Top 50 GCC Developers 2016: 41-50
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
41. Sulaiman Abdulrahman Al Rashid, CEO, Artar Real Estate
Sulaiman Abdulrahman Al Rashid is the chief executive officer of Saudi Arabia-based Artar Real Estate Development, a real estate firm founded in 1992 by Abdulrahman Saad Al Rashid, a well-known businessman in the kingdom.
Initially specialising in contracting and construction, Artar now works in a wide range of industries, ranging from contracting and real estate to manufacturing, trading, investment, and financial services.
The Riyadh-based real estate developer is currently working on Mada Residences, a lifestyle development located in Downtown Dubai — a first from the company in the UAE. Located in Dubai’s premium lifestyle district, the development comprises 193 residential units of various sizes.
42. Ahmad Kasem, Acting CEO, United Real Estate
Ahmad Kasem is the acting chief executive officer of Kuwait-based developer, United Real Estate (URC). The firm posted revenue growth of 11%, to $119.3m (KWD36m), for the first half of 2016, compared with the same period last year.
Total assets for the company rose 2.8% to $1.8bn (KWD570m). URC also announced that the company’s net profit for the six-month period was $9.9m (KWD3m), compared to a net profit of $12.09m (KWD3.6m) in the same period last year.
Despite challenging market conditions, URC’s performance for the period was in line with its targets, the company said. In the first half of 2016, URC completed the masterplans for a number of new projects in Egypt and Morocco.
43. Ali Saeed Bin Sulayem, CEO, Hydra Properties
Ali Saeed Bin Sulayem has been the chief executive officer of Abu Dhabi-based Hydra Properties since June 2009. Bin Sulayem was on the supervisory committees for the Raha Beach Hotel and Mall, and the Buttain Complex projects.
Established in 2006, the privately-owned developer’s portfolio includes Hydra Avenue on Al Reem Island and Hydra Village on Reef Island. Once fully complete, Hydra Avenue will consist of six towers in two main clusters, with 2,292 apartments and 39 townhouses.
They will feature swimming pools, gyms, saunas, and a boardwalk, as well as a supermarket, dining outlets and other shops. Hydra Properties is a subsidiary of Royal Group, a multi-disciplinary business conglomerate.
44. Yasser Al-Sherif, CEO, Jabal Omar Development
Saudi Arabia-based Jabal Omar Development appointed Yasser al-Sherif as its new chief executive officer in March this year. The appointment came on the back of a new company strategy that depends on dynamic leadership to help support and improve its performance, Jabal Omar said in a company statement.
Jabal Omar, the company concerned with the provision of top-end facilities for pilgrims in Mecca, is engaged in the real estate investment, development, and property management of the Jabal Omar area near to the Grand Mosque.
The development has been instrumental in improving both access and facilities for the thousands of worshippers that attend the Holy sites, and has also been the part of the kingdom’s scheme to strengthen its infrastructure.
45. Abdulla Bin Sulayem, CEO, Seven Tides
Abdulla Bin Sulayem is the chief executive officer of Seven Tides, a luxury property developer and holding company that specialises in hospitality projects.
Established in 2004, the firm has built up a portfolio of commercial, residential, and resort-properties, its largest Middle Eastern markets being the UAE, Saudi Arabia, and Iran. Bin Sulayem tells Construction Week: “Our sales strategy for 2016-17 is concentrated on promoting our various projects in the UAE, GCC and Indian markets. This includes hosting our own roadshow series and participating in a number of domestic and international trade shows.
"We are currently focussed on the completion, handover, and opening of our newest luxury hospitality project, DUKES Dubai, a five-star hospitality project, due to open in Q4 2016."
46. Khaled Al-Mashaan, CEO, Alargan Real Estate
Khaled Al-Mashaan is the vice chairman and chief executive officer of Alargan International Real Estate Company, founded in 1994.
Under his leadership, Alargan has grown from a family-owned business into a publicly-listed company on the Kuwait Stock Exchange. Al-Mashaan led the company to successfully create a network of strategic partners across the region, expanding the firm’s reach to the main segments of the real estate sector in Oman in 2003, Bahrain in 2005, and Saudi Arabia in 2006.
Primarily focussed on developing middle-income communities offered at competitive prices, the company currently retains more than $310m of shareholders’ equity and oversees more than $2bn in projects.
47. Abdulhamid Saeed, Managing Director, Reem Investments
Abdulhamid Saeed is the managing director of Reem Investments, a privately held company based in Abu Dhabi and established in May 2005. With a paid-up capital of $420m (AED1.5bn), the developer is financed by prominent UAE-based institutions and private investors.
The company announced a net profit of $57.5m (AED211m) for 2015. Saeed said in a company statement: “During 2015, where oil prices and UAE equities were down, the investment portfolio made an effective contribution to the net profit. The company is also in advanced stages in commencing new development projects that will boost its recurring revenue stream.”
It also approved a cash dividend of 12% for its shareholders.
48. Mohammed Al-Shaya, Chairman, Mabanee Real Estate
Mohammed Al-Shaya is the chairman and managing director of Kuwait-based developer, Mabanee Real Estate. The company has interests in real estate, construction, and investments.
The firm, which is active across the GCC region, operates primarily in the retail field. The firm is involved in the manufacture of precast buildings, general construction, and the installation of sanitary, mechanical, and electrical equipment that relates to the contracting industry.
Recently, Hilton and Al-Rai Real Estate Co, a subsidiary of Mabanee, announced plans that will see Conrad Hotels & Resorts, and mid-scale Hilton Garden Inn, open their doors to guests in Kuwait in early 2019.
49. Abdul Rahman Barham, CEO, Al Madina Real Estate
Abdul Rahman Barham is the chief executive officer of Al Madina Real Estate, a developer based in Oman. Established in June 2005, with a registered capital of $129m (OMR50m) and paid-up capital of $52m (OMR20m), the company is currently working on developing a number of real estate projects in the sultanate.
In March this year, the company announced that initial construction works on an integrated healthcare complex planned in Oman would begin in 2016.
The $187.1m (OMR72m) project will be developed in Muscat’s Al Hail area, and initial construction work was set to commence in the middle of 2016. Project components include a 225-bed tertiary care hospital; 120-key, three-star hotel apartments; 300 residential apartments; a fitness centre; and retail areas.
50. Low Ping, CEO, Eagle Hills
As the chief executive officer of Abu Dhabi-based private developer Eagle Hills from 2014, Low Ping has been instrumental in solidifying the company’s presence in the Middle Eastern markets.
Ping joined real estate giant Emaar in 2002 and served as the executive director of finance and risk. Ping was responsible for Emaar’s Enterprise Risk Management and all financial matters pertaining to budgeting, financial and management reporting, equity structuring, taxation, and treasury functions for the group.
The company, in partnership with The Address Hotels & Resorts, earlier this year, unveiled The Address Fujairah Resort & Spa at Cityscape Abu Dhabi. Located in Sharm in Fujairah, the resort is situated south of Al Aqah beach and only 21km south of Dibba Al Fujairah.