential developer, ROSHN identified the mounting demand for top-tier commercial residential projects and adeptly transitioned its approach. Beyond real estate, their vision encapsulates holistic community development, including residential units, public spaces, educational hubs, healthcare centres, and religious institutions.

Over the past year, ROSHN announced contract signings worth $2.13 billion (SAR 8 billion) with both local and international entities, encompassing a diverse range of infrastructure and community initiatives. In an innovative move, they’ve also adopted location technology solutions from what3words to enrich the resident experience in ROSHN communities.

December 2022 brought a significant enhancement to ROSHN’s portfolio with the acquisition of shopping and business zones in Riyadh Front, reinforcing their community integration objective. Moreover, in November 2022, they achieved the commendable feat of delivering 200 residential units of SEDRA’s initial phase ahead of the stipulated timeline.

Setting industry benchmarks, ROSHN became the first developer in the GCC to secure ISO 9001 Quality Management certification. Alongside, their recent attainment of the ISO 10002 Customer Satisfaction and Complaints Management certification means that, as of the first half of 2023, ROSHN now boasts a total of five ISO certifications. Earlier this year, this mega-developer also made waves by becoming the inaugural Saudi developer to receive a BIM Kitemark in compliance with ISO 19650-1:2018 and ISO 19650-2:2018 for design, construction, and commissioning.

ROSHN’s sponsorship endeavours, including its sponsorship of Saudi Arabia’s Al Ittihad Football Club, resonate with Vision 2030 and the objectives set forth by the PIF. The developer has also forged sponsorship deals with Formula 1, LIV Golf, and the Saudi League.

Beyond business, ROSHN is deeply committed to societal upliftment. An initiative launched under the YUHYEEK Social Responsibility Programme is geared towards renovating homes across the Kingdom, particularly benefiting underprivileged families. This spirit of community service is augmented by ROSHN’s alliance with Tarmeem Charity. Through the “YUHYEEK Ambassadors” volunteer program, ROSHN’s employees actively give back to society.

Furthermore, a collaboration with the Ehsan National Platform for Charitable Work seeks to capitalise on the ROSHN’s expertise to enhance community centres and residences. This expansive vision primarily targets aiding disadvantaged segments, including individuals with disabilities.

2. Emaar

Established in 1997 under the leadership of Mohamed Alabbar, Emaar Properties stands as a multinational real estate development renowned for shaping Dubai’s skyline with some of the most iconic and distinctive structures.

As of 2023, Emaar has launched a number of large-scale projects to add to its growing pipeline. Among these is its ‘The Oasis’ project, a $20 billion waterfront development that will span over 100 million square feet to offer a selection of approximately 7,000 residential units. The development will also feature an expansive 1.5 million square feet retail area that will host an array of lifestyle brands and culinary experiences.

In Egypt, Emaar Misr has recently announced the opening of its new Address Beach Resort Marassi, a $161 million development that comprises 118 rooms and suites, 169 serviced apartments, and 69 cabanas.

Fuelled by the upsurge in luxury real estate properties in the UAE, Emaar has also reported a 25% increase in its property sales, followed by a revenue backlog of $17.1 billion as of June 2023. This backlog represents future revenue from property sales to be recognised over the next few years. Meanwhile, the developer’s shopping mall, retail, and commercial leasing operations revealed an 8% growth in revenue.

With an established reputation for excellence in design, build quality, and innovation, Emaar’s integrated masterplan developments continue to remain popular with local and international investors.

3. NEOM

At the forefront of Saudi Arabia’s gigaprojects stands NEOM, a company fueled by the nation’s Public Investment Fund (PIF), dedicated to shaping the future through its groundbreaking $500 billion gigaproject.

Based along the Red Sea and the Gulf of Aqaba, some of NEOM’s upcoming projects include the 840,000-square-metre Sindalah, a seahorse-shaped island set to home several upscale hotels, a large yachting marina, a golf course, and multiple wellness centres.

In 2021, NEOM introduced THE LINE to the world, an audacious vertical city concept that envisions a seamless interconnection of nine million residences through a futuristic 20-kilometre high-speed rail network. This urban venture is set to reshape the way we live, offering sustainability and convenience at an unprecedented scale.

Determined to be at the vanguard of sustainable development, NEOM unveiled the Shushah Island project. This environmentally conscious initiative, brought to life in collaboration with acclaimed architectural firms like Gensler, Gio Forma, RBTA, and SWA, aims to create the world’s largest coral garden.

In a recent stride towards bringing its vision to life, NEOM joined forces with IHG Hotels & Resorts to develop a 250-key Hotel Indigo within OXAGON, the developer’s futuristic trading hub.

Furthermore, NEOM awarded a substantial $198.3 million contract to Al Gihaz Contracting Company, a local entity, for the establishment of a 380/132kV substation within its futuristic city.

4. Nakheel

Most notable as the developer behind Dubai’s palm-tree-shaped island, Nakheel boasts a portfolio of developments that span 15,000ha accommodating nearly 700,000 people.

Most recently, the developer has unveiled a new brand promise for the next phase of growth. Nakheel will focus on ‘building happiness and prosperity’, supporting the Dubai 2040 Urban Master Plan which aims to enhance people’s happiness and quality of life.

This year, Nakheel has announced a number of new projects, namely the Dubai Islands, a collection of five islands which will redefine the concept of waterfront living; Palm Beach Towers 3, a luxurious beachfront residences located on Palm Jumeirah; Como Residences, an exclusive residential development of 76 residences on Palm Jumeirah; and Rixos Dubai Islands, a new waterfront development offering a resort lifestyle.

The company also recently unveiled a new futuristic masterplan for Palm Jebel Ali, approved by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, which is part of the Dubai 2040 Urban Master Plan.

Some of Nakheel’s highly acclaimed projects include The World Islands and Discovery Gardens.

5. Wasl

Established in 2008, Wasl is a government-owned real estate development company in Dubai.

Since its inception, the developer has been involved in developing a wide range of properties, including residential, commercial, retail, and hospitality assets. As a company, Wasl aims to provide quality services to tenants, investors, and partners while contributing to the growth of Dubai’s real estate sector.

Currently, Wasl’s portfolio boasts over 50,000 residential and commercial units across Dubai, whereas, in the hospitality sector, the company’s portfolio incorporates 7,960 rooms distributed among 32 hotels and hotel apartments across Dubai.

In the past year, Wasl has successfully delivered multiple projects within its leasing, freehold, and hospitality portfolios. Notably, the completion of 753 move-in-ready units at 1 Residence and the second phase of the Wasl1 freehold development, stands out.

In terms of leasing, the company introduced more than 3,800 units to the market. Notable among these are the ‘Wasl Mosaic’ in Al Warsan, ‘South Heights’ in Al Bada’a, and ‘North Heights’ in Al Nahda. In the realm of hospitality, Wasl achieved a significant feat by finalising the construction of the W Dubai Mina Seyahi Hotel situated in Dubai Marina.

6. Aldar

Aldar Properties, headquartered in Abu Dhabi, has maintained its position as a prominent real estate developer in the UAE, consistently asserting itself as a key player among the top real estate developers in the region.

In the last 12 months, Aldar has launched a number of projects including commercial assets on Al Maryah Island, The Source in the Saadiyat Cultural District, The Sustainable City, Yas Island, and Yas Park Gate among others. In addition, the developer also experienced a successful 2022 with results showing a 35% improvement in net profits as revenue surged amid growing sales.

In 2023, Aldar, in partnership with the Abu Dhabi Housing Authority (ADHA) revealed plans to develop a $2.2 billion project as part of the government’s efforts to develop neighbourhoods that will further enhance family stability and well-being. The project is scheduled to be completed by 2026.

7. Diriyah Company

Diriyah Company stands as a custodian of heritage and a visionary for the future, with a strong commitment to preserving cultural developments and fostering progress in the region.

One of its flagship projects is the restoration of the iconic Diriyah district, a historical site in the Turaif district, declared a UNESCO World Heritage Site in 2010. Through meticulous restoration efforts, the company is breathing new life into ancient architecture, weaving a bridge between the past and the present.

Diriyah Company has achieved significant milestones during the last 12 months. These milestones include the Platinum LEED sustainability accreditation for the first phase of its project, the highest certification within the LEED framework.

Similarly, the developer also successfully clocked in 50 million safe working hours across its immense project portfolio, setting a new benchmark for safe construction and excellence in occupational health and safety management.

9. Red Sea Global

Initially formed as a fully-owned joint stock company by the Public Investment Fund (PIF), Red Sea Global (RSG) was created with the aim of spearheading the expansive Red Sea Project in Saudi Arabia.

Over the last 12 months, the developer has reached several milestones including the 50% completion of its Desert Rock project, the launch of the world’s first zero-carbon 5G network exclusively for the Red Sea Project, and an ultra-luxury wellness resort in AMAALA. 

RSG also recently marked August 2023 as its sixth anniversary since The Red Sea was first announced by HRH Saudi Crown Prince Mohammed bin Salman Al Saud.

Now, RSG’s first three hotels and phase one of its international airport are on track to open later this year. Moreover, its latest construction updates reveal the remarkable progress achieved across the gigaproject.

10. DAMAC Properties

DAMAC Properties, an integral segment of the DAMAC Group, has been pioneering luxury real estate in the Middle East since 2002. With a footprint spanning residential, commercial, and leisure properties, the company stands as a testament to architectural excellence across the region and further.

As of June 2023, DAMAC delivered 46,000 homes, while 33,000 properties remain in the pipeline. Over the past year, the company has witnessed several noteworthy achievements.

Marking four decades in the industry, DAMAC Group celebrated its 40th anniversary, emphasising its longstanding commitment to luxury real estate.

DAMAC Properties also unveiled nearly ten branded residences in the last 12 months in the UAE, highlighting its capability to consistently reinvent luxury living spaces while its third master development, DAMAC Lagoons, is making strides in its progress.

On the global front, their project at Surfside Miami, conceptualised by Zaha Hadid Architects, a luxury resort project in the Maldives, and the completion of DAMAC Tower Nine Elms in London mark significant international endeavours. Not limited to just real estate, DAMAC has also ventured into the data centre domain with planned expansions in Saudi Arabia and Europe.

Among the notable projects introduced in the last year are Coral Reef at Dubai Maritime City, The Farmhouses and Verona at DAMAC Hills 2, Golf Greens at DAMAC Hills, and Skycrest Collections at Dubai Harbour, to name a few. Furthermore, the developer’s ventures at DAMAC Lagoons, Dubai Canal, and DAMAC Hills 2 showcase their commitment to diversifying their portfolio.

In terms of Corporate Social Responsibility, DAMAC has taken strides in emphasising the importance of education. Their collaboration with The Knowledge Fund Establishment and the Dubai Schools Project is set to provide scholarships to Emirati children.

Meanwhile, the Hussain Sajwani – DAMAC Foundation’s Fresh Slate Initiative has allocated funds to aid detainees charged with minor offences in Dubai, allowing them a second chance at integration into society. This initiative culminated in the release of detainees during Eid Al Fitr and Eid Al Adha. Additionally, DAMAC’s involvement with initiatives such as the EmiratesGBC and the United Nations Global Impact Initiative showcases its broader commitment to societal advancement.

11. Aldyar Alarabiya

Aldyar Alarabiya has long been a beacon in Saudi Arabia’s real estate landscape. This family-owned venture, over its expansive two-decade journey, has garnered considerable acclaim, and has sold more than thousands of property units, demonstrating their expertise and dominance in the sector.

In the quest for sustainable urbanisation, Aldyar Alarabiya prides itself on its meticulous planning, ensuring that each project not only meets global standards but also reflects the needs and aspirations of its residents.

With the guidance of CEO Naif AlAtawi, Aldyar Alarabiya is shaping a new paradigm in real estate. They have created global collaborations and policies that aim to develop cities that can anticipate future demands and challenges.

Aldyar Alarabiya’s ethos is more than just constructing spaces; it’s about sculpting communities. While architecturally exemplary, their designs are also rooted in understanding the deeper social fabric of the locales they operate in. This is evidenced by their integrated urban communities, which provide a blend of styles and sizes, ensuring there’s a fit for every resident’s dream. Its ownership of Shahm Construction, one of the largest construction companies in Saudi Arabia, exemplifies their commitment to homegrown collaborations and a belief in local potential.

For Aldyar Alarabiya, each property isn’t just a structure, it’s a harmonious blend of global standards and local aesthetics.

Reflecting on the past year, Aldyar Alarabiya’s accomplishments stand tall. The company successfully delivered 2,542 apartments in Bouvardia City, Jeddah, and 1,685 villas across other projects in the kingdom.

Their vision is mapped further with ambitious projects, including Dyar Alharam, an upscale residential apartment development in Makkah, located within the prestigious Masar project and Bourvardia View in Jeddah, both scheduled for unveiling in the second half of 2025. Moreover, the Saheel initiative in Riyadh, a 600-apartment venture, is a glimpse into Aldyar Alarabiya’s  roadmap for the future.

Aldyar Alarabiya has also recently announced that it has launched the sale of its Dyar Alharam project. Meanwhile, it is establishing its sales centre in Riyadh, which will become operational in Q4 2023, further stamping the developer’s commitment to client engagement and transparency.

But it isn’t just bricks and mortar for Aldyar Alarabiya. The company is aligned with the kingdom’s Vision 2030, championing environmental responsibility. Their blueprint for projects incorporates eco-friendly materials, energy-saving methodologies, and green designs, ensuring a minimal environmental footprint.

As Saudi Arabia strides into a future imbued with the value of Vision 2030, Aldyar Alarabiya is committed to echoing these sentiments and delivering commercial and residential spaces that resonate with both local and international investors’ sensibilities. Their ethos is clear: innovation, commitment, and unwavering quality.

12. Qatari Diar

Established in 2005 by Qatar’s sovereign wealth fund, Qatari Diar Real Estate Company has played an instrumental role in bolstering the country’s expanding economy and orchestrating the nation’s real estate development priorities.

Based in Doha, Qatari Diar possesses a share capital of $8.1 billion as of 2022, with an extensive portfolio encompassing 50 investment projects that are currently in progress across 20 different countries worldwide. This collection of ventures has amounted to an investment value of approximately $35 billion. Among Qatari Diar’s flagship endeavours is Lusail City, inaugurated in December 2005 and poised to become the most extensive self-contained urban development undertaken within the State of Qatar.

Parallel to its real estate advancements within Qatar, the developer has maintained dedication from its inception to realising its visionary objectives. These objectives revolve around real estate that enhances quality of life, makes meaningful contributions to the community, and attains global recognition.

Presently, Qatari Diar has solidified its position as a reliable real estate entity through its commitment to engagement with local communities, fostering partnerships, and championing sustainability.

13. Sobha Realty

Based in Dubai, Sobha Realty was founded in 1976 by pioneering entrepreneur PNC Menon. Over the years, this real estate developer has significantly broadened its presence in the city, contributing to the creation of top-tier residential developments.

Among Sobha’s standout achievements is the Sobha Hartland project, an expansive waterfront community spanning 74.3 hectares and situated within Mohammed Bin Rashid City. As of January 2022, Sobha Hartland has reached a completion rate of 60% and remains on a trajectory to be handed over to occupants by the year 2025.

During the last 12 months, Sobha has launched a number of residential projects including Sobha SeaHaven at Dubai Harbour, Sobha Hartland II, Sobha One, and Sobha Reserve in Dubai Land.

The developer has also sold out residential units at its The S tower, generating a sales value of $381.5 million. The project exemplifies Sobha’s distinctive flair, a testament to the company’s extensive expertise and design prowess. This achievement is underpinned by Sobha’s ‘Backward Integration’ model, which has even been the subject of study at Harvard due to its innovative approach.

14. FIVE Holdings

FIVE is an exclusive luxury hospitality developer focused on delivering high-quality properties and lifestyle experiences. It has continuously embraced a pioneering ethos, driving transformation in real estate and hospitality, thereby establishing novel benchmarks for sustainability within the realm of luxury living.

The brand exemplifies its dedication to integrating sustainable approaches into its existing properties. This is evidenced by FIVE’s achievement of LEED Platinum green building certifications for all its operational hotels.

Furthermore, upholding robust backing from shareholders has been of importance to FIVE’s achievements and its strategic outlook. Throughout its journey, FIVE has yielded exceptional returns, boasting a 77-fold surge in value within a mere 11-year span.

Adding to its portfolio, FIVE will be ready to launch FIVE LUXE, JBR, in Q4 of 2023, featuring 498 hotel rooms and residences. The demand for FIVE properties remains strong, with notable sales achievements, including a $20.44 million penthouse sold at FIVE LUXE JBR and a five-bedroom penthouse in SENSORIA.

15. LEAD Development

In 2010, LEAD Real Estate Developer LLC emerged as a strong contender in Abu Dhabi’s market, with a strategic objective of catering to HNWIs by providing them with luxurious real estate prospects. Since its inception, LEAD has conceptualised, built, and delivered projects worth in excess of $7.62 billion.

One of LEAD’s most anticipated projects is the $4 billion Jubail Island master-planned community, stretching over 5 million square metres. 2023 is a pivotal year for the developer, with the Jubail Island project making significant progress.

Overall infrastructure works are complete, utilities’ services are connected, and Marsa Al Jubail – the Island’s marina project, is 70% complete and on track for a handover in October as initially committed. As of June, contracts worth around $2 billion have been awarded for the project. LEAD also celebrated its first official handover of plots and first title deed to its new owner in Q1 2023, with the next tranche of property handovers scheduled as planned for later this year.

Jubail Phase 1 is advancing steadily. Various villages, including Nad Al Dhabi, Marfaa Al Jubail and Seef Al Jubail, have shown significant progress, with completion figures of 35%-85%. Construction in Nad Al Dhabi will end by Q4 of 2023.

Moreover, LEAD has achieved 85% completion in Souk Al Jubail – Jubail Island’s modern and vibrant destination, connecting the six villages across the island, providing residents with a convenient central hub and direct access to wellbeing, commercial and residential services. The town centre within Souk Al Jubail redefines the living experience and captures the essence of community life on the island, and is the perfect haven to enjoy a relaxed lifestyle.

Responsible development remains a core value for LEAD. In alignment with the UAE’s sustainability vision, aiming to plant 100 million mangrove trees by 2030, LEAD has committed to adding a million mangroves to Jubail Island. Leading responsible development initiatives amplify the island’s ecological footprint and aim to offset over 1,000 metric tons of carbon dioxide annually.

Jubail Mangrove Park, an ecological jewel on the island, is a key destination for environmental education, and will welcome increased visitors this year as the UAE hosts COP28. Such initiatives highlight LEAD’s dedication to sustainable practices and establishing Jubail Island as a model for responsible and environmentally conscious development, for future generations to enjoy.

LEAD’s impressive accomplishments over recent years demonstrate the power of
their vision, the trust of their clients, and the unwavering commitment of their growing organisation.

16. Danube Properties

Dubai-based Danube Properties is a prominent real estate developer distinguished for its luxurious yet competitively priced residential offerings. Operating as a subsidiary of the multifaceted Danube Group, the developer has been instrumental in transforming Dubai’s real estate scene.

The company is celebrated for its timely deliveries and pathbreaking strategies, notably the 1% monthly payment plan. At its core, Danube Properties, and the wider group, champions transparent business dealings and a customer-focused ethos.

To date, they’ve unveiled 24 projects comprising 11,529 units, valued at over $2.72 billion (AED10 billion). Of these, 4,555 units have been delivered, amassing sales of $988 million (AED3.63 billion). The developer’s newest venture, Elitz 3, launched in August, follows a significant upswing in Dubai’s property transactions. This new venture is located near Elitz and Elitz 2 towers, both currently under construction at the JVC.

A testament to its brand power, the company, in the past year, has launched five projects that were fully sold out on the day of its launch. Two standout projects are Fashionz by Danube in collaboration with FashionTV—a plush residential high-rise with over 700 apartments spanning 65 floors—and Viewz, the developer’s most ambitious project thus far.

Viewz, in collaboration with DMCC, is anticipated to redefine luxury living through the inclusion of Aston Martin-furnished interior common areas and amenities.
The Danube Group’s reputation for transparency and trustworthiness is well-earned. They’re recognised in the GCC as trailblazers, being among the first to offer on-site Oqood to global investors and buyers—a testament to their close relationship with the DLD. Their growth narrative is commendable, having expanded more than five-fold compared to the previous year.

On the CSR front, Danube’s philanthropic endeavours are noteworthy. They’ve contributed approximately $1.4 million (AED 5 million) to the 1 Billion Meals Endowment initiative. In addition, reflecting the group’s dedication to blue-collar worker welfare, they’ve supplied 100,000 meals daily during Ramadan at their accommodations and various camps across Sharjah, Dubai, and Abu Dhabi.

Furthermore, they’ve been integral to the development of mosques in Dubai Motor City and Dubai Studio City, fostering spiritual spaces for the community. Remaining dedicated to ecological responsibility, the group aligns with Dubai’s ‘2023 the Year of Sustainability’ vision, creating eco-friendly, comfortable, and sustainable residential spaces.

17. Select Group

Established in 2002, Select Group is a prominent figure in the UAE’s real estate industry. The company’s impressive track record and continuous growth are a testament to its unwavering commitment to crafting exceptional
living environments that seamlessly blend luxury, outstanding quality, and prime locations.

Over the past year, Select Group has strategically advanced within the real estate realm, introducing the final developments, Jumeirah Living Business Bay and Peninsula Four, The Plaza, of its Business Bay’s waterfront master community, Peninsula. Simultaneously, the developer has unveiled The EDGE, a contemporary project also located in Business Bay, consisting of two towers totalling 1,030 units, selling out within days of its launch to market.

Key residential acquisitions such as Mushrif Village in Mirdif and Residence 110 in Business Bay have seamlessly integrated into Select Group’s growing investment portfolio. On an international scale, the launch of 52 Avenue Road in St John’s Wood, London, underscores its presence as an ultra-prime residential development in the finest address in London.

Furthermore, the group has successfully completed and delivered projects such as 15 Northside in Business Bay and 98 Baker Street in Marylebone, London.

Dedication and precise execution have characterised Select Group’s ongoing projects over the past year. Various phases of construction are underway across the Peninsula properties, including structural advancements, façade works, MEP tasks, and substructure completion.

Finally, Six Senses Residences The Palm, Dubai, has successfully concluded enabling works, transferring complete site control to the main contractor.

Earlier in 2023, following a record-breaking year in development launches and sales, Select Group successfully awarded construction contracts worth $817.4 million for each of its recently launched projects. This proactive approach ensures the company’s unwavering commitment to delivering premium products in a timely manner that exceeds stakeholder expectations.

Underscoring its commitment to Corporate Social Responsibility, Select Group actively engages in initiatives that foster social care, development, creative talent, and environmental preservation. This dedication extends to collaborations with organisations such as Al Jalila Foundation UAE, Dubai Cares UAE, and SOS Children’s Village Pakistan.

18. Arada

Established in 2017 with its base in Sharjah, Arada specialises in crafting remarkably designed residences within expansive and safeguarded communities.

In the last 12 months, Arada has seen achievements on a number of fronts including the areas of sales, finance, and development. In August 2023, Arada awarded a $108 million contract for the construction of its Nasaq District in Aljada, a 24 million square feet project containing numerous residential districts, as well as an extensive retail and hospitality offering. With over 25,000 homes planned for Aljada in total, Arada has so far sold 9,000 units, with 6,300 of those now completed.

Additionally, the developer revealed its collaboration with Armani Group to design a luxury offering, the Armani Beach Residences in Palm Jumeirah. Under this collaboration, the Japanese Pritzker Prize winner, Tadao Ando, will design the residential units, common areas, and amenities for the proiect.

Some of Arada’s most iconic developments include Jouri Hills, Masaar, and Nasma Residences.

19. RAK Properties

Founded in 2005 by the Ruler of Ras Al Khaimah, RAK Properties is dedicated to fashioning lifestyles that mould communities for tomorrow’s generations. This commitment is reflected in the creation of a robust portfolio of projects centred on people’s needs and aspirations within the region.

Over the past few years, RAK Properties has continued to invest in the development of remarkable residential and hospitality properties. The company has marked notable achievements, including the construction of Bay Residences and the introduction of Julphar Residences on Al Reem Island in Abu Dhabi.

Furthermore, RAK Properties’ financial performance in 2022 exhibited robust revenue figures, indicative of substantial advancements in delivering residential developments and 5-star hospitality projects.

The company also recently accomplished the successful handover of 207 villas in its Marbella project on Hayat Island.

20. Miral

Guided by its dedication to propel the ongoing expansion of Abu Dhabi, Miral, named after the “gazelle”, has assumed a pivotal role in the swift transformation of the nation’s leisure and entertainment domain. In alignment with the UAE’s capital’s Economic Vision 2030, Miral has actively contributed to the realisation of this vision.

To start, Miral has taken the lead in the establishment of Yas Island, which stands as Abu Dhabi’s preeminent tourism hub. This endeavour encompasses the creation of remarkable attractions, including but not limited to Ferrari World, Yas Bay, SeaWorld Abu Dhabi, Warner Bros. World Abu Dhabi, Yas Waterworld Abu Dhabi, and Theme Park Zone.

In the last 12 months, Miral has announced a number of updates on its major projects, namely teamLab Phenoma for reaching 25% construction completion, and a contract awarded for its National History Museum.

21. Azizi Developments

Azizi Developments stands as a trailblazing force in the real estate industry, marked by significant accomplishments and a commitment to innovation and quality. Over the past 12 months, the company has achieved remarkable milestones that underscore its rapid growth.

In 2022 alone, Azizi Developments accomplished 28.4 million safe working hours, coupled with the pouring of over 167,000 cubic metres of concrete. This momentum translated into the development of 152 floors spanning an impressive 3.51 million square feet of built-up area. Looking ahead, Azizi Developments is set to deliver approximately 11,000 units across 45 projects in Dubai.

Azizi’s commitment extends beyond real estate, as the company actively engages in diverse Corporate Social Responsibility (CSR) initiatives. These include sponsorships of sporting events, partnerships with social inclusion facilities, and generous contributions to initiatives like the Billion Meals endowment fund.

22. Ithra Dubai

Ithra Dubai is an integral player in Dubai’s dynamic real estate landscape. Established in 2006, Ithra has emerged as a key force in advancing the city’s urban fabric. Noteworthy projects in its portfolio include the Waterfront Market, the Deira Enrichment Project, and the iconic One Za’abeel towers in collaboration with ALEC.

In 2022, Ithra Dubai unveiled the launch of its One Deira Project, an endeavour set to redefine the city’s landscape. This pioneering project will introduce the first mall in Dubai constructed atop a metro station, marking a significant advancement in urban integration.

The multifaceted One Deira Project is also designed to cater to the flourishing residential and commercial communities of the adjacent Phase One district. It will comprise of 2,200 residential units, over 700 retail units, an array of F&B outlets, and eight internationally recognised brand hotels.

Rooted in a commitment to transformative real estate projects, Ithra Dubai strives not only to evolve the city’s physical landscape but to elevate the quality of life for its residents.

23. Dubai Investments

Founded in 1995, Dubai Investments embarked on a mission to curate a collection of projects that present enduring investment opportunities within the UAE real estate sector.

Throughout its journey, Dubai Investments has successfully introduced a diverse range of real estate offerings across the UAE. Dubai Investments Park is a unique, self-contained mixed-use industrial, commercial and residential zone spread across an area of 2300 hectares. Other notable examples include the mixed-use development in Mirdif  – Mirdiff Hills, as well as Green Community and Ritaj to name a few in Dubai Investment Park, in addition to warehouses, staff accommodations, and strategic land banks across the UAE.

Most recently, the company has announced that Phase One of its flagship project – Danah Bay has been fully sold out. Danah Bay is a $272.5 million premium beach community in Ras Al Khaimah spanning an area of approximately 90,000m2.

Additionally, Dubai Investments reported a 59% rise in net profits to AED 580 million during the first half of 2023.

24. Alef Group

Alef Group is a Sharjah-based lifestyle developer established in 2013. The group is recognised for its visionary approach to creating upscale lifestyle communities that harmonise investment strategies and fruitful partnerships.

Driven by Sharjah’s consistent growth and its pivotal geographic position as a connector between Dubai and the Northern Emirates, the developer strategically navigates its business endeavours.

One of Alef Group’s standout accomplishments is the Hayyan project, a $950 million development situated in Sharjah. Notably aligned with the vision of its ruler, Hayyan embodies environmental preservation, biodiversity, and sustainability. This expansive development, covering around 807,856.1m2, encompasses 1,882 mansion, villa, and townhouse units divided into four distinct zones.

As a testament to its commitment to sustainable practices, Hayyan leverages energy-efficient lighting, optimised natural light, and strategically placed green spaces for natural cooling.

25. Royal Commission for AlUla

With a strong emphasis on preserving and developing AlUla, The Royal Commission for AlUla (RCU) has been actively pursuing transformative approaches to execute projects that are attuned to environmental and historical considerations.

In the last 12 months, RCU has initiated projects and collaborations aimed at enhancing tourism infrastructure, revitalising heritage sites, and curating immersive experiences for visitors. Notable achievements include the launch of three luxurious hotels, the establishment of the AlUla International Airport, and the development of the Banyan Tree AlUla resort.

Most recently, the company announced its partnership with an Italian conservation institute, Centro Conservazione e Restauro, to further develop expertise in the restoration of AlUla.

26. Deyaar Development

Deyaar Development, a prominent property developer and real estate service provider in Dubai, has achieved remarkable financial growth in the past 12 months. With a notable 77% increase in H1 2023 profit compared to the previous year, Deyaar’s exceptional performance highlights its strength in the industry.

With a longstanding legacy, Deyaar has consistently delivered an extensive portfolio of commercial and residential real estate, focusing on quality and excellent service.

As a transformative force in Dubai’s real estate market, Deyaar is currently engaged in a dynamic range of projects worth nearly $817.4 million.

Some of its ongoing ventures include the $272 million luxury residential skyscraper, Regalia, in Business Bay, and Tria, Deyaar’s luxury residential tower in Dubai Silicon Oasis.

27. Majid Al Futtaim

Majid Al Futtaim is a UAE-based conglomerate operating across multiple sectors including retail, real estate, leisure, and entertainment. Some of its most notable projects include the Mall of the Emirates, City Centre Malls, Tilal Al Ghaf, Al Zahia, Waterfront City, and Al Mouj Muscat.

Most recently, the company has announced the official opening of Snow Oman, its third indoor snow park in the region. Strategically located in the Mall of Oman and covering a sprawling area of 14,830m2, Snow Oman is the largest indoor snow park in the MENA region and the first and only indoor snow destination in the Sultanate.

Furthermore, Majid Al Futtaim also revealed its Elysian Mansions, a set of residential properties designed for ultra-premium property buyer’s demand.

It includes innovative features such as an underground glass-encased car gallery, internal double-height courtyard gardens, and a penthouse Sky Suite offering an elevated experience.

28. Al Hamra

Al Hamra, a prominent lifestyle developer and investment company headquartered in Ras Al Khaimah, has achieved remarkable successes over the past 12 months, solidifying its position in the GCC real estate landscape.

Notable achievements include Marina Residences Phase 3 being completely sold out before project completion, the launch of the visionary residential project Falcon Island, and the ongoing progress of the upscale Al Hamra Village community.

One of Al Hamra’s biggest ongoing projects is the freehold luxury villa,  Falcon Island, situated within the Al Hamra Village residential community. The hallmark of the project is that 70% of the island will be devoted to open spaces.

In terms of Corporate Social Responsibility (CSR) initiatives, Al Hamra is deeply committed to making a positive impact on both the community and the environment. The company actively engages in beach cleanup activities to maintain the cleanliness of its seaside communities.

29. MAG

MAG, is the real estate arm of MAG Group, a UAE-based multinational with a 45-year old legacy. Established in 2003, MAG’s current real estate portfolio ranges from affordable housing initiatives to ultra-luxury developments that incorporate bio-living and wellness-focused concepts.

Talal Moafaq Al Gaddah, Senior Executive Vice Chairman of MAG, introduced a luxury wellness real estate and hospitality concept named Keturah in 2022. This venture began with The Ritz-Carlton Residences, Dubai, Creekside, part of the Keturah Resort, the region’s first to seek a WELL Health-Safety Rating certification. Over the past year, MAG has completed 2,000 units across three projects. Sales for Keturah Reserve and Keturah Resort surpassed $1.1 billion.

Since its inception, MAG has completed 14 projects comprising residential, commercial, hotel apartments, as well as warehouses.

30. Bloom Holding

Since its inception in 2007, Bloom Holding has distinguished itself as one of the UAE’s leading developers, specialising in designing contemporary and sustainable communities. The firm operates primarily in four sectors: real estate, education, services, and hospitality.

From its earliest days, Bloom Holding has been dedicated to exceeding the expectations of both buyers and investors. Their objectives extend beyond generating impressive returns; they are also keen to bolster the economic prosperity of the UAE. Bloom’s properties are regarded as benchmarks of quality and dependability in the country’s real estate market.

The company’s portfolio boasts diverse developments, from residential and commercial to mixed-use projects in premium lifestyle locations such as Bloom Gardens, Bloom Marina, Saadiyat Island, and Jumeirah Village Circle.

Bloom is currently advancing three significant projects: Bloom Living, Bloom Arjaan by Rotana, and an international school in Egypt.

Bloom Living: Positioned as a standout community development, the $2.4 billion (AED 9 billion) integrated community project stands as a testament to the developer’s meticulous planning and vision. Located in the heart of Abu Dhabi, this gated community spans a vast 2.2 million sqm. It plans to provide over 4,500 homes, including villas, townhouses, and apartments, tailored to the unique needs of its residents. The architectural design draws inspiration from the rustic charm of the Mediterranean, blending traditional Spanish aesthetics with modern touches.

However, according to the developer, the essence of Bloom Living goes beyond mere housing. The community will feature fitness centres, lush green spaces, and a diverse array of retail options, ranging from daily essentials to luxury items. The inclusion of esteemed educational institutions further elevates its appeal, marking Bloom Living as the perfect setting for families seeking a comprehensive living environment.

Bloom Living is envisioned to epitomise the spirit of modern Abu Dhabi — a cosmopolitan, multicultural, and aspirational hub. As of now, Bloom Living has unveiled three phases: Cordoba, Toledo, and Casares.

Bloom Arjaan by Rotana: This upcoming premium hotel-apartment complex is an integral part of Bloom’s Park View development. Located on Saadiyat Island in Abu Dhabi, the project will introduce 217 serviced hotel apartments overseen by the Rotana Hotel Management Corporation.

Prospective residents can anticipate a choice of units from studios to two-bedroom apartments, varying in size from 44 sqm to 114 sqm. The $87.1 million (AED 320 million) Bloom Arjaan by Rotana, set to launch in Q4 2024, seamlessly integrates residential luxury with hotel-grade amenities.

Additionally, Bloom Holding presents an enticing investment proposition in this project, guaranteeing up to an 8% annual ROI over five years, which, the developer noted, is likely to generate significant investor interest.

International School in Egypt: Bloom Holding has broadened its educational portfolio through a strategic partnership with New Era Education and New Giza Real Estate Development, introducing an international school in Egypt. This 40,000 sqm modern campus is designed to serve students aged three to 18 years, and will emulate the teaching and leadership methodologies of Bloom Education’s schools in the UAE.

Bloom noted that this venture reflects its ambition to replicate the exceptional standards and approach of its UAE schools, as well as its commitment to excellence and supporting the development of future generations.

Bloom’s achievements have been nothing short of remarkable in the past year. For instance, Cordoba, the first phase of Bloom Living, sold out within an astounding four hours. This bullish market response persisted with Toledo and in Casares, where 90% of the properties were promptly sold out.

Furthermore, in a testament to their efficiency and project management prowess, Bloom surpassed expectations by completing Aldhay, a segment of Bloom Gardens, six months ahead of its forecasted delivery date.

Additionally, the company noted the success of Bloom World Academy, a unique international institution characterised by its flexible scheduling and a considerate start time tailored for the students’ convenience.

The developer currently has 13 schools, one nursery and over 16,000 students under its education portfolio, further highlighting their commitment to providing exceptional educational opportunities and positively impacting the local community.

In the past 12 months, Bloom Holding has consistently showcased its commitment to progressing its primary projects to meet stipulated deadlines.

This dedication is highlighted by the developer’s appointment of the enabling works contractor, who began work in September 2022, signifying a pivotal progression for the Bloom Living development.

Currently, Cordoba’s construction is over 22% complete, with a projected finish by Q4 2024. Additionally, an enabling works contractor for Toledo has been engaged, with work proceeding steadily to ensure timely completion by Q2 2025. The developer has also appointed Emirates Link Maltauro LLC as the main contractor for Cordoba, while Edrafor Emirates LLC is the appointed enabling works contractor for Bloom Living and Toledo.

Bloom’s sustainability initiatives

Bloom has consistently demonstrated its commitment to corporate social responsibility (CSR).

Recognising the importance of community and sustainable development, recyclable and reusable containers are installed in Bloom communities’ common areas.

Additionally, Bloom Holding’s integrated facilities management arm, bfm, has initiated various programs focusing on environmental conservation, educational outreach, and support for local communities. Some initiatives include:

• Replacing analogue CFL lights with LEDs in the corridors has reduced 50% of energy consumption.

• Replacing CFL tube lights with LEDs in the basement and car park areas has decreased 45% of energy consumption.

• Installation of motion sensors in each corridor has drastically reduced 77% of energy consumption.

• Water reducers (aerators) at common area water supply outlets have reduced water consumption by 28%.

These endeavours extend beyond mere real estate development, ensuring they make a tangible difference in the societies where they operate, ultimately aiming for a better, more sustainable future for all.

31. Edamah

Bahrain Real Estate Investment Company (Edamah) is the real-estate arm of Bahrain Mumtalakat Holding Company, the sovereign wealth fund of the Kingdom of Bahrain. Incorporated in 2006 to manage and grow a diverse real estate portfolio, Edamah has swiftly emerged as one of Bahrain’s foremost property developers.

Guided by its founding principles of quality, efficiency, and sustainability and adhering to the utmost transparency and corporate governance standards, Edamah aspires to reshape Bahrain’s multifaceted and dynamic property sector. Its portfolio not only encompasses innovative real estate projects but also extends into the domains of leisure, entertainment, and industrial sectors.

Edamah is strategically advancing a series of infrastructural projects to elevate Bahrain’s real estate sector. The Sa’ada Waterfront – Phase 2 (Sa’ada East) project will restore the Bahraini people’s connection to the sea, linking Muharraq’s oldest souq, Souq Al Qaisariya, to the water. Split into four phases, the project makes the waterfront accessible to the local population via an iconic pedestrian bridge traversing the busy Khalifa Al Kabeer highway.

Further strengthening Edamah’s commitment to sustainable development, the Bilaj Al Jazayer Master Planned City project is a self-contained masterplanned sustainable min-city with comprehensive development that integrates essential infrastructure components, including roads and parking facilities, and delineated building zones. Central to this visionary project is the pristine 3 km Bilaj Al Jazayer beach stretch, while the complete project will span a gross area of 700,000 sqm.

Edamah’s latest project, Sitra Logistics Park, is a meticulously designed state-of-the-art warehousing facility encompassing 87,382 m2. Launched in October 2022, the project was delivered ahead of schedule, and is expected to significantly bolster Bahrain’s logistical capabilities, offering tailored facilities, strategic office allocations, and an integrated distribution infrastructure.

Regarding CSR initiatives, Edamah’s vision is deeply aligned with the Bahraini government’s Economic Vision 2030 and committed to the UN Sustainable Development Goals. As a result, the developer ensures that its projects not only contribute to economic growth but also nurture communities and protect the environment.

Edamah’s vision of “building for Bahrain” signifies a brighter future for the nation’s citizens. Through projects like the Sa’ada Waterfront, which restores the community’s ancient connection to the seafront, and partnerships with organisations like Bahrain Road Runners, Edamah demonstrates its commitment to social well-being.

32. Al Othaim Investments

With over 20 years in the real estate and retail sectors, Al Othaim Investments is an emblem of innovation, development, and economic prosperity in Saudi Arabia. Renowned for its pioneering spirit, the company has forged an impressive footprint in retail, F&B, entertainment, as well as residential and commercial complexes, with a keen focus on crafting spaces that not only redefine shopping experiences but also serve as the centre point of social and economic progress.

A pivotal player supporting the kingdom’s Vision 2030, Al Othaim is renowned for its forward-thinking initiatives that amplify the nation’s socio-economic landscape and deeply resonate with individual lifestyles.

Testament to this commitment are the projects delivered worth a staggering $1.97 billion (SAR 7.4 billion), and with ongoing construction projects valued at more than $2.67 billion (SAR 10 billion), further underscoring its dominant presence in the sector.
In the last year, the developer has achieved significant accomplishments by implementing the company’s strategy and laying the groundwork for their future endeavours.

Additionally, they have forged strategic partnerships with esteemed entities such as the Tourism Development Fund, the Quality of Life Programme, and the Ministry of Municipal and Rural Affairs and Housing. These collaborations have further solidified their standing in the industry and emphasised their commitment to holistic growth. Over the recent period, several notable projects have been introduced, significantly elevating the company’s portfolio. These include the launch of Konoz Riyadh, Al Othaim Park in Dammam, and the Al Othaim Circle in Khobar.

Konoz Riyadh

Konoz Riyadh is a $1.86 billion development in Riyadh, a fully integrated vertical community with commercial office space, entertainment, retail, F&B, Cinema as well as a luxury hotel with serviced apartments and premium residential offering.

The project features 15,000 sqm of green areas inline with the green Riyadh city initiative, parking for 5,500 vehicles, a 120,000 sqm commercial centre, a 250-key world-class luxury hotel and 120 serviced residential apartments, as well as a 700 unit premium residential offering. Additionally, the company has unveiled the Al Othaim Mall in Jubail and Mithneb, Al Othaim Complex in North Riyadh.

There have also been significant expansions at the Rabwah Mall and Khurais Mall in Riyadh, further complemented by the initiation of the mixed use developments in Madinah and Khamis Mushait projects. Furthermore, Al Othaim Investments’ commercial complexes stand out for their state-of-the-art designs and strategic placements in Saudi Arabia’s prime cities.

Driven by a passion for excellence, the company’s vision is to be the region’s premier destination for living, shopping and entertainment. They emphasise building communities that uplift the quality of life and foster vibrant, enjoyable, and socially enriching experiences for all.

Commitment to social responsibility

Al Othaim’s dedication extends beyond commercial endeavours. The group actively engages in social responsibility through a spectrum of programmes and activities that are rooted in the company’s ethos. Notably, Abdullah Al Othaim’s donation of $26.65 million (SAR 100 million) to Jood Housing and consistent contributions to over 100 charity organisations elucidate their unwavering commitment to societal betterment.

33. ORO24 Real Estate Developments

ORO24 Real Estate Development, inaugurated in 2021, is a beacon of modern-day innovation in Dubai’s bustling real estate sector. Within a year of its inception, the company has transformed the city’s skyline with avant-garde creations such as TORINO by ORO24, LEVANTO by ORO24, ELANO by ORO24, MOSQUE by ORO24, and KYOTO by ORO24. These developments are not only aesthetically magnificent but also echo ORO24’s ethos of fostering community, smart infrastructure, and sustainable living.

The past year has been nothing short of monumental for ORO24. This team has truly excelled in their field, and their track record speaks for itself. They have accomplished many things, with particular emphasis on successfully launching five projects that were fully sold out and even overbooked before their official release. These trailblazing ventures have earned ORO24 prestigious accolades, marking them among the best-selling projects in Dubai.

TORINO by ORO24 is a gated community with 625 apartments and has received multiple awards, including recognition for being among the top three fastest-selling projects of the year. Moreover, LEVANTO by ORO24 stands out for having more than 27 unique amenities, such as a drive-in entrance, bowling alley, and golf simulators, among others.

Meanwhile, ELANO by ORO24, with its 339 units and a revolutionary design approach focused on community engagement, has also gained significant attention. The project features an innovative open-plan layout for its indoor amenities, with spaces meticulously designed to ensure an optimal community living experience. With striking features like a 975.4 sqm. health club, premium gaming facilities, and tropical rain showers, the project, which spans 2,322.5 sqm. of landscape, has been recognised as one of the top five best-selling projects in Dubai.

MOSQUE by ORO24 and KYOTO by ORO24 have further cemented developer’s reputation. MOSQUE by ORO24 is an emblematic project that embodies ORO24’s dedication to offering a comprehensive living experience that values spiritual well-being and physical comfort.

KYOTO by ORO24 will have 708 units combined with 32 luxury amenities, including an observatory lounge, meditation zone, and 40-metre infinity pool, among others.
In terms of financial progress, ORO24’s projects, currently under construction, have amassed a total value of over $272 million (AED1 billion). To break it down, TORINO stands at an advancement of 20.07% with a worth of $103.3 million (AED379.5 million). LEVANTO, with its progress pegged at 5.5%, is valued at $119.2 million (AED437.9 million). ELANO, valued at $50.3 million (AED185 million), is progressing at 3%, while MOSQUE, although in its initial stages at 2% progress, holds a value of $1.5 million (AED5.7 million).

This year, ORO24 has awarded construction contracts worth $50.51 million (AED185.5 million) for TORINO, $2.4 million (AED9.1 million) for the enabling works of LEVANTO, and $1.2 million (AED4.65 million) for ELANO’s enabling works. The tenders for the full construction of LEVANTO and ELANO are still in progress, while MOSQUE by ORO24 has been contracted for $1.5 million (AED5.7 million).

Apart from their structural contributions, ORO24 is also a forerunner in social endeavours. The developer’s CSR initiatives are vast and varied, ranging from a generous $2.7 million (AED10 million) donation to the ‘1 Billion Meals Endowment’ campaign initiated by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, to the innovative partnership with Dubai’s Endowments and Minors’ Trust Foundation. This unique alliance sees ORO24 as the pioneer in the first-ever endowment scheme for developers, setting aside a unit in each of their projects for noble causes.

The ‘Smile in Ramadan’ campaign conducted by ORO24 also had a profound impact on numerous lives, with the distribution of over 30,000 meals. In addition, through their education support initiative, ORO24 ensures that deserving children have access to the education they require.

Furthermore, resonating with their Chairman’s vision, MOSQUE by ORO24 stands as an embodiment of their commitment to blend spiritual well-being with community living.

With 14 projects in the pipeline and a vision set on global expansion, ORO24 is charting a course to redefine the future of urban landscapes.

34. OMNIYAT

Established in 2005, OMNIYAT is a luxury real estate developer known for constructing immersive environments that encompass residential, commercial, hospitality, and retail domains.

OMNIYAT’s development philosophy revolves around collaborating with leading architects, designers, contractors, and consultants to ensure the highest level of excellence and redefine luxury standards across the region.

Breaking new ground in 2023, OMNIYAT unveiled its latest architectural masterpiece, the Orla Dorchester Collection. This residential gem spans a sprawling 29,000 square metres of beachfront terrain in Dubai. Designed by globally celebrated architecture firms and managed by esteemed hospitality brands, the Orla Dorchester Collection is a testament to OMNIYAT’s dedication to elegance, functionality, and artistry.

OMNIYAT’s portfolio boasts an array of iconic projects that reflect its commitment to elevating lifestyles. From One at Palm Jumeirah to the Lana Residences, the groundbreaking Opus, and the architectural gem known as The Square, each project is a reflection of their ethos.

As a prominent boutique developer in the realm of luxury real estate, OMNIYAT approaches each creation as a work of art. The company nurtures close relationships with world-renowned architects, interior designers, and artists, ensuring that each project is a distinctive masterpiece.

35. Jabal Omar Development Company

Jabal Omar Development Company (JODC) stands as a prominent real estate developer in the region, holding a significant position as one of the largest publicly listed companies on the Saudi Tadawul Stock Exchange.

The distinguished Jabal Omar, its flagship endeavour, represents a sprawling mixed-use real estate mega-development strategically situated in close proximity to The Grand Mosque of Makkah.

In tandem with the kingdom’s ongoing efforts to accommodate an expanding influx of pilgrims, JODC has been actively engaged in the development of the vicinity surrounding The Grand Mosque.

In July 2023, JODC reached an agreement with Areeb Advanced Real Estate for the sale of a prime plot of land in Makkah. As per the deal, the 3,065.74m2 plot is being sold to Areeb for $139 million, said Jabal Omar Development Company in its filing to the Saudi Exchange. The sales proceeds will be utilised by Jabal Omar Development Company to complete construction works at its other projects in the city, further entailing a positive impact on the company’s financial results.

Additionally, the developer has received the license to operate the first tower of the Jabal Omar Address hotels. The first tower will have 742 rooms and suites, 51 of which have been sold off-plan.

36. Dar Al Arkan

Since its establishment in 1994, Dar Al Arkan has been delivering premier real estate projects in Saudi Arabia, showcasing its expertise in creating and nurturing integrated communities.

Most recently, the developer successfully completed the world’s tallest 3D-printed building – a three-storey smart villa in Riyadh. The villa is Dar Al Arkan’s first venture into the 3D-printing space and is fully compliant with the building codes, making it a bright example of how technology and innovation can work hand in hand with safety and regulation.

Additionally, at the beginning of 2023, Dar Al Arkan revealed its plans to list its Dubai unit, Dar Global on the London Stock Exchange. The news follows the company’s initial announcement in November 2022 about exploring several strategic and capital markets options with regards to the international property development business in Dubai.

Moreover, Dar Global also launched its Lamborghini-inspired residential project, Tierra Viva, in Europe. The launch of the project represents a noteworthy landmark in Dar Global’s relentless pursuit to deliver incomparable investment opportunities in the luxury segment; the project is valued at approximately $305 million.

As a company, Dar Al Arkan has also collaborated with several renowned brands including The Trump Organisation, Elie Saab, Missoni, Versace, Lamborghini, Pagani, and more.

37. Binghatti Developers

UAE-based Binghatti Developers is a real estate company responsible for developing a range of residential properties in the country. Founded in 2008, Binghatti has an investment value constituting $952.9 million 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.

Over the last year, the company has experienced a period of heightened productivity, marked by the introduction of two remarkable projects: Burj Binghatti, set to be the world’s tallest residential tower, and Bugatti Residences, a distinctive real estate venture stemming from the collaboration with supercar manufacturer, Bugatti.

Set to be located at the heart of Dubai’s most eminent financial district, Business Bay, the Burj Binghatti tower comprises over 100 storeys made of two-bedroom and three-bedroom residences. The tower will feature unique designs co-signed by and co-designed in the recognisable style of watchmaking and jewellery brand Jacob & Co. The Bugatti Residences, on the other hand, will feature penthouses named after iconic destinations like Cannes, St Tropez, and Monaco.

Moreover, the developer has also announced the completion of Binghatti Creek this year, a residential tower in Al Jaddaf, Dubai. The project obtained its completion certificate ahead of its completion deadline, which was scheduled for the end of 2023.

38. Naif AlRajhi Investment

Headquartered in Saudi Arabia’s Riyadh and holding branch offices in Dubai, London, Rome and Tangier, Naif AlRajhi Investment is a vanguard in the GCC’s investment landscape. Its global presence is marked by strategic investments in 30 companies dispersed across six countries, emphasising its dynamic role in real estate, hospitality, F&B, contracting, mining, logistics, and outdoor media among other sectors. The company’s dedication to the real estate sector is further underscored by two major funds: The Investor for Securities, valued at $26.7 million (SAR 100 million), and Riyad Capital, with a robust fund size of $133.3 million (SAR 500 million).

Over the past year, Naif Alrajhi Investment has achieved several commendable milestones. In Riyadh’s As Sahafah, the company celebrated opening the $16 million (SAR 60 million) Ramla Terraza, a premier dining venue featuring elite restaurants, cafés, and dynamic live entertainment, earlier this year.

It also launched the 34-storey tower Fairmont Ramla Serviced Residences, with an investment of $200 million (SAR 750 million), marking Fairmont’s first global standalone luxury extended-stay property.

The group also made significant real estate moves internationally. It closed a major deal with a leading real estate developer in Egypt, to plan and collaborate on large-scale residential and resort projects within the kingdom. This collaboration aligns with Saudi’s Vision 2030, prioritising urban and tourist resort developments of international standards in the kingdom.

Currently, the company is spearheading several projects, including developing a $533 million (SAR 2 billion) plot and private palaces at an investment of $266 million (SAR 1 billion), in addition to other confidential initiatives.

Naif AlRajhi Investment is also strongly committed to ethical practices, as demonstrated by its Corporate Social Responsibility and Feyan for Community Service programmes. Feyan, the charitable wing of the group, participated in the Saudi Green Initiative, working alongside the Green Horizons Environmental Association. This collaboration seeks to bolster the objectives of the Saudi Green Initiative, advocating for environmental awareness. Furthermore, the company also takes pride in its annual schedule of community initiatives.

39. Iman Developers

Established in 2016, Iman Developers has swiftly risen to prominence as one of Dubai’s premier real estate developers. Their remarkable journey, punctuated with significant customer recognition and exceptional operational performance, is highlighted by a stellar revenue track record over the past 12 months, surpassing $272 million (AED1 billion).

Over the past year, Iman unveiled five significant projects, reinforcing their foothold in the real estate sector. Oxford Terraces and Oxford Terraces 2, with an estimated value of $19.6 million (AED72 million) and $21.7 million (AED80 million), respectively, are located within the Jumeirah Village Circle (JVC) community. Oxford 212, incorporating 212 apartments, is Iman’s fifth development project. Located in JVC, the $40.8 million (AED150 million) residential project has been handed over to homeowners.

Valued at $52.8 million (AED194 million), The Grove in Dubai Hills is a nine-storey residential development offering an array of features such as multiple swimming pools, green areas, and spaces dedicated to sports activities and family gatherings.

Considering the developer’s overall portfolio, the $54.4 million (AED200 million) Oxford Gardens, set in Arjan, stands as Iman’s ninth residential development. Offering a broad scope of amenities, including bespoke hanging pools, the project seamlessly blends residential and retail spaces, fostering a dynamic and vibrant community.

Notably, their accomplishments encompass the swift sale of both Oxford Gardens and The Grove projects, fully booked within three hours of their respective launches.
In the last 12 months, the developer awarded four contracts totalling $52.2 million (AED192 million) for their projects: Oxford Terraces, Oxford Terraces 2, The Grove, and Oxford Gardens. The developer is concurrently advancing the construction of four projects with a cumulative value of $147 million (AED540 million). Oxford Terraces and Oxford Terraces 2 are 78% and 15% complete, respectively, while The Grove is 30% complete and undergoing multiple development activities. Lastly, Oxford Gardens is 2% complete.

Iman’s dedication to sustainable development shines through the environmentally conscious features integrated into their projects. They prioritise energy optimisation, waste and water management practices, and sustainable district cooling solutions. These initiatives underscore the developer’s commitment to blending sustainable practices with advanced engineering, paving the way for an eco-friendly future.

40. Samana Developers

Samana Developers, one of the fastest-growing private developers in the country, has garnered a reputation for its unwavering commitment to delivering on its promises.
With an innovative approach to property development, the developer has established itself as a trailblazer, securing high commendations from the Dubai Land Department and stakeholders alike. Their exceptional strategies have propelled their growth rate to a remarkable 600%, an impressive figure when juxtaposed with the average developer growth of 200% to 250%.

The developer has launched 12 projects in the last year with a total value of $820 million (AED3 billion).

Samana’s projects in the last 12 months include Samana Golf Avenue, Samana Park Views, Samana Waves, Samana Miami, Miami by Samana Developers, Samana Santorini, Samana Mykonos, Samana Waves 2, Samana Mykonos Signature, Ivy Gardens, Samana Skyros, and Samana California. In addition, the developer is planning another 14 projects in 2023 alone.

Its latest residential project in Dubai Sports City, the $82 million Samana Golf Views, is said to be the first project in the district that offers apartments with private pools. In addition, it will feature a mix of 243 apartments that include 128 studios, 52 one-bedrooms, 60 two-bedrooms, and three three-bedroom units.

According to the developer, they are the first real estate developer in Dubai to introduce the concept of incorporating private pools in residential apartments. They began with an initial 400 private pools, which subsequently grew to 600, then 800. Currently, they boast 1,200 pools, a number that continues to rise.

Samana Developers takes Corporate Social Responsibility (CSR) seriously and is committed to making impactful contributions to society. They consistently make substantial monthly donations to the UAE General Authority of Islamic Affairs and Endowments, known as Dubai Awqaf. In addition, Samana Developers provides free food to the labourers and other personnel working on their projects in Dubai.

To date, this initiative has reached over 200,000 beneficiaries, with the figures tripling during the holy month of Ramadan. Furthermore, outside of the UAE, Samana Developers has initiated a commendable program aimed at addressing the shortage of clean drinking water in certain Asian countries. Through this initiative, they are actively working to provide potable water in areas where it is scarce or non-existent.

41. Imtiaz Developments

Established in 1993, Imtiaz Developments has spearheaded real estate development for over 28 years. Based in Dubai, UAE, it is recognised as one of the nation’s top-tier real estate and development companies, distinguished for its multifaceted expertise.
Over its expansive history, Imtiaz Developments has realised the construction of over 2,000 residential units, 37,000 sqm. of office space, and over 185,000 sqm. of retail space.

As the market landscapes shift, the developer deftly navigates changes, seizing emerging opportunities and proficiently mitigating risks. Imtiaz Developments is known for curating projects that promise enduring value to both investors and residents. In addition, the importance of nurturing vibrant communities is evident in their approach.

Highlighting a selection of their most recent endeavours, Pearl House II by Imtiaz emerges as a pioneering venture. Expanding upon the accomplishments of Pearl House I and its swift unit sales, the subsequent phase promises an even more captivating dimension to modern lifestyles. With the unveiling of this residential gem, which carries an estimated valuation of $42.2 million (AED 155 million), the project is positioned to establish a new benchmark for luxury living in Dubai’s Jumeirah Village Circle (JVC) area.

The company’s latest addition to its portfolio, Luxor by Imtiaz, is expected to present an innovative residential paradigm in JVC. The groundbreaking ceremony will be held on 6 September of this year for the flagship project worth $103 million (AED 380 million). Luxor by Imtiaz exemplifies the developer’s commitment to crafting personalised living spaces, catering to a diverse clientele. Spanning a gross floor area of 24,885 sqm., the development symbolises a harmonised approach to urban living, blending modern luxury with features that accentuate a contented life.

In a similar vein, Westwood by Imtiaz is another project that reflects its comprehensive urban living ethos, weaving together facets of contemporary living with modern luxury, and offering features that are conducive to well-being. The project is located just a few minutes away from Discovery Gardens Metro Station 2. The keys to the apartments will be handed over three months ahead of schedule, with completion expected in October 2023.

42. Naseej

Since its inception in 2010, Naseej has emerged as a well-known property developer in the Kingdom of Bahrain. With a dedication to national development, Naseej has not only crafted impactful projects but has also pioneered the evolution of real estate in Bahrain.

Naseej’s journey is punctuated with accomplishments that have significantly impacted Bahrain’s urban fabric. Notably, they spearheaded the first Public-Private Partnership (PPP) project in collaboration with the Government of Bahrain. Valued at an impressive $450 million, this project encompassed the creation of 2,865 homes across two key locations in the country.

In addition, Naseej’s impact is woven into the fabric of Bahrain’s communities through a series of impressive projects. With over 2,981 residential units completed across six developments, their portfolio reflects diversity and innovation.

Beyond development, Naseej is recognised as an approved property developer under Bahrain’s Ministry of Housing’s innovative Mazaya and Tasheel programmes.

43. Fakhruddin Properties

Appearing on the list for the first time is Fakhruddin Properties, a property development, management, and brokerage established in 2003.

With a clear focus on sustainable and healthy building practices, Fakhruddin Properties has achieved notable successes, underscored by its triumphant launch of Maimoon Gardens.

In the last 12 months, the company has seen the launch of transformative projects that embody the company’s commitment to sustainability and innovation.
Maimoon Gardens sets new standards for sustainable living in Dubai, incorporating cutting-edge air purifying technologies, efficient waste management strategies, and smart automation systems. Their luxury villas in Palm Jumeirah embrace luxury and innovation, while the villas in Nad Al Sheba reflect the synergy between environmental responsibility and luxury.

Additionally, Fakhruddin is poised to further redefine the intersection of luxury, sustainability, and practicality with the upcoming launch of ‘Treppan Living.’ This practical sustainable brand will be centred around wellness and technology.

44. ZāZEN Properties

ZāZEN Properties is an up-and-coming Dubai-based developer standing at the forefront of sustainable property development and contributing to significant UAE initiatives like the Dubai 2040 Urban Master Plan. With a firm commitment to sustainability and well-being, ZāZEN Properties specialises in creating thoughtfully designed apartments that embody a harmonious coexistence of nature and modern living.

The developer’s dedication to sustainable construction is evident in their utilisation of recycled building materials, optimising lighting and fixtures, and employing non-toxic paint within each apartment complex. With sustainability as a driving force, ZāZEN Properties has set the bar high by integrating over 35,000 square feet of landscaping, EV charging stations and solar panels, and achieving LEED Gold certifications.

45. Saudi Real Estate Company (Al Akaria)

The Saudi Real Estate Company (Al Akaria) was established in 1976 by royal decree. Since then, the developer has embarked on a future-forward vision, laying the foundations for multi-use developments, aiming to pioneer the real estate sector in the Kingdom of Saudi Arabia.

Today, Al Akaria stands tall with a vast land bank spanning 20 million sqm. and a rich tapestry of projects that have transformed Riyadh, making it an architectural beacon. Today, Al Akaria’s project portfolio boasts diverse residential, commercial, and recreational projects.

Subsidiaries and stakeholders

Operating under Al Akaria’s umbrella are four subsidiaries: Mumtalakat, Binyah, Tamear, and Al Widyan. Their operations range from real estate management to contracting work for buildings and even producing and selling materials and equipment vital for construction.

Saudi Arabia’s sovereign fund, the Public Investment Fund, owns a significant 64.5% stake in the company.

Projects in the pipeline

Over the last 12 months, Al Akaria has made significant strides in its real estate endeavours. The company has unveiled three major projects: The Reef Compound; Porta Jeddah; and Fai Sedra.

On the financial front, Al Akaria celebrated a significant increase in its revenues, marking a noteworthy profit milestone. The Saudi real estate developer witnessed a meteoric 99% surge in revenues in 2022, culminating in a net profit of $38.6 million (SAR 145 million).

Strategically, the company has also embarked on a collaborative venture with Al Tahaluf Real Estate to set up a residential community as part of the Akaria Park Master Plan in Eastern Riyadh.

Currently, the company’s ongoing construction projects are valued at an outstanding $549 million (SAR 2.06 billion), with the key projects such as Porta Jeddah, Reef Compound, Fai Sedra, Akaria Park, Olaya Oasis, Masaken Al Akaria, and Al Dhahia.

The Reef Compound in the Diplomatic Quarter is a mixed-use leasing project, showcasing a harmonious blend of meticulously designed 231 units, including apartments, townhouses, and villas across approximately 39,010m2. of land. These units are complemented by cutting-edge communal facilities, boasting a GFA of around 53,577m2.

Porta Jeddah in Jeddah is a contemporary mixed-use leasing project, integrating experiential retail, dining, and entertainment spaces with a lifestyle hotel, serviced apartments, and quality office space. The development boasts a GFA of about 75,964m2, encompassing around 238 hotel keys, office spaces with a GLA of roughly 20,983m2, and a 21,119m2 retail promenade.

Fai SEDRA, located in ROSHN’s flagship development SEDRA, consists of 138 villas, spanning a land area of 44,368m2, with a total built-up area of 54,708m2. ROSHN has partnered with Al Akaria, through a sale and purchase agreement, which allows Al-Akaria to develop residential villas within SEDRA.

This collaboration follows an earlier announcement of a $38 million (SAR 142 million) land sale to Al-Akaria. The joint venture will enhance the variety of premium housing units in the SEDRA development, transforming northern Riyadh into a blend of integrated, pedestrian-friendly neighbourhoods complemented by top-tier amenities.

Committed to social responsibility, Al Akaria supports “The children with disability association”, reflecting its dedication to inclusive growth and community development.

46. Safa Investment Company

Saudi Arabia based real estate firm Safa Investment Company combines national expertise and extensive knowledge within the kingdom’s real estate sector. They aim to provide top-notch service and stay up-to-date with the latest urban trends. Safa also values sustainable partnerships and reliability, which they consider to be their greatest success.

Emerging as a premier national real estate company, Safa remains committed to staying at the forefront of cutting-edge engineering practices and the latest technological innovations in the construction sphere. The company’s unwavering dedication extends to providing customers with top-tier products that mirror their exacting requirements, all while upholding steadfast standards of quality.

The operational methodology at Safa is founded on a tangible framework forged through practical experiences and field insights. This approach encompasses the entire project lifecycle; Safa works based on clear concepts based on field and practical experiences, starting with site selection, drawing up plans and projects, through implementation, quality of materials used, and ensuring the efficiency of engineers and technicians working on the site, and ending with post-ownership services.

The company’s achievements hinge on a harmonious team thriving in an environment characterised by transparency, creativity, and collaborative teamwork.

Since its inception, Safa has commanded attention with its remarkable scale, encompassing a total building area of 800,000 sqm. and an invested area spanning 333,000 sqm. This expansive scope unfolds across 22 distinct districts, comprising more than 340 buildings that collectively shape its urban landscape. Notably, the company has also contributed significantly to the residential sector with more than 4,300 residential units, reaffirming its dedication to providing modern living solutions.

Noteworthy milestones

Over the last 12 months, Safa has achieved noteworthy milestones that underscore its prowess in the industry. The company successfully solidified a pivotal agreement, securing an impressive $333 million (SAR 1.25 billion) from Albilad Capital, an investment firm.

Breaking new ground, Safa also pioneered the construction of Northern Riyadh’s inaugural open compound, a development showcasing 265 units. Additionally, the company solidified a significant partnership with an investment capital fund, securing an impressive $373 million (SAR 1.4 billion). Demonstrating its commitment to innovation, Safa emerged as an industry trailblazer by revolutionising unit sales journeys through a fully automated approach.

Within the preceding 12 months, the cumulative value of Safa’s ongoing construction projects surpassed $800 million (SAR 3 billion). Notably, the company also launched significant projects in the past year, including Darat Safa (SAFA47) in Northern Riyadh. Meanwhile, the company also awarded two substantial construction contracts for a combined value of approximately $115 million (SAR 430 million). These achievements underscore the company’s consistent dedication to impactful real estate ventures.

Community development

Safa actively engages in Corporate Social Responsibility (CSR) initiatives, exemplifying its commitment to societal welfare. Notably, the company sponsored projects such as Joud Aliskan, an endeavour valued at $266 million (SAR 1 billion), and partnered with external organisations to provide over 1 million meals to more than 8,000 participants, showcasing its dedication to making a positive impact on communities.

47. Maskan Arabia

Founded in 2008, Maskan Arabia is a specialised real estate development company with the primary objective of developing and selling housing units in the Kingdom of Saudi Arabia. As a residential real estate development company, Maskan offers a comprehensive range of diversified products and services. These include the development of villas and townhouses, the construction of vertical structures and apartment blocks, as well as the provision of marketing and after-sales services to promote the company’s housing projects.

The bedrock of Maskan’s journey lies in its ability to provide alternative capabilities, strengthened by its new entity as a closed joint stock company. Consequently, the company’s pursuit of exceptional real estate residential developments has positioned it as a leading firm in the kingdom’s construction and real estate development sector.
Maskan’s scope of work encompasses the entire spectrum of real estate development, from land curation and conceptualisation to construction and property management.

This fusion of diversified services and unwavering commitment has yielded a portfolio of successful residential projects, including Maskan Heights, Al Casaba, Al Dar, Retaj Project, Topaz Project, and Saaf, among others. Meanwhile, the developer’s upcoming venture includes the Al-Muhra Project in partnership with Saudi Arabia’s Ministry of Housing.

Championing sustainability

Maskan Arabia is dedicated to preserving the environment and considers it a fundamental part of its values. This commitment is reflected in the company’s approach to architectural projects, where environmental factors are carefully evaluated before beginning any work.

The developer is also committed to implementing green building principles in their upcoming projects, with a significant emphasis on sustainability and environmental awareness. They are also eager to promote strategies in this field. This dedication translates into contemporary design paradigms and robust construction practices which prioritises environmental safety and energy conservation through pioneering construction solutions.

In addition, Maskan’s vision extends to the complete adoption of a comprehensive green building model, which includes safeguarding water resources, harnessing natural energy, fortifying climate resilience, championing waste management, mitigating disturbances, ensuring indoor air quality, and striking an equilibrium between built and
unbuilt domains.

In developing these fields, Maskan has demonstrated its dedication to excellence by collaborating with the Faculty of Engineering at King Saud University to create innovative designs. Furthermore, to support budding engineering talent, the company sponsors the GCC Secretariat for Engineering Colleges Students award, exemplifying its dedication to nurturing the future of the industry.

Maskan’s legacy is defined by visionary expertise, commitment to sustainability, and the will to shape the landscape of real estate and construction across the region and beyond.

48. Luxe Developers

Luxe Developers, a rising star in the realm of UAE real estate, is making its mark through a commitment to individualism, opulent craftsmanship, and innovative design. With a vision that centres on creating iconic structures, Luxe Developers has swiftly emerged as a game-changer in the industry.

At the core of Luxe Developers’ ethos is the belief that true luxury lies in exceptional quality and unmatched artistry. Every project they undertake is a testament to their dedication to detail, sourcing the finest materials, and collaborating with world-renowned artisans, architects, and designers.

This year, Luxe Developers introduced their highly anticipated Oceano project on Al Marjan Island in Ras Al Khaimah.

Collaborating with world-famous architecture firms, Oceano sets a new benchmark for luxury and design on the island. According to Luxe, the project is the epitome of spaciousness, top-tier quality, and innovative architectural prowess.

Additionally, Luxe also demonstrates its commitment to sustainability and environmental harmony with the introduction of its responsible resource utilisation, energy-efficient measures, and the incorporation of passive design for its Oceano project.

49. Kleindienst Group

Founded over 30 years ago in Austria and Hungary, the Kleindienst Group holds the distinction of being the largest European real estate entity in Dubai. With a workforce of over 1,000 employees, the group maintains a diverse portfolio encompassing various business sectors.

Kleindienst Group features an exclusive property portfolio in desirable locations worldwide and has been the leading global real estate corporation, and the largest European family-owned business in the UAE. Their expansive portfolio includes activities such as property development, construction, hospitality, property brokerage, and corporate business centres.

The group is known for its innovation, creativity, performance-driven approach, pioneering spirit, and always staying ahead of the curve boldness. Kleindienst Group is the visionary force behind The Heart of Europe, its flagship masterplan located within The World Islands, situated six kilometres off the Dubai coastline.

Spanning six islands out of the 300 that comprise the World Islands Dubai, The Heart of Europe is a monumental luxury island project, each with its own design and theme inspired by various European countries, and has a value of $5 billion. Upon its completion, the development is slated to encompass a minimum of 4,000+ premier hospitality and secondary home units, comprising an array of 20 hotels, including beachfront villas, deluxe hotels and the renowned Floating Seahorse Villas.

It offers a host of world-class amenities such as climate-controlled raining streets and the region’s first coral institute dedicated to protecting and restoring the marine ecosystem. The development aims to promote sustainable living through the use of renewable energy sources and innovative technologies.

50. Union Properties

Union Properties is a prominent real estate company standing at the forefront of innovation and sustainability within the industry.

During the last 12 months, Union Properties has undertaken a number of groundbreaking projects. These include its expansive masterplan in Motor City spanning approximately 35 million square feet. This masterplan is divided into six sectors, including Avenue District, Dubai Autodrome, Union District Mall, OIA Residence, UPTOWN, Green Community Motor City, and First Avenue Mall & Hotel.

Additionally, Union Properties’ sustainability goals encompass a spectrum of actions, from implementing solar photovoltaic power plants and championing solar projects to adopting Compressed Natural Gas (CNG) for 20% of its fleet, significantly reducing emissions.