Top 50 GCC Developers: 41-50
Welcome to Construction Week’s Top 50 GCC Developers 2017, our annual ranking of the region’s most active real estate developers.
41. Yasser Faisal Al-Sharif, CEO, Jabal Omar Development Company
At the helm as chief executive officer (CEO), Yasser Faisal Al-Sharif has led Saudi Arabian giant, Jabal Omar Development Company (JODC), to new heights over the last 12 months.
This August, JODC revealed plans to establish two firms providing post-construction services, with more than $5m (SAR18.7m) in initial capital. In the same month, JODC announced its intention to acquire fully – or a controlling stake in – Umm Al-Qura Development and Construction. This March, JODC received approvals to expand Phases 5, 6, and 7 of its flagship Jabal Omar project in Makkah, Argaam reported.
42. Dev Maitra, CEO, Indigo Properties
Dubai-based Indigo Properties has made steady progress with its residential and hospitality projects in the past year. Led by chief executive officer (CEO), Dev Maitra, the company, which boasts projects such as Orange Lake and Indigo Tower in its portfolio, is currently working on IST Plaza and Indigo Spectrum 2.
Among Indigo’s recent developments is Indigo Sky. A low-rise structure located on Sheikh Zayed Road, Indigo Sky is a G+1 commercial building featuring office and retail units. The project boasts 2,044m2 of retail spaces, with a total leasing area of 3,092m2.
43. Dr Ravi Pillai, Chairman, RP Group
The last 12 months have been busy for Dr Ravi Pillai, chairman of RP Group, which owns business interests in the construction, real estate, hospitality, and education sectors.
In August 2016, Pillai made the news following his announcement that he would hire 3,000 Indian workers with mechanical skills after they lost their jobs following a downturn in construction work in Saudi Arabia, “when the government suspended payments due to budgetary constraints”, as Arabian Business reported this March.
RP Group has more than 9.3ha of real estate projects under development, and its property portfolio is “valued at more than $2bn across its various related businesses”, the report added.
44. Jassim Alseddiqi, Chairman, Eshraq Properties
The last 12 months have seen a flurry of activity at Abu Dhabi-headquartered development firm, Eshraq Properties, and the year ahead may well be similarly busy. Under chairman Jassim AlSeddiqi, Eshraq recorded net profit worth $173,000 (AED636,000) in Q2 2017, successfully “putting an end to the last two years’ losses”, it was revealed this August.
Commenting on these results, Alseddiqi said: “We have successfully stopped the flow of losses at Eshraq and are looking forward to a new era of growth in the company.”
Later in August, Eshraq confirmed that it was in advanced discussions with the UAE’s Reem Investments regarding “a potential strategic investment” by both firms.
45. Sulaiman al Rashid, CEO, Artar Real Estate
Founded in 1992, Abdul Rahman Saad Al-Rashid Co (ARTAR) is a Saudi Arabia-headquartered holding company, with business interests in the construction, real estate, and investment management sectors. Its project development arm, ARTAR Real Estate Development, is headquartered in Dubai, where the company is developing the 36-storey Mada Residences tower, which is due to be completed in Q2 2018.
Commenting on Mada Residences during its launch, Sulaiman Abdulrahman Al Rashid, the chief executive officer (CEO) of ARTAR Real Estate Development, said: “Each apartment is characterised by generous living areas and modern finishes.”
46. Nasser al Sheibani, CEO, Al Mouj, Muscat
Guided by the sultanate’s tourism ambitions, Al Mouj, Muscat – formerly known as The Wave, Muscat – has recorded stable growth over the past year.
Hotels currently being built within Al Mouj, Muscat’s premises include a five-star Kempinski hotel being developed by the Omani Hospitality Company, and Mysk by Shaza, a four-star hotel being developed by Taameer Investment, a member of Golden Group Holding. Both hotels are expected to open by the end of 2017.
Nasser bin Masoud Al Sheibani was named Al Mouj, Muscat’s chief executive officer (CEO) this May. He previously served as the firm’s chief financial officer (CFO).
47. Khaled al-Mashaan, CEO, Alargan
With more than 20 years’ experience in Kuwait, Alargan International Real Estate Company appears suitably equipped to support the country’s government-led housing programmes.
Speaking at the Kuwait Housing and Residential Development Forum, which was held in the country this May, Khaled Al-Mashaan, the vice-chairman and chief executive officer (CEO) of Alargan, said affordable communities would be a key driver for sustainable urban development in the years to come.
According to local daily, Kuwait Times, Al-Mashaan added that “a strategy regulated by government authorities and executed in partnership with the private sector” would help deliver Kuwait’s long-term residential goals.
Alargan has reportedly recorded significant project progress, as well as a positive financial performance in the second quarter of 2017.
This September, Kuwaiti news portal, Arab Times, reported that the company’s revenue from its projects increased to $21m (KWD6.3m) in H1 2016, while rental revenues amounted to $5.3m (KWD1.6m).
The company’s resort business generated $15.6m (KWD4.7m) in revenues during the first half of the year. Argan Square, one of the company’s projects in Salmiya, is 85% complete.
Alargan is also progressing with Beyout Alargan in Bahrain, which will comprise 30 villas covering a net land area of 7,167m2, according to the report.
48. Mohammed Alshaya, Chairman, Mabanee Company
Last year brought mixed fortunes for Mabanee Company, a listed Kuwaiti organisation with business interests in real estate, construction, and investment. Company chairman, Mohammed Abdulaziz Alshaya, stated the firm represents “32% of the Kuwaiti real estate sector’s capital”, which he said is worth $7.8bn (KWD2.4bn).
Mabanee and its subsidiaries are building three malls in the Gulf, spending $370m (KWD112m) for the first two phases of The Avenues, Bahrain, as well as $3.7bn (KWD1.1bn) for The Avenues, Riyadh, and $1.6bn (KWD482m) for The Avenues, Khobar. The company is also working on the expansion of its flagship mall – The Avenues, Kuwait. A fire broke out at the project’s site this July, causing material damage, Kuwait’s state news agency, KUNA, reported.
49. Cyrus Engineer, Managing Birector, SPIPD
India-headquartered engineering and construction group, Shapoorji Pallonji, established its development operation in the Gulf last December, when it announced one of its business units had commenced construction on a $354m (AED1.3bn) development in Downtown Dubai. Shapoorji Pallonji International Property Developers (SPIPD) commenced construction on Imperial Avenue in 2016.
Cyrus Engineer, managing director of SPIPD, said that 424-apartment luxury tower is between 16% and 20% complete.
Engineer was appointed to his role this March, before which he was the chief sales and marketing officer at SPIPD’s parent company in India.
50. Abdul Awadh Barham, CEO, Al Madina Real Estate
The past year has been busy for Abdul Rahman Awadh Barham, chief executive officer (CEO) of Al Madina Real Estate, and prospects for the upcoming year look no different. This May, it was announced that Al Madina Real Estate had signed a memorandum of understanding with Italy’s ICM Maltauro Group and F&M Ingegneria.
The agreement will see the firms cooperate to develop a multi-specialty hospital in Oman, Arabian Business reported. Commenting on the development, Barham said: “The project is anticipated to provide a boost to the existing healthcare infrastructure of the sultanate and serve the people of Oman with an excellent, state-of-the-art facility.”