Top 50 GCC Developers 2016: 31-40
Welcome to Construction Week’s 2016 ranking of the most active developers in the GCC. The following list recognises the individuals who are driving construction in the Gulf, delivering projects and planning communities for generations to come
31. Sufian Hasan Al Marzooqi, CEO, TDIC Abu Dhabi
Sufian Hasan Al Marzooqi was appointed as the chief executive officer for Abu Dhabi’s Tourism Development and Investment Company (TDIC) in October 2015.
Al Marzooqi brought with him experience in various fields, having held several key positions in Abu Dhabi Investment Authority.
During this year’s Cityscape Abu Dhabi, TDIC launched the largest district of its flagship Saadiyat Island, the Saadiyat Lagoons District. It will be premium residential community, expected to become home to around 29,000 residents.
32. Mohammed Sultan Al Qadi, MD and CEO, RAK Properties
Mohammed Sultan Al Qadi has been the chief executive officer and managing director of RAK Properties since June 2005.
Al Qadi previously held senior positions at Etisalat, and served as the general manager of Etisalat Ras Al Khaimah.
During Cityscape Global 2016, the developer announced a $1.3bn (AED5bn) project within its flagship development, Mina Al Arab. The new development will feature a shopping mall, luxury hotels, waterfront apartments, an international five-star resort, and dining venues.
33. Mohamed M Al Qubaisi, Chairman, Manazel Real Estate
Abu Dhabi-based developer Manazel Real Estate recorded $72.8m (AED267.4m) worth of revenues for the first half of 2016, with the launch of Al Reef 2 and construction progress contributing to the increase in total sales during the period.
The driving force, company chairman Mohamed M Al Qubaisi, said in a statement: “Over the year, Manazel has made significant progress both in terms of restructuring its business and focussing on the significant growth opportunities that exist in new and dynamic market sectors.”
34. Abdulla Hassan Al-Mehshadi, CEO, Msheireb Properties
Abdulla Hassan Al-Mehshadi is the chief executive officer of Msheireb Properties, a real estate development firm and a subsidiary of Qatar Foundation (QF).
Prior to joining Msheireb Properties, Al-Mehshadi held a number of senior positions within the engineering and construction fields.
The firm’s flagship project, the $5.5bn Msheireb Downtown Doha, spans 31ha, and comprises six basement levels and 101 buildings. The project seeks to revive the past and regenerate the local community.
35. Farhad Azizi, CEO, Azizi Developments
Farhad Azizi, the chief executive officer of Dubai-based Azizi Developments, is a force to be reckoned with. The company’s current portfolio of developments, which is worth $1.9bn (AED7.3bn), is testament to this. In 2015, as the company mapped out its strategies, it started a lot of new projects and opened new offices.
Azizi tells Construction Week: “We have a long-term investment and commitment to the UAE and Dubai property market, and we place equal importance in the projects we deliver to our investors and the end users.
“If we were to point out a couple of our recent developments, such as Azizi Yasamine, Azizi Liatris, Azizi Orchid, Azizi Freesia and Azizi Iris, among others in Al Furjan, we are already very proud of what we bring to the market and our customers — in terms of the quality, diversity, design that is present in every project.”
He says that 2016 has been a year of fine tuning, with some internal changes and restructuring. “We have been very conscious of staying firm on our goals while, at the same time, becoming more flexible in our operations. We aspire to continue our growth in a very carefully planned way and this has already laid the groundwork for 2017, which is when we will not only be delivering a host of new projects, we will also get involved in many new ones.”
Two of its projects, Azizi Yasamine and Azizi Ferouz, are due to be handed over in September, while Azizi Liatris will be handed over in October this year.
The developer has also invested in developments overseas, in countries such as Afghanistan, Germany, Kazakhstan and Uzbekistan. Azizi says: “In each of these territories, we have devoted time and resources into building up local infrastructure and tested the market so as to ensure the successful implementation of all our projects.”
While the UAE has been one of the developer’s largest GCC market, Azizi is also keen on exploring opportunities in Qatar and Egypt, which “we would definitely like to investigate more, given the right opportunities”.
In August this year, Azizi announced the launch of its $204.1m hotel apartment complex, Azizi Mina, on Dubai’s Palm Jumeirah.
36. Benoy Kurien, General Manager, Al Hamra Real Estate
Al Hamra Real Estate Development (AHRED) announced the completion of the Bayti community of upmarket townhouses and properties in Ras Al Khaimah in May this year.
In total, 118 townhouses have been built, with Phase 1 currently being handed over. All properties are set around three recreational parks and swimming pools, with a championship golf course, 1.5km private beach, and a 200-berth marina a short stroll away.
The driving force behind this, Benoy Kurien, has been associated with the company from its commencement in 2003. With four main business segments — real estate, hospitality, retail, and leisure — the group has become the one of the leading real estate developers in Ras Al Khaimah.
37. Nasser Masoud Al Sheibani, Acting CEO, Al Mouj Muscat
In early 2016, Nasser Masoud Al Sheibani was appointed the acting chief executive officer of Al Mouj Muscat, Oman’s integrated tourism complex, after serving as the chief financial officer of the company since 2014.
Al Sheibani has over 15 years of experience in property development, hotels, banking, and oil and gas. The company announced the rebranding of its waterfront megaproject, which was previously known as the The Wave, Muscat, in September 2015.
The development was the first in Oman to open its doors to foreign investors when it broke ground in 2006. The mixed-use community covers a 6km-stretch of coastline, and comprises more than 4,000 residential units, a 400-berth marina, and a golf course.
38. Nader Al Hammadi, Chairman, Tamouh Investments
According to Nader Al Hammadi, chairman of Abu Dhabi-headquartered developer Tamouh Investments, the company, since its establishment in 2015, has reinforced Abu Dhabi’s status as a sustainable and modern city.
He says the company, the developer behind most of Reem Island’s masterplan, is committed to delivering long-standing projects in Abu Dhabi, as it delivered the first gated community in the capital in 2010.
Tamouh’s current offerings within Reem Island include Marina Square, which was completed in 2011, as well as Paragon Bay Mall and City of Lights, both currently under construction. In November 2015, Tamouh completed $163.3m financing to fund the final phase of the construction of Horizon Towers.
39. Jassim Alseddiqi, Chairman, Eshraq Properties
Jassim Alseddiqi was appointed as the new chairman of the Abu Dhabi-based Eshraq Properties in July 2016, with the mandate of leading the company to a new era of growth and expansion.
An expert in financial structuring, luxury real estate development, capital markets, portfolio management, and real estate private equity, Alseddiqi is focussed on energising the company’s operations to make it a leading provider of premium real estate in the UAE.
He also aims to create long-term value for stakeholders. The managing director and chief executive officer of Abu Dhabi Financial Group (ADFG), Alseddiqi has been serving as a board member of Eshraq Properties. He is the chairman of Reem Finance, Integrated Securities, and Integrated Capital.
40. Kabir Mulchandani, Group CEO, Skai Holdings
SKAI’s flagship project, the Viceroy Dubai Palm Jumeirah, is nearing completion. The 17-storey hotel and residential project will offer guests 477 spacious rooms and suites and 222 signature Viceroy Residences.
The man behind the project is Kabir Mulchandani, group chief executive officer of the developer. The design for the Viceroy Dubai Jumeirah Village was awarded the Tall Buildings prize at this year’s Architectural Review MIPIM Future Projects Awards.
Another Viceroy Dubai is being developed in Jumeirah Village, where construction on the 60-storey tower is already underway, with scheduled completion in 2018. The project will feature 247-hotel rooms and suites as well as 221 one- and two-bedroom apartments and 33 four-bedroom units with private pools.