Construction Week's Top 50 GCC Developers 2018: Bahrain
Meet the five Bahraini real estate builders that have made the cut in CW's Top 50 GCC Developers 2018 list
Mirroring efforts by other GCC states such as Saudi Arabia to wean off an oil-reliant economy, Bahrain is now witness to a growing pipeline of construction projects that could help it onto a similar path. Ahead of Construction Week’s Top 50 GCC Developers 2018 list, which will be published in print on 29 September, 2018, CW rounds up the top five Bahraini real estate developers that have made the cut this year.
5. Ahmed Yusuf Abdulla
Heading up Seef Properties is Ahmed Yusuf Abdulla, who joined the firm in July 2015. His efforts over the past three years have been reflected in solid growth at Seef, this year seeing the firm post a net profit of $5.97m (BD2.25m) and an operating profit of $9.95m (BD3.75m).
2018 also saw Seef Properties award Kuwaiti Manager Holding Company (KMC Holding) a $133m deal in April to build its 12.2ha Bahrain mixed-use development, Liwan – located in Hamala in the country’s Northern Governorate. Comprising retail outlets, restaurants, cafés, and residential units, Liwan will also feature a supermarket, a cinema, and a family entertainment centre.
4. Abdulrahman alKooheji
Heading up Bin Faqeeh’s real estate portfolio of more than 20 projects is the firm’s general manager Abdulrahman alKooheji. Flagship projects at the firm, a new entry in our 2018 rankings, include Waterbay East, a ten-storey building in the heart of Manama at megaproject Bahrain Bay, which offers views of the bay and gardens of the Four Seasons Hotel.
The firm is also building Layan, a development nestled in one of the most desirable locations in Bahrain at Durrat Marina. The development has a variety of residential options, including studios, 1 bedroom apartments and duplexes, 2 and 3 bedroom apartments, as well as penthouses.
3. Gagan Suri
A new entry in last year's Construction Week’s Top 50 GCC Developers rankings, Gagan Suri is chief executive officer of Bahrain Bay, a $2.4bn (BHD904.6m) development in the heart of Bahrain that was launched in 2006. With more than 20 years’ experience in the hospitality sector, Suri began working in a variety of roles at hotels in the US and Canada, before working as vice president, real estate fund manager at Global Investment House in Kuwait City in 2008.
Today, after being appointed Bahrain Bay’s CEO in June 2014, he oversees the construction of Bahrain Bay, which started 11 years ago in 2007. Immediate construction was shortly followed by infrastructure contracts, which were completed mainly between 2008 and 2011. The island mega-development is built on two reclaimed lands on the North shore of Bahrain, connected to the rest of the kingdom by the North Manama Causeway.
2. Mohammed Khalil Alsayed
Ithmaar Development Company (IDC)
Boasting 25 years’ experience, including work for Bahrain’s Ministry of Works and Housing, Mohammed Khalil Alsayed joined Ithmaar Development Company (IDC) as chief executive officer in 2007. Since the start of his tenure 11 years ago, he has helped establish the firm as one of country’s leading names in the real estate sector – heading up a team of experts that specialise in healthcare, hospitality and investment banking. The team also has experience in conducting feasibility studies, investment due diligence, structuring and fund raising, in addition to financial modelling.
Ithmaar is currently the lead developer of Dilmunia, a resort-style health island positioned off the northeast coast of Bahrain. The megaproject, covering total gross floor area of approximately 180ha, includes health facilities, luxury hotels and spas, lifestyle attractions, environmental interaction, and residential luxury.
1. Amin Al Arrayed
June this year saw real estate industry veteran Amin Al Arrayed take over as chief executive officer of Bahrain Mumtalakat Holding Company’s real estate investment arm, Edamah. He is now in charge of overseeing a new strategy at group, which has also involved bringing in a new board of directors this year.
Al Arrayed previously led the First Bahrain Real Estate Development Company from 2007, before that leading a successful professional career as head of retail and placement in the founding team of Reef Real Estate Finance, where he managed real estate projects and acquisitions, while also developing a solid income generating portfolio.
This past year has seen Edamah renew a land lease deal with logistics company Trafco in August, a deal the investment arm said would advance the kingdom’s food security and diversification agenda. Its $20.2m (BHR7.6m) smart parking complex in Manama, named The Terminal, was also completed in May