Gulf Business REAL ESTATE - February 2024 by Motivate Media Group

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2024

P.06 IN-DEPTH OUTLOOK: State of Dubai’s real estate sector in 2024 P.12 THE RISE OF RAK: Why investors can't get enough of Ras Al Khaimah

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18 A SELECT CLUB US-based Discovery Dunes has launched its first members-only residential community in Dubai. Learn more about this upcoming project

BOLSTERING SAUDI’S REAL ESTATE SUPPLY CHAINS How ROSHN is playing its part to make Vision 2030 a reality

20 02 2024 | 3

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COMMENT DUBAI REAL ESTATE OUTLOOK

Upward momentum DEMAND FOR ULTRA-PREMIUM PROPERTIES, RENTAL RISES AND HIGH OCCUPANCY LEVELS ARE EXPECTED TO CONTINUE THIS YEAR, PARTICULARLY FOR CENTRAL LOCATIONS IN THE RANGE OF 10-12 PER CENT ith a continuing uptick in real estate transaction volumes and strong increases witnessed across all performance indicators over 2023, Dubai is firmly demonstrating its position as a global economic hub, lifestyle and investment destination. There are nuanced trends that merit attention to understand what transpired over 2023 and what to look forward to this year.

RISING DEMAND AND SUPPLY DYNAMICS The prevailing sentiment in the residential market is that of increasing prices, rents and project launches. Despite 6 | 02 202 4

a moderation in pace during Q4 2023, there are no signs of contractions. With 39,400 units delivered in 2023, the highest since 2020, one would think that we may be headed towards an oversupply. However, Dubai’s population is set to rise from 3.65 million to 5.8 million by 2040, requiring over 30,000 new residential units annually until then. The recently reported lowering of the golden visa requirements along with a host of other existing socioeconomic demand drivers are expected to continue bolstering demand.

DIVERGENT PROJECT LAUNCHES The apartment market saw a 78 per cent increase in new launches during 2023 compared to 2022. That’s a staggering 221 projects offering 53,500 apartment units. Due to relatively lower ticket sizes and higher development returns, the majority of developers are directing their focus toward the mainstream apartment market. On the other hand, despite the growing demand for villas, developers are slower to respond to this surge. In 2023, the number of new villa project launches was significantly lower, with a decrease of 31 per cent compared to 2022. As a result, the limited supply of new villas is expected to exert additional upward pressure on villa sales prices and rental rates.

GULF BUSINESS R E A L E S TAT E

RISING TRANSACTION VOLUMES

INCREASE IN SALES PRICE AND

new launches during 2023 compared to 2022. That’s a staggering 221 projects offering 53,500 apartment units. Due to relatively lower ticket sizes and higher development returns, majority of developers are directing their focus toward the mainstream apartment market.

THE SHARP RISE OF ULTRA-PRIME RESIDENTIAL Ultra-prime properties in Dubai witnessed a massive surge with 1,422 residential properties sold above Dhs20m in Dubai in 2023 compared to 822 in 2022. Furthermore, 40 transactions concluded above the Dhs100m in Dubai in 2023 compared to 24 transactions in 2022. With the growing demand for luxury properties from ultra-high net worth individuals, particularly for waterfront properties and branded residences, we foresee this segment to remain strong as global wealth continues to gravitate to Dubai.

Pic: Supplied

The year 2023 witnessed record-breaking AFFORDABILITY CONCERNS While overall market sentiment remains sales transactions, both in terms of volumes positive, there are growing concerns about and values, with a 32 per cent year-on-year affordability in the low to mid-market increase in off-plan transactions and a 17 segment. City-wide villa sales prices have per cent increase in the secondary market. risen by 22 per cent year-on-year, and It is interesting to note that while the transapartments closely follow with a 20 per action volumes are up, the pace of increase cent increase. has moderated over 2023 compared to the Prathyusha Gurrapu Although we don’t think the market will sharp spikes seen in 2022. experience sharp levels of price increases as That said, 2023 saw a 47 per cent higher seen in 2023, we do think there will be modnumber of off-plan transactions compared eration in the market as the difference between ask and to secondary market transactions. As there are very bid prices widens, pricing end users out of the market. limited post-handover payments, these high off-plan transactions indicate a higher level of demand from investors. Many demand drivers have collectively led to this record performance including tax regulations, business The apartment market saw confidence, visa and social reforms, and Dubai’s demonstrated position as a leading business and tourism a 78 per cent increase in destination.

RESIDENTIAL SALES TRANSACTIONS TRENDS 70,000

No. of Transactions

60,000 50,000 40,000 30,000 20,000 10,000 0

2019

2020

2021

2022

2023

Off-plan Sales Transactions by Type Villas

2019

2020

2021

2022

2023

Secondary Sales Transactions by Type Apartments

Supplied

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SUPPLY CRUNCH

COMMENT DUBAI REAL ESTATE OUTLOOK

IN THE DUBAI OFFICE MARKET The overarching theme in the office market is that of demand outstripping supply. We have seen a sharp rise in inquiries and lease registrations over 2023 compared to 2022 due to strong demand from both new market entrants and existing occupiers looking to expand. Unlike other global cities, most firms in Dubai are now completely back in the office or have employees work a greater number of days in the office in a hybrid model, resulting in a sharp rise in office demand. While 1.65 million square feet of office space is expected over 2024, it is important to note that most of the office supply pipeline is already pre-leased, therefore offering very limited availability upon delivery. Many single landlords (with a land portfolio) and freezones are looking to activate new office projects or upgrade existing office stock. However, as it would be at least a twothree-year construction cycle, we expect to have an office supply crunch in the near term, therefore creating further upward pressure on rents and occupancy levels.

With very limited post-handover payment plans now seen in the off-plan market, and the potential lowering of the interest rates later in 2024, these are expected to support the secondary sales market and help moderate the sales price increases.

RENTAL CHALLENGES AND MARKET DICHOTOMY City-wide villa rents have risen 16 per cent year-on-year, while apartments have seen a sharper increase at 19 per cent year-on-year. Rising rents continue to cause significant upheaval as tenants grapple with rental escalations. Tenants prefer to stay in existing units as rental increases during renewals are considerably lower than new leases and are regulated by the RERA rental index. This is causing a growing divergence in the rental market with new rents significantly higher than renewed rents.

The writer is the director and head of Research and Consultancy, Cushman & Wakefield Core.

ULTRA PRIME TRANSACTIONS IN DUBAI (DHS20M AND ABOVE) 450

400

No. of Transactions

350 300

Off-Plan Market

250

Secondary Market

200 150 100 50 0

2019

2020

2021

2022

2023 Supplied

FORECAST FOR 2024 Transaction volumes to continue witnessing a steady increase. Sales prices to witness a gradual, yet, continued rise in the range of 8-12 per cent year-on-year.

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Rental rises and high occupancy levels are expected to continue in 2024, particularly for central locations in the range of 10-12 per cent.

The ultra-prime segment will continue outperforming the market, with a rising number of branded residences and ultra-prime project launches catering to underlying demand.

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COMMENT CONSTRUCTION

has been slow in adopting practices that reduce carbon emissions. The Middle East presents a unique opportunity to reimagine the way it designs, constructs, and operates buildings and infrastructure. As outlined in the BCG report Decarbonizing Mega Projects in the Middle East, there is a staggering $1tn worth of mega-projects in progress.

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KEY PATHWAYS TO DECARBONISATION IN THE SECTOR

Building on sustainable technologies AS THE INDUSTRY LOOKS FORWARD TO ADVANCEMENTS LIKE BIOGENIC MATERIALS AND ENERGY-EFFICIENT TECHNOLOGIES, THE MIDDLE EAST STANDS AT THE FOREFRONT, READY TO CHAMPION AND LEAD A SUSTAINABLE CONSTRUCTION REVOLUTION

he issue of emissions in the built environment in the Middle East cannot be ignored, given the vast scale of infrastructure and real estate projects being executed across the region. As the built environment accounts for above one-third of global greenhouse gas emissions, the construction sector has a critical role to play in decarbonisation efforts. While a handful of sustainable building examples exist in the MENA region, the broader construction industry

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With 90 per cent of a project’s lifecycle emissions originating from material manufacturing and building operations, the evolution of the Middle East’s construction industry underscores the urgency for companies to embrace diverse decarbonisation pathways. As the real estate industry of the region progresses, there are multiple channels to decarbonisation that companies are urged to adopt. The following are recommended strategies and approaches for achieving substantial emissions reductions. EFFICIENT AND SUSTAINABLE DESIGN: From project inception, the use of low-carbon materials may be requested from the RFP stage. Additionally, by employing passive design principles such as site orientation, building arrangement, window planning, shading structures, insulation and airflow, one can achieve energy conservation. The use of mature technologies such as replacing traditional lights with LED lights as well as smart thermostats can have a substantial benefit in the long term. Using a centralised cooling plant, district cooling circulates chilled water to cool structures, offering up to 50 per cent more energy efficiency than conventional HVAC units, It has emerged as the preferred choice for significant GCC developments, such as Business Bay in the UAE and The Pearl Qatar, potentially establishing a new standard for future mega projects. PROCESS EFFICIENCY: Streamlined construction methods, including off-site fabrication and lean techniques, not only enhance efficiency but also reduce waste, leading to significant carbon emission reductions. RENEWABLE ENERGY INTEGRATION: The most significant lever for decarbonisation within a mega-project’s 50-year operational horizon is electricity consumption.

GULF BUSINESS R E A L E S TAT E

While the exact percentage may vary, it is evident that sourcing energy from renewable sources is the single most effective strategy. This typically involves on-site energy generation through solar or rooftop photovoltaic installations where feasible, or securing power from nearby photovoltaic plants through offsite agreements.

Benjamin Deschietere, MD and partner at BCG

DEVELOPERS CAN REDUCE APPROXIMATELY

37 PER CENT

DIGITISATION IN CONSTRUCTION: By adopting digital tools, projects can elevate their energy management, optimise design through building information modelling (BIM), automate workflows, and effectively benefits. Collaboration across the value chain, monitor material usage. While the impact particularly with material suppliers and public of digital applications on reducing embodNalini Kothari, sectors, is vital for maximising these benefits. ied carbon may be limited, their primary project leader As the industry looks forward to advancestrength lies in curbing operational emissions. at BCG ments like biogenic materials and energyDevelopers can reduce approximately 37 efficient technologies, the Middle East per cent of lifecycle carbon emissions with stands at the forefront, ready to champion a technologies and design principles that yield sustainable construction revolution. cost savings over 50 years. Capital markets The construction industry is increasingly are now more inclined to support sustainaopen to modern technologies for carbon ble endeavours, presenting the construction emission reduction. In the region, progress industry with an unparalleled opportunity to in technology adoption for emission abateharness value through sustainability. Up to ment is observed, with companies investing 48 per cent of emissions can be tackled using in decarbonisation-related technologies to established technologies and design princimitigate their environmental impact. Susples at minimal to no cost. Edoardo Geraci, tainable products like low-carbon cement, An additional 22 per cent of emissions can partner at BCG recycled materials, and off-site modular be addressed with rapidly advancing green construction are gaining ground. However, technologies, such as carbon capture. Prowider adoption of these technologies requires jects that adhere to ESG criteria are often privy coordinated efforts from governments, developers, to more attractive financing options and can reap benand material suppliers. Government support is essenefits such as elevated rental returns and sales premiums. tial in setting the right policies, standards, and codes to The pivot towards sustainability not only curtails enviincentivize sustainable designs, materials, construction, ronmental harm but also enhances resource efficiency, and operations. underpinning both environmental conservation and susThe Middle East region’s ambitious infrastructure and tained resilience. As the industry’s landscape shifts, it is real estate projects can be a catalyst for sustainable develbecoming clear that sustainability standards might soon opment. By adopting sustainable practices, leveraging be indispensable for obtaining financing and ensuring technology, and collaborating across the value chain, the success within the construction sector. industry can significantly reduce carbon emissions and By embracing sustainable strategies, developers can contribute to a more environmentally conscious built enviachieve significant emissions reductions and economic ronment. The time for action is now, and the Middle East has the potential to lead the way in decarbonising the construction sector and creating a sustainable future.

Pics: Supplied

OF LIFECYCLE CARBON EMISSIONS WITH TECHNOLOGIES AND DESIGN PRINCIPLES THAT YIELD COST SAVINGS OVER 50 YEARS

Using a centralised cooling plant, district cooling circulates chilled water to cool structures, offering up to 50 per cent more energy efficiency than conventional HVAC units, It has emerged as the preferred choice for significant GCC developments, such as Business Bay in the UAE and The Pearl Qatar, potentially establishing a new standard for future mega projects.” 02 202 4 | 11

CEO

I NSPEAK TERVIEW

BY NEESHA SALIAN

WHERE OPPORTUNITIES ABOUND

Pics: Supplied

FROM THE REBRANDING OF HIS COMPANY TO WHAT MAKES RAS AL KHAIMAH SO ATTRACTIVE TO INVESTORS AND VISITORS, SAMEH MUHTADI, CEO OF RAK PROPERTIES, SHARES KEY INSIGHTS

Q &

Why do you think Ras Al Khaimah (RAK) is booming as an investment destination? As the global investment landscape evolves, smart investors are seeking new opportunities and Ras Al Khaimah is quickly emerging as a destination of choice. With its strategic location, favourable business environment and diverse investment sectors, RAK offers compelling advantages for investors seeking to maximise their returns. The emirate offers tremendous potential for the luxury residential, hospitality and tourism industry, carried by a healthy economy and consistent ‘A range’ ratings by agencies such as Fitch and S&P. The emirate’s unique, low-risk financial landscape allows investors to take comfort in a stable and long-term growth environment that offers attractive returns. We believe that regional and global investors can capitalise on the lucrative and safe opportunities of the emirate, creating a benchmark in mixed-use development and providing long-term value to their investments. Over the years, collaborative efforts between the real estate and tourism sectors have seen the emirate carve out a unique value proposition in the UAE — a destination located less than an hour away from one of the world’s most recognised business hubs, and under four hours’ flying time of one-third of the world’s population,

1 2 | 02 202 4

making it a viable and attractive option for business and inward investment.

What are the factors contributing to boosting RAK’s tourism sector? There are several factors. Over the past year, there have been several major investments confirmed, specifically into the real estate, tourism and hospitality markets, with multiple new large-scale hotel projects announced for prime locations. Upcoming launches by RAK Properties include the Anantara Mina Al Arab Ras Al Khaimah — the emirate’s first Maldivian-inspired overwater villas complex, and Nikki Beach Resort and Spa Ras Al Khaimah. The 155-hotel key resort will include rooms and villas, and guests will have access to the brand’s signature Nikki Spa, Tone Gym, and restaurant concepts. Moreover, RAK’s spotlight on ecotourism including pristine beaches, rugged mountains, mangroves and historical landmarks, attracts an increasing number of visitors each year. Home to turtles, dolphins, flamingos and even the occasional whale, RAK’s location is one of its crowning features, and tourists are drawn to this natural setting. The hospitality sector is not only attracting tourists but also driving interest from developers and global hotel brands. Over the next few years, RAK plans to increase its hotel capacity to more than 12,700 rooms, as it prepares to welcome 1.11 million tourists by 2025.

How do you think the RAK vision 2030 is driving growth in the northern emirates? RAK is striving to become a leader in sustainable tourism by 2025, targeting a 40 per cent increase in the sector, to attract higher numbers of foreign tourists and investors in a way that would ultimately boost the wider employment market. As a testament to the success of the tourism diversification strategy, RAK’s attractiveness has continued to grow amongst both domestic and international investors. RAK’s vision has also widely enabled the emirate’s economy to diversify with 38,000 businesses from more than 100 countries operating in

GULF BUSINESS R E A L E S TAT E

SAMEH MUHTADI CEO RAK PROPERTIES

over sectors, with no single sector contributing more than 30 per cent to overall GDP. A lot of initiatives were implemented in line with the vision, enabling businesses to thrive and for people to stay

and continue to invest. Tell us more about RAK Properties projects and what is in the pipeline. We are in a very exciting period, with several new projects having launched, and more to come. Multiple projects such as Gateway Residences 2, Marbella Villas phase 2, Bayviews Residences and Cape Hayat were sold out and this is a testament to the exceptional investor confidence our developments. We also announced our premium beachfront residential development, Porto Playa which was also sold out — located on Hayat Island in Mina Al Arab. Hospitality is boosting revenue streams, as we elevate industry reputation for delivering best-in-class lifestyle destinations. The InterContinental Resort & SPA has proved to be very popular and is delivering excellent revenue and the opening of the five-star Anantara Resort and SPA will add considerable additional appeal to our overall hospitality offering. We continue to forge strategic partnerships with some of the region’s most exclusive brands, including our most recent international partnership announcement with Nikki Beach Global. We are deeply committed to the long-term growth and development of RAK and have a sound strategy that looks to build on the success of our recent launches to further contribute to the government’s vision.

What are some of the unique features of RAK Properties’ developments, and how do they set them apart from others in the market? We are fortunate to have a beautiful natural waterfront setting in Mina Al Arab within which we build our developments. It adds something extra special to what we offer to our clients in RAK. By integrating the natural environment into our communities, protecting the beautiful mangroves and the authentic

WE BELIEVE THE REAL ESTATE MARKET IN THE UAE WILL STABILISE IN THE COMING MONTHS. MOREOVER, RAK SEEMS TO BE ENJOYING AN OFF-PLAN PROPERTY LAUNCH BOOM.”

wildlife that surrounds us, we truly believe in creating sustainable communities for generations to come. We deploy disruptive and leading technology in all aspects of our construction. Very recently we used artificial intelligence in in the design and construction of one of our latest developments, Porto Playa, a beachfront lifestyle residence. You recently rebranded RAK Properties, what prompted this?

We undertook a rebrand to mark the new direction the company is taking and for it to be the manifestation of our vision. Our new concept of ‘enhancing lives and places’ embodies the spirit of the emirate, showcasing RAK Properties portfolio of luxury beachfront projects, including residential, commercial, and mixed-use real estate. We wanted a brand that helps elevate RAK as a world-class destination attracting tourism and investments from around the world. To reflect the company’s evolution from a pure development company to a more customer-centric, lifestyle-driven organisation, we called for the creation of a new brand identity that is reflective of where the company is today.

What is your outlook for the real estate sector in 2024? The UAE’s real estate sector has traditionally been a significant contributor to the country’s economy. Despite macroeconomic volatilities impacting the global real estate landscape and lifted interest rates, the country witnessed strong momentum in the last quarters, signaling a steady growth pipeline in 2024. We believe the real estate market in the UAE will stabilise in the coming months. Moreover, RAK seems to be enjoying an off-plan property launch boom. The emirate has seen a steady flow of residential developments, high-profile hotel and resort launches. A trend we are noticing is the huge interest in branded residences and expect this to continue in Dubai and RAK as the cities further cement their reputation as one of the soughtafter destinations for luxury living in the world. 02 202 4 | 13

CEO

BY NEESHA SALIAN

Pics: Supplied

I NSPEAK TERVIEW

A SELECT CLUB UNITED STATES-BASED DISCOVERY DUNES HAS LAUNCHED THE FIRST DISCOVERY MEMBERS-ONLY RESIDENTIAL COMMUNITY IN DUBAI. WE FIND OUT MORE ABOUT THIS UPCOMING PROJECT

QF &

ounded in 1994 by Mike Meldman, Discovery Land Company is an international real estate developer and operator of private residential communities and resorts spread across 35 destinations, including the US, Latin America, Europe and the Caribbean. The company, best known for its active, family-focused lifestyle offering, including exclusive golf courses, has added the UAE to its global portfolio with the launch of its exclusive project in the UAE. Spread across more than 27 million square feet, Discovery Dunes, the first Discovery members-only residential community in Dubai, is located in the golf district of Dubai South, the largest single, urban masterplan development in the UAE. We recently caught up with Mohammed Alawadhi, CEO, Discovery Land Company Middle East, to learn more about this project.

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How does Discovery Dunes differ from other ultra-luxury projects in the region? Discovery Dunes will be the first of its kind in the region with its members-only residences, set within a rare, low-density development. Discovery’s masterplan will deliver an oasis of tranquillity and elegance in a secluded part of Dubai, offering residents an unparalleled sense of privacy and exclusivity, whilst offering a residential haven for those seeking a more active lifestyle. The 600-acre site is located along a corridor of growth near Al Maktoum International Airport (Dubai World Central) and other VIP private jet terminals. This will be the first, and much anticipated, Discovery project in the Middle East. Expect luxurious fully customisable residences seamlessly integrated into a world-class golf course. Member residents will have access to best-in-class amenities, local concierge and member services, and curated experiences. In addition,

GULF BUSINESS R E A L E S TAT E

MOHAMMED AL AWADHI CEO DISCOVERY LAND COMPANY MIDDLE EAST

and parents alike can enjoy a wide range of activities such as equestrian sports, archery, zip-lining, lake swimming, and much more. Discovery Dunes’ residents can look forward to making life-long friendships, fostering deeper connections, and above all, having fun.

How many residential units will the project have? Discovery Dunes’ master plan features 340 design-led homes and land plots that preserve views while also providing privacy and security in an estate ambience. Members will be within walking distance of most amenities, and the residential spacing will offer ample breathing room for residents. The design guidelines will establish a consistent level of quality while providing latitude for members to customise their homes to suit their tastes and lifestyle needs.

How can you become a member of Discovery Dunes? residents will have access to the exclusive city club, Discovery Downtown — the only residential community in the UAE to offer access to an offsite club as part of its amenities.

What are the key highlights of the project?

To become a member of Discovery Dunes, buyers should purchase an estate or a luxury developer residence and be invited to become a member. Membership grants access to the Discovery Dunes amenities.

As a global leader in private clubs and communities, Discovery is best known for its design-led communities, fully customisable residences set amongst world class locations featuring golf courses, best-in-class amenities, local concierge services and experiences that cater to an active, family-friendly lifestyle. Discovery Dunes’ members-only model will create a likeminded community where families can live among world-class facilities within fully customiseable design-led homes. The masterplan vision and residences are led by renowned architects and designers, whose goal is to create a distinct sense of place. Each home will reflect the vision of the member whilst having all the amenities of a tranquil, private residential community. Discovery Dunes will also have Dubai’s first and only private golf course designed by the world-renowned Tom Fazio. The course will not adopt a tee time policy and is open to all golfers from beginners to pros. The project has been perfectly designed for families with a specially curated Outdoor Pursuits Programme where kids

SPANNING 27 MILLION SQUARE FEET, DISCOVERY DUNES’ MASTER PLAN FEATURES 340 DESIGN-LED HOMES AND LAND PLOTS THAT PRESERVE VIEWS WHILE ALSO PROVIDING PRIVACY AND SECURITY IN AN ESTATE AMBIENCE.” 02 202 4 | 15

CEO

I NSPEAK TERVIEW

BY NEESHA SALIAN

Pics: Supplied

PROPERTY WATCH

LUXURY REAL ESTATE DEVELOPER LONDON GATE HAS ANNOUNCED A NUMBER OF PROJECTS IN DUBAI, INCLUDING THE FRANCK MULLER AETERNITAS TOWER, SLATED TO BE THE TALLEST BRANDED RESIDENTIAL CLOCK TOWER IN THE WORLD ON COMPLETION. WE SPEAK TO EMAN TAHA, LONDON GATE’S CEO, TO LEARN MORE ABOUT THE PROJECT

Q &

What inspired your tie-up with Franck Muller? When we launched in the UAE with a promise of ‘Extraordinary Living’ — we committed to delivering iconic projects that would redefine the city’s skyline and set new standards of luxurious living. We have been exploring the best strategic move towards fulfilling that commitment and are very happy to land the right partnership with a brand such as Franck Muller. We believe that when two strong brands believe in a shared vision of elegance and excellence they can create something iconic. By strategically partnering with Franck Muller, we are proud to offer a first-of-its-kind branded project. The Franck Muller Aeternitas Tower will be the tallest branded residential clock tower in the world once it is completed. Through this collaboration, we are offering a fusion of two worlds: haute horology and premium real estate, which is a fascinating association for lovers of luxury, creativity and design. Together, we aim to set new standards for luxury living in a vibrant city such as Dubai.

Branded residences are gaining popularity in Dubai’s real estate sector. Tell us why this trend will only grow further and how is London Gate leveraging the demand for them. According to a survey published in November last year, branded 16 | 02 202 4

residences are a growing trend in Dubai’s real estate market, contributing to more than Dhs25bn to date. The total supply of branded residences in Dubai is expected to nearly double by the end of 2030, and we believe this trend is significant. As a real estate developer, our priority is to offer the best-in-its-class quality, design and architecture. With a strong brand association we are further able to ensure this trust in our buyers. It is not just a sophisticated, high quality product, but a promise of shared brand values by London Gate and Franck Muller. With this new project, we will ensure that our brand values are accurately represented of course, but also maintained in the luxury, design and living comfort offered to the residents. This, in turn, further assures our investors and customers of long-standing returns on their investments.

GULF BUSINESS R E A L E S TAT E

EMAN TAHA CEO LONDON GATE

What are some of the other trends that will dominate the luxury real estate sector? As a fast-growing economy, UAE continues to support the demand as a top ‘investible’ country in the world. Thanks to the leadership of the UAE, this trend will continue, with a steady growth in population and a growing GDP. The country boasts of great infrastructure, which will boost real estate development in new pockets of the emirate. Furthermore, 100 per cent ownership opportunities also play an important role in keeping the real estate industry booming. We are very proud to pin our property in an incredible location such as Dubai Marina, which continues to be the top transacted area for properties. UAE will continue to be a key focus for our business at London Gate as well. Dubai is a booming hub for real estate and will continue to attract the right investors. We are committed to investing Dhs8bn in residential projects in Dubai this year.

Tell us about the highlights of the Franck Muller Aeternitas Tower and what customers can expect. We have invested in bringing an iconic building to the Dubai skyline. The sales value of this project is expected to be more than Dhs2bn. It’s expected to be an impressive tower at 450m tall with one, two and three-bedroom options as well sky mansions and villas, along

“Franck Muller Aeternitas will stand as the tallest branded residential clock tower, with a height of 450 metres, and the second-tallest clock tower, next to the Mecca tower in Saudi Arabia, with a clock measuring 40x30 metres. The clock face was inspired by Franck Muller’s Long Island Collection. “We aim to have a record-breaking legacy and a lasting monument that mirrors the brand’s innovation, craftsmanship and timeless elegance. Dubai is the perfect location for this project as this city has become one of the world’s best cities and has become a land of real luxury and a garden of iconic projects. “Franck Muller’s partnership with London Gate is a result of years of planning and research. We share the same values of commitment to quality, innovation and craftsmanship.”

WHEN WE LAUNCHED IN THE UAE WITH A PROMISE OF ‘EXTRAORDINARY LIVING’ - WE COMMITTED TO DELIVERING ICONIC PROJECTS THAT WOULD REDEFINE THE CITY’S SKYLINE AND SET NEW STANDARDS OF LUXURIOUS LIVING.” with luxury amenities designed for entertainment and relaxation. It will have 106 floors, unparalleled views and proximity to the best of Dubai’s developments such as Dubai Harbour, Emirates Golf Course, JBR and Palm Jumeirah, and shopping destinations including Marina Mall and Mall of Emirates as well as access to Expo City. With prices starting at Dhs1.6m, London Gate has partnered with the award-winning One Broker Group to introduce a flexible payment plan with a reasonable 40/60 structure, ensuring accessibility to this unparalleled luxury experience. I am pleased to say that our one-bedroom apartments sold out within the first week of announcing its launch.

Erol Baliyan, MD, Franck Muller

02 202 4 | 17

CEO

BY NEESHA SALIAN

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I NSPEAK TERVIEW

A SOLUTIONS-DRIVEN FOCUS FROM CONSULTANCY AND CONSTRUCTION TO FIT-OUT AND MEP WORKS, ALEC CEO BARRY LEWIS SHARES HOW THE COMPANY CONTINUES TO GROW WHILE SUPPORTING THE REGION’S KEY PROJECTS

Q &

The year 2023 was a good one for ALEC, culminating in your appointment as CEO. What is your strategy to solidify the company’s market position and achieve even better results in 2024? This transition — with me taking up the position of CEO and Kez Taylor [the former CEO] moving into an advisory position on the board — was in the works for nearly four years. Over that period, we were able to foster deep synergies that have yielded impressive results, aligning ALEC to its next phase of accelerated growth. Our company is already on an impressive upward trajectory, having achieved revenue growth of 25 per cent in 2022, with a record level of Dhs20bn worth of projects on hand. So, in the near term, the focus is to ensure the continued execution of the strategies that have afforded us this coveted position. We will further ALEC’s expansion, both, in new geographies and related lines of business. Of course, this will be underpinned by the continuous investments in our people and the technologies that enable our business.

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ALEC has made clear its intentions to become a leading player in the Saudi construction market. What value does ALEC bring to the market that local players or other international entrants fail to offer? ALEC has built a reputation for successfully delivering some of the region’s most unique and iconic projects: SeaWorld Abu Dhabi, One Za’abeel Tower, Dubai Hills Mall, Dubai Airport Terminal 3 and many more. A hallmark of these undertakings is the complexity that is inherent in doing something no one else has done before. This is an area where ALEC thrives and truly sets itself apart from the competition, which makes us especially relevant to developers in Saudi Arabia. The reason we see so much potential in the kingdom is because of the clear desire by the latest wave of developments to set not just regional, but global benchmarks. Achieving this, calls for the highest calibre of talent and expertise

GULF BUSINESS R E A L E S TAT E

BARRY LEWIS CEO ALEC

WE ARE CURRENTLY DEVELOPING THE CARBON BASELINE FOR OUR OPERATIONS AND IMPLEMENTING A COMPREHENSIVE DECARBONISATION STRATEGY. THIS INVOLVES EMPLOYING MODERN METHODS OF CONSTRUCTION SUCH AS OFFSITE CONSTRUCTION AND MODULAR VOLUMETRIC, AND DIGITALISATION OPERATIONS.” — something that ALEC has worked meticulously to foster with our long-standing track record in delivering the region’s most ambitious developments. Add to this the unique ability of our different lines of businesses to draw on each other’s expertise and collaborate with unrivalled efficiency, and you have a partner that is capable of rising to the challenge and making the kingdom’s vision a reality.

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We have seen ALEC unveil a host of new subsidiaries in recent years. How does your company ensure that while executing on this sectoral expansion, it doesn’t lose focus on its core activities? Our vision has always been to maximise the value proposition to our clients by distinguishing ALEC as the holistic provider of world-class construction and related services. Over the last two years alone, we established two new construction-adjacent lines of business — ALEC Data Center Solutions, which is pioneering the design and development of new data centre paradigms such as liquid immersion in the region; and LINQ Modular, which has received a modular construction licence from the Dubai Municipality to start executing a pilot modular construction project for a G+6 building. This has been in addition to our landmark acquisition of TARGET Engineering, a move that buffeted our established capabilities in marine and industrial construction, while enabling ALEC to mark its entry into the oil and gas sector. Far from blurring our focus, our different lines of business draw on each other’s strengths and expertise and collaborate with unrivalled efficiency. By offering clients — even those with the most complex and ambitious of projects — everything under one roof, from consultancy and construction to fit-out and MEP works, we eliminate many of the greatest impediments they are

facing in achieving their desired outcomes on-time, and within budget. This is the differentiating value that resonates strongly with our clients and prospects and perfectly positions us to be the partner of choice, as we look to be part of some of the region’s most ambitious projects.

How is ALEC working to enhance the sustainability of its operations? Sustainability lies at the core of our business philosophy. We are dedicated to aligning with the decarbonisation agendas of regional governments and championing a greener future for the construction sector as a whole. In 2022, we joined the United Nations Global Compact, the world’s largest corporate sustainability initiative that promotes responsible business practices and the advancement of the UN Sustainable Development Goals. In doing so, we have committed to implementing the Global Compact’s Ten Principles in the areas of human rights, labour, environment, and anti-corruption, and to reporting on our progress on these efforts annually. We have also joined the Emirates Green Building Council, an industry forum focused on enhancing sustainability in the local built environment. In addition, we are currently developing the carbon baseline for our operations and implementing a comprehensive decarbonisation strategy. This involves employing modern methods of construction such as offsite construction and modular volumetric, and digitalisation operations by integrating technologies such as building information modelling (BIM), augmented reality (AR), virtual reality (VR) and more. At our construction sites, we are increasingly leveraging solar energy generation and hybrid and electric-powered equipment and tools. We also work to ensure our construction operations are carried out in line with the ISO 14001: 2015 Environmental Management System.

ALEC HAS BUILT A REPUTATION FOR SUCCESSFULLY DELIVERING SOME OF THE REGION’S MOST UNIQUE AND ICONIC PROJECTS

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COVER STORY

AMBITIOUS TARGETS FORM A KEY PART OF REAL ESTATE DEVELOPER ROSHN’S MAKE-UP IN THE KINGDOM OF SAUDI ARABIA. THE COMPANY IS LOOKING TO HELP THE COUNTRY ACHIEVE ITS GOAL OF ATTAINING 70 PER CENT HOME OWNERSHIP AMONG ITS CITIZENS AND RESIDENTS AS PART OF VISION 2030. BUT TO GET THERE, ROSHN REQUIRES A SOLID SUPPLY CHAIN, AND, HERE TOO, THE COMPANY IS MAKING MASSIVE INROADS.

RESILIENCE

IN SAUDI’S REAL ESTATE SUPPLY CHAINS WORDS GARETH VAN ZYL

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audi Arabia today is one of the fastest-growing economies globally, with the country forecast to achieve nearly 5 per cent GDP growth in 2024 according to the World Bank. The GCC’s biggest economy, Saudi Arabia is surpassed only by Indonesia and India as one of the world’s fastest-growing economies this year. As a result, living standards in Saudi Arabia are naturally rising as employment levels continue to increase. Saudi Arabia’s Vision 2030 initiative in particular is further driving this momentum. And as part of Vision 2030, Saudi Arabia aims to achieve 70 per cent home ownership — an ambitious target compared to the approximately 50 per cent mark in developed nations such as the UK. 2 2 | 02 202 4

Saudi Arabia is already on the right track to achieve this goal. According to a report by researchers at iMarc, the country’s residential real estate market is projected to experience a continued annual growth rate (CAGR) of 6.89 per cent during 2024-2032. Whether it is local Saudis or expatriate professionals, more people who are making a home in the Kingdom will want to live in modern communities and have access to world-class amenities. This is a focal point for ROSHN, a leading real estate developer in Saudi Arabia. Wholly owned by the Public Investment Fund (PIF), ROSHN is one of the largest developers in the GCC region.

COVER STORY ROSHN

“There’s real estate development, and there’s real estate development in the context of what ROSHN is doing, which is building out entire communities. We’re not building small developments, of say a couple of hundred units. We’re building residential assets in the thousands,” Iain McBride, Head of Commercial at ROSHN, tells Gulf Business. “Plus, it’s all the primary and secondary infrastructure that goes along with that. This involves building schools, mosques,

6.89 )

PER CENT

(CA GR

I THINK SAUDI ARABIA IS VERY WELL POSITIONED. THE MASSIVE TRANSFORMATION YOU SEE IN SOME OF THE GCC COUNTRIES OVER SUCH A SHORT PERIOD OF TIME IS NOT COMPLETELY UNHEARD OF. AS A RESULT, SUPPLIERS, CLIENTS, PROFESSIONALS, AND CONTRACTORS IN THIS REGION ARE ALL APPROACHING BUILDING UP THE SUPPLY CHAIN IN SAUDI ARABIA WITH A CAN-DO APPROACH.”

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THE COUNTRY’S RESIDENTIAL REAL ESTATE MARKET IS PROJECTED TO EXPERIENCE A CONTINUED ANNUAL GROWTH RATE (CAGR) OF 6.89 PER CENT DURING 2024-2032

clinics, hospitals, civic buildings, fire stations, police stations, and more. Therefore, it’s a different set of challenges,” adds McBride. Before ground can be broken on any project, having a solid supply chain is key to success. Building resilience into the DNA of your supply chain is crucial. “It’s all about building relevant redundancies into your systems. We’re focused on the key areas of having a diverse supply chain. It’s about having a Plan A, Plan B, and Plan C and ensuring that our partners are aware of these plans. It’s about being open and transparent with our partners and stakeholders so that we ensure everyone is realistic from the outset. This strategy is also developed with the input of our key partners. We have to make sure everyone has a clear appreciation of the scale we’re trying to achieve,” says McBride. The scale of development in Saudi Arabia is set to further benefit from the GCC region’s advancements in recent years, where development in places such as the UAE and Qatar, especially leading up to the 2022 FIFA World Cup, has helped spur on the development of the supply chain in the region. “I think Saudi Arabia is very well positioned. The massive transformation you see in some of the GCC countries over such a short period of time is not completely unheard of. As a result, suppliers, clients, professionals, and contractors in this region are all approaching building up the supply chain in Saudi Arabia with a can-do approach,” McBride notes. SUPPLY CHAIN FORUM

Iain McBride, Head of Commercial at ROSHN

It’s one thing to talk about beefing up a company or country’s supply chain, but it’s another to actually start enacting this in a meaningful way. This is why ROSHN moved to host a Supply Chain Forum earlier this year on January 11 in the capital, Riyadh. At this event, ROSHN invited commercial partners from across the real estate sector to explore opportunities in helping to deliver ROSHN’s real estate development projects throughout the kingdom. Consultants, contractors, and manufacturers from all spheres were invited, and ROSHN Group’s senior leadership team were also in attendance to discuss potential areas 02 202 4 | 2 3

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COVER STORY ROSHN

of collaboration. It was hugely oversubscribed, which highlights how the market values transparency,” says Iain McBride, Head of Commercial at ROSHN. “We were able to announce some of the exciting partnerships that we’ve concluded recently, and we had entities such as the Saudi Contractors Authority participating,” McBride tells Gulf Business. While the event brought together key stakeholders, including senior government officials and CEOs, it also highlighted ROSHN’s goal of helping to localise manufacturing and supply chains in the Kingdom, a key part of Saudi Vision 2030. These goals include promoting local content, fostering the SME sector, creating investment opportunities, establishing long-term partnership agreements to support supply chain growth, setting new standards while identifying innovative solutions for the development of the real estate sector, and adding value to customers. Registered guests included a number of high-level government officials from various entities, showcasing the significant public sector support available to parties interested in collaborating with giga-projects like ROSHN. “Our supply chain strategy is built on shared values, a commitment to sustainability, and the highest international standards,” says McBride. “Partnering with us is an opportunity for consultants, contractors, and manufacturers from Saudi Arabia and around the world to support ROSHN in the joint achievement of our mandate and showcase their expertise on some of the most promising, rewarding, and transformational projects in the Kingdom,” McBride adds.

PARTNERING WITH US IS AN OPPORTUNITY FOR CONSULTANTS, CONTRACTORS, AND MANUFACTURERS FROM SAUDI ARABIA AND AROUND THE WORLD TO SUPPORT ROSHN IN THE JOINT ACHIEVEMENT OF OUR MANDATE AND SHOWCASE THEIR EXPERTISE ON SOME OF THE MOST PROMISING, REWARDING, AND TRANSFORMATIONAL PROJECTS IN THE KINGDOM.”

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At the event, ROSHN also recognised existing contracting partners for exemplary quality of design, innovation, execution quality, design to budget, and transparency and collaboration. A COMMITMENT TO LOCAL CONTENT

“At ROSHN, we have a strong focus on local content, and when it comes to our supply chain, in particular, it’s at the heart of what we’re doing,” says McBride. “We want to target and collaborate with local, established partners. Traditional procurement is just not going to work with what we’re trying to do. We can’t be developing our requirements in isolation and then coming out with a very transactional traditional procurement process,” says McBride. One of ROSHN’s key strategies involves investing directly in the local ecosystem surrounding its partners and their extended supply chain. The company aims to move beyond transactional engagements, encouraging suppliers to grow, not just in terms of supply capacity, but also by raising the bar of the Saudi real estate sector as a whole. The commitment to local growth extends to open discussions about direct investment by ROSHN in its partners. “We’re completely open to investment. We’ve identified a massive pipeline of work, and we want our partners to grow with us. We’re not just talking about supply capacity. We want to invest in upskilling the workforce and producing higher quality, innovative components,” says McBride. The company is also determined to foster technology transfer, experience sharing, and efficiency improvements within Saudi 26 | 02 202 4

Arabia. The vision is to establish manufacturing and assembly capabilities within the Kingdom, providing employment opportunities to the local workforce and creating a sustainable manufacturing sphere. Collaborating with international partners, though, is not off the table for ROSHN. However, the company places a key emphasis on incentivising foreign direct investment with a clear focus on transferring expertise into the Kingdom. This approach aligns with ROSHN’s broader goal of upskilling small and medium-sized enterprises (SMEs) and ensuring long-term collaboration with local partners.

WE WANT TO TARGET AND COLLABORATE WITH LOCAL, ESTABLISHED PARTNERS. TRADITIONAL PROCUREMENT IS JUST NOT GOING TO WORK WITH WHAT WE’RE TRYING TO DO.”

ROSHN BY THE NUMBERS

COVER STORY ROSHN

ROSHN is a main contributor to Vision 2030’s goal of 70 per cent home ownership. ROSHN is the first Saudi ‘giga’ project to deliver products to customers and has sold thousands of homes to date.

ROSHN FOCUSES ON A WIDE ARRAY OF VERTICALS: • Residential • Commercial • Retail • Leisure and entertainment • Hospitality • Knowledge hubs • Warehousing and logistics THE COMPANY AIMS TO MOVE BEYOND TRANSACTIONAL ENGAGEMENTS, ENCOURAGING SUPPLIERS TO GROW, NOT JUST IN TERMS OF SUPPLY CAPACITY, BUT ALSO BY RAISING THE BAR OF THE SAUDI REAL ESTATE SECTOR AS A WHOLE.

ROSHN AIMS TO CREATE JOBS AND CONTRIBUTE TO SAUDI GDP ROSHN is taking its corporate conduct very seriously in the region, with 12 ISOs achieved in 2023 alone alongside other standards. This includes being the first Saudi giga-project to join the United Nations Global Compact on responsible business practices.

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The company has further identified 20 areas of partnership opportunities over 9 business verticals

Maintaining its position as a client of choice is also a paramount consideration for ROSHN. This involves a commitment to transparent communication, fair treatment of partners, and clear contracting strategies. ROSHN aims to set itself apart by being an organisation that is not only known for its massive mandate but also for its ease of collaboration, says McBride. “It all boils down to a win-win-win situation – benefits for ROSHN, benefits for partners, and ultimately, a higher quality finished product for our customers.” ROSHN’s dedication to boosting local content in its real estate supply chain is a multifaceted strategy that goes beyond mere procurement. This commitment not only benefits ROSHN and its partners but also contributes to delivering higher quality and more efficient finished products to its customers. As ROSHN raises the bar in the real estate industry, it aspires to inspire others to follow suit, ultimately bridging the gap and driving positive change across the sector. 02 202 4 | 27

GULF BUSINESS R E A L E S TAT E

MOGULS THE GLITTERING SKYLINES ACROSS THE UAE AND SAUDI ARABIA STAND AS TESTAMENTS TO THE BOOMING REAL ESTATE MARKET IN THE GCC. BUT WHO ARE THE INDIVIDUALS DRIVING THIS GROWTH, TRANSFORMING LANDSCAPES AND SHAPING THE FUTURE OF THE REGION’S PROPERTY ECOSYSTEM? WE SHINE THE SPOTLIGHT ON THESE INFLUENTIAL FIGURES...

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CARLOS WAKIM CEO, BLOOM HOLDING Wakim leads operations across all of Bloom Holding’s companies, including real estate (Bloom Properties), education investments (Bloom Education), hospitality (Bloom Hospitality), facilities management (bfm) and landscaping services (Bloom Landscape).

REDEFINED LIVING Bloom Holding has grown and expanded exponentially under Wakim’s leadership. He spearheaded the launch of the first four phases of Bloom Living, the company’s fully integrated and allinclusive community in Abu Dhabi. The community is designed to feature more than 4,500 homes, including a selection of villas, townhouses, and apartments. Bloom Holding features multiple, uninterrupted, and interconnected parks, as well as walkways and cycling tracks.

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WAKIM HAS SPEARHEADED THE LAUNCH OF BLOOM LIVING, THE COMPANY’S FULLY INTEGRATED AND ALL INCLUSIVE COMMUNITY IN ABU DHABI.

arlos Wakim joined Bloom Holding in 2021 and has more than 20 years of leadership experience at some of the region’s biggest real estate companies, where he contributed immensely to their success and expansion. Wakim is the CEO of Bloom Holding, chairman of the executive committee for Bloom Education, and chairman of Brighton College’s UAE schools. Wakim moved to Bloom Holding from AMAALA, a Saudi Public Investment Fund initiative, where he was the chief development officer overseeing the development of the entire project portfolio. Previously, he held several senior leadership roles at some of the region’s leading real estate companies including The Tourism Development & Investment Company (TDIC), Emaar Properties and Zabeel Properties.

Residents can enjoy their time at the community’s main Clubhouse which provides easy access to pools, sports, and recreational facilities. At the heart of Bloom Living lies Town Center, a vibrant community destination that offers an array of exquisite restaurants and cafés available for both residents and visitors, as well as a variety of retail options and services such as a medical clinic, a wellness centre, and a supermarket, to ensure that residents can obtain all their daily necessities without the need to leave Bloom Living. The community also includes places of worship as well as two international schools. The focal point at Bloom Living is a large lake around which residents can walk, run, and cycle on designated trails. For gatherings and leisure activities, the community features multi-purpose amphitheatres and Sunset and Sunrise Plazas with spectacular views.

CATALYST FOR GROWTH Furthermore, Wakim has led the signing of a deal with Rotana to manage Bloom Arjaan by Rotana, and a deal with New Era Education to develop an international school in Cairo Egypt. He was instrumental in the completion and handover of the Aldhay project, six months ahead of schedule. 02 202 4 | 2 9

DAMAC HAS JOINED FORCES WITH THE MOST RECOGNISABLE LIFESTYLE BRANDS TO BRING DISTINGUISHED LIVING CONCEPTS. PROJECTS INCLUDE LUXURY APARTMENTS AND VILLAS WITH INTERIORS BY FASHION-HOUSES VERSACE HOME, FENDI CASA, DE GRISIGONO, CAVALLI AND JUST CAVALLI AND THE UNIQUELY CONCEPTUALISED PARAMOUNT HOTELS & RESORTS, WHICH DELIVERS SERVICED LIVING AT ITS MOST OPULENT.

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HUSSAIN SAJWANI FOUNDER AND CHAIRMAN, DAMAC PROPERTIES AND THE DAMAC GROUP DAMAC PROPERTIES HAS DELIVERED OVER 46,700 HOMES AND HAS 33,000 IN DEVELOPMENT WITH PROJECTS IN CITIES AROUND THE WORLD.

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DIVERSIFIED INTERESTS

ussain Sajwani, a UAE national, is the founder and the owner of the global property development company, DAMAC Properties. Sajwani is a pioneer in the Middle East’s property market. In the mid-90s, he privately built hotels to accommodate the influx of people coming to Dubai for business and trade. In 2002, he identified the market opportunity and established DAMAC Properties which has grown to become one of the largest privately-owned property development companies in the Middle East and further afield. To date, DAMAC Properties has delivered over 46,700 homes and has 33,000 in development with projects in cities around the world including Dubai, Jeddah, Riyadh, Beirut, Amman, Doha, Baghdad, Maldives, Toronto, Miami and London. To manage these homes, DAMAC Properties established its own management facilities company, LOAMS, which is also ISO 9001 certified. DAMAC’s international projects include the 50-storey DAMAC Towers Nine Elms, a flagship project in central London that is branded with Italian fashion icon Versace. Further afield, DAMAC Properties is also developing in Toronto in a partnership with Canadian developer Marlin Spring and has recently launched a sea-facing project in the upscale neighbourhood of Surfside in Miami, Florida being designed by Zaha Hadid Architects. As a natural addition to the real estate company, DAMAC Properties founded its own hotel management company to manage all the hotel units that it developed. Today, the company oversees eight hotel properties under the brands Radisson, Paramount, Rotana and DAMAC Maison. Also, the company is building a luxurious hotel resort in the Maldives, which will be run and operated by Mandarin International.

DAMAC has joined forces with the most recognisable lifestyle brands to bring distinguished living concepts. Projects include luxury apartments and villas with interiors by fashion-houses Versace Home, Fendi Casa, de GRISIGONO, Cavalli and Just Cavalli and the uniquely conceptualised Paramount Hotels & Resorts, which delivers serviced living at its most opulent. The DAMAC Group has also entered the data centre industry through EDGNEX Data Centres by DAMAC, a company that proactively builds, buys or partners to serve the next wave of demand for data centre services. It is currently building such centres in Amman in Jordan and Riyadh, and Dammam in the Saudi Arabia and other cities around the Middle East. Making its foray into the world of luxury fashion, the DAMAC Group acquired the Italian fashion group Roberto Cavalli SPA in 2019 and went on to acquire the Swiss luxury jewellery brand de GRISIGONO to leverage these brands and innovate them for a younger clientele, while preserving their global legacy and appeal. As an astute businessman and investor, Sajwani also has a proven track record in the global equity and capital markets through his private investment division. Under this strategic investment division, he currently holds portfolios of securities in several regional and global markets. The DAMAC Group focuses on investments in private equities, mergers and acquisitions and holds majority and minority holdings in publicly traded companies and industries like luxury fashion, real estate, hospitality, manufacturing and more. Alongside his family, Sajwani advocates for access to quality education under the DAMAC Group, including the Dubai Schools Project, which provides scholarships to UAE National children in need, as well as the One Million Arab Coders initiative that empowered over one million Arabs with the language of the future, computer coding. The group is also involved in a variety of other charitable initiatives including the Fresh Slate Initiative, which helped detainees be released from jail and rejoin society to support their families. 02 202 4 | 31

ROSHN IS THE FIRST SAUDI GIGA PROJECT TO DELIVER TO CUSTOMERS AND HAS SOLD THOUSANDS OF HOMES TO DATE.”

DAVID GROVER ROSHN GROUP CEO

“S

audi Arabia is a young, ambitious and growing nation. With the population projected to reach 50 million by 2030, and over 60 per cent under 30, part of HRH Mohammed bin Salman Al Saud’s Vision 2030 is to ensure there is quality housing for the kingdom’s people.” David Grover, the CEO of ROSHN Group explains while emphasising that this demand provides an opportunity for all big developers in real estate, especially those focusing on community projects. Grover leads Saudi Arabia’s leading real estate firm, which is the main contributor to Vision 2030’s goal of 70 per cent homeownership by the end of the decade. With a career spanning over four decades in the real estate industry, Grover brings invaluable global expertise to ROSHN. He previously served as board director at Mace Group in the UK. During his 25-year tenure at the startup, he played an instrumental role in its growth into a company with a turnover of over $2.5bn and a workforce of 6,500 employees by the time he left in 2020. Under his guidance, ROSHN is delivering on its mandate to increase homeownership in Saudi Arabia, improve living standards and reinvent communities of the future, while staying committed to preserving the country’s rich cultural heritage. “At ROSHN, we’re proud to have taken the lead as the first Saudi giga-project to deliver to customers. But we’re not resting, we’ve sold thousands more homes and still have many more transformative projects to announce to date,” says Grover. 32 | 02 202 4

ROSHN kicked off sales for the third phase of its SEDRA community in Riyadh and its second integrated community in Riyadh - WAREFA last October. “WAREFA builds on the success of SEDRA, our flagship community. With SEDRA 30 times oversubscribed, WAREFA offers another opportunity for buyers to secure their dream home in ROSHN’s new way of living with over 2,300 residential units to house around 13,000 people at full completion,” adds Grover. With plans to create jobs and contribute to Saudi Arabia’s GDP by 2030, the group is a catalyst for economic growth and diversification in addition to raising homeownership rates in the country. More than three years since ROSHN’s formation, Grover believes partnerships have been central to the developer’s success, and its reputation for excellence and reliability. The group awarded Chinese and Saudi firms contracts valued at SAR9bn last September, including a SAR7.7bn construction contract to China Harbour Engineering Company. It also signed 11 contracts with six private sector real estate developers valued at around SAR2.2bn in 2022. “We need robust, diversified, and sustainable supply chains and our strategic commercial partnerships are key to this. By working with local suppliers, we not only strengthen our supply chains, we empower local content and boost the national economy – all in line with our Vision 2030 commitments,” explains Grover. “We choose partners who can help us deliver on our commitments to Vision 2030 and who share our values. Aligning on sustainability, responsibility, empowerment, and safety, and by embracing innovation and facing the future together strengthens these partnerships, enhances delivery, and ensured positive long-term results for customers, community, and the kingdom.” Growth in Saudi Arabia’s property and construction sector is being driven by ongoing efforts

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to diversify the economy, and notable projects include ROSHN’s SEDRA and WAREFA in Riyadh, ALFULWA in the Eastern Province and ALAROUS and MARAFY in Jeddah. With a mandate to build more than 200 million square meters (sqm) of integrated neighbourhoods nationwide, ROSHN is a champion of Saudi Arabia’s Housing Program, PIF Program and Quality of Life Program, all under the auspices of the kingdom’s Vision 2030.

BUILDING SUSTAINABLY

“VISION 2030 HAS SET AN AMBITIOUS TARGET OF 70 PER CENT HOME OWNERSHIP FROM A BASELINE OF 50 PER CENT. BY 2020, HOME OWNERSHIP WAS ALREADY 60 PER CENT.”

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Saudi Arabia is moving towards a path of sustainability.Thekingdomhassetseveralsustainability-linked targets across different industries including real estate and construction. ROSHN’s key principle of sustainability permeates every aspect of its development. “We are determined to be leaders in sustainable development. Our sustainability strategy guides our work from planning, through construction, and on to operation, but we’re also enabling sustainable lifestyles for our communities by making it the easy choice for both residents and visitors,” says Grover. The Riyadh-based firm has recently partnered with the Saudi Electric Vehicle Infrastructure Company (EVIQ) in January will enhance electric vehicle infrastructure to accelerate the adoption of these vehicles. More recently, two international partnerships will see ROSHN explore localising manufacturing of Partanna’s CO2 absorbing concrete and Pure.Tech’s CO2-absorbing paint additives in the kingdom – boosting both environmental and economic sustainability. ROSHN is also leveraging its giga-project size and scale to boost sustainability, community wellbeing, and quality of life beyond its projects across the whole kingdom through YUHYEEK, its corporate social responsibility (CSR) programme. YUHYEEK’s initiatives range from tree planting initiatives to raising awareness of public health issues, sponsoring projects that

enhance the kingdom’s artistic and cultural sectors and providing community support. ROSHN is also contributing to the nation’s physical well-being and improving quality of life through its corporate sponsorship of sports and cultural events.

TOWARDS VISION 2030

Strengthening the housing sector in Saudi Arabia and improving the access of Saudi families to housing that meets their needs is an integral part of the country’s Vision 2030. “Vision 2030 has set an ambitious target of 70 per cent home ownership from a baseline of 50 per cent. By 2020, home ownership was already 60 per cent. Now, as ROSHN builds at unprecedented scale and speed across the kingdom, with five communities launched and more to come, we’re making a significant contribution to achieving that 70 per cent target,” Grover shares. Vision 2030 states that “housing is the foundational asset that is capable of shaping and influencing the vibrancy of families, communities, and broader society.” Since 2016, when the Saudis embarked on an ambitious plan to build mega projects and transform the economy, the value of property and infrastructure projects has crossed $1.25tn, with $250bn in awarded construction contracts. “We see a positive future for the Saudi real estate sector, there’s strong growth predicted over the next decade and we look forward to contributing to and benefitting from that growth,” adds Grover.

“As we look to this bright future, we at ROSHN will continue to form values-based partnerships to drive that growth, meet demand, and enable Vision 2030 as a future-facing leader of the sector.” Grover says while the demand for homeownership in Saudi Arabia has surged over the years, ROSHN is well-positioned to facilitate the journey of ownership while providing housing solutions that meet the varying needs of citizens, while improving quality of life. 02 202 4 | 33

WE REALISED THAT 80 TO 90 PER CENT OF EXPATS WERE STILL RENTING, AND I WANTED TO CONVERT THEM INTO BUYING THEIR OWN PROPERTIES.”

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RIZWAN SAJAN FOUNDER AND CHAIRMAN, DANUBE GROUP

n the bustling metropolis of Dubai, where skyscrapers touch the clouds and innovation shapes the cityscape, one man has played a pivotal role in transforming the real estate market. Rizwan Sajan, the founder and chairman of Danube Group, is not just a business tycoon; he is a real estate mogul who has left an indelible mark on the landscape of the UAE. Famously known as the “1 per cent man”, his journey to success is a testament to his entrepreneurial spirit and determination. Born in Mumbai, India, Sajan moved to the UAE in the early 1990s with a dream to build his own business empire. In 1993, he founded Danube Group, starting with a small trading business focused on building materials. Under Sajan’s leadership, Danube Group expanded its horizons, becoming a diversified conglomerate with several verticals. The group’s flagship company, Danube Building Materials, stands tall in providing construction materials across the region, offering over 50,000 products under one roof. Danube Group’s diversification into various sectors, including home furnishings, hospitality solutions, and media, showcases Sajan’s business acumen. The group’s real estate arm, Danube Properties, has also been a game-changer in the affordable luxury segment of property development in the UAE. “We realised that 80 to 90 per cent of expats were still renting, and I wanted to convert them into buying their own properties,” he says of the genesis of the plan. “Now I am democratising luxury,” he adds. With a development portfolio of 16,234 units and a combined value exceeding Dhs18bn, Danube Properties has become synonymous with owning a home in Dubai. His company’s innovation

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“PEOPLE ARE MAKING DUBAI THEIR SECOND HOME BECAUSE OF THE TRUST AND CONFIDENCE THEY HAVE IN THE CITY.”

with the 1 per cent payment plan has also helped thousands of residents afford the homes of their dreams. The company’s commitment to timely delivery and unparalleled quality has also earned it a prominent place in the competitive real estate market. Sajan’s approach and strategic initiatives have propelled Danube Group to an annual turnover of above $2bn, making it a conglomerate with a presence in over 75 locations across the MENA region.

FOCUSED ON PHILANTHROPY Beyond business, he also believes in giving back to society and has actively contributed to various charitable organisations and social causes. His recent donation of Dhs5m towards the UAE government’s ‘1 Billion Meals Endowment Initiative’ is a testament to his commitment to community welfare. Sajan’s philanthropic endeavours extend to the construction of a mosque in Dubai’s Dubai Studio City, ensuring a place of worship for the community. The Danube Welfare Centre, the company’s philanthropic arm, undertakes initiatives to improve the lives of underprivileged communities, focusing on education and healthcare. His success story is not just about business; it’s about determination, and a commitment to community welfare. He attributes his rise to the visionary rulers of Dubai and he believes in aligning Danube Group’s efforts with Dubai’s sustainability goals. As a real estate mogul, Sajan continues to shape the skyline of Dubai, contributing to the city’s growth and development. His journey from humble beginnings to leading a conglomerate is a source of inspiration for aspiring entrepreneurs, proving that with hard work, passion, and a vision, one can truly make a mark in the world of business. “People are making Dubai their second home because of the trust and confidence they have in the city,” he says. 02 202 4 | 35

ADVERSITIES ARE OPPORTUNITIES TO SHOWCASE OUR RESILIENCE, AND OUR SUCCESS LIES IN TURNING CHALLENGES INTO MILESTONES. THE 'ON TIME, EVERY TIME' PHILOSOPHY IS NOT JUST A PRINCIPLE; IT'S A PROMISE WE UPHOLD, PANDEMIC OR OTHERWISE, EMBODYING THE SPIRIT OF SAMANA.” 36 | 02 202 4

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IMRAN FAROOQ CEO, SAMANA DEVELOPERS

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n the realm of corporate visionaries, Imran Farooq stands as a maverick, and SAMANA Group is the canvas where his brilliance unfolds. His entrepreneurial odyssey is marked by strategic ingenuity and a relentless pursuit of excellence. Founded in June 1996, SAMANA Group’s journey spans 27 years, a testament to Farooq’s transformative leadership. He has turned the group into a beacon of unprecedented heights, navigating diverse landscapes of technology, consultancy, holiday homes, real estate development, and management. SAMANA Group boasts a clientele including multinational giants such as Levi’s, the British Council, S&P 500 and P&G, a substantial portfolio of AIR BNB properties, and cutting-edge serviced offices through business centres. The foray into real estate, with SAMANA Developers, emerged as Imran identified critical gaps within the industry. The company works with a focus on visualising projects through the eyes of firsttime buyers—a level of detail often overlooked by larger brands. Farooq’s leadership philosophy is embodied in SAMANA Developers’ “On Time, Every Time” commitment, a cornerstone of its success. Even amid the challenging backdrop of the Covid19 pandemic, the company’s resilient model not only weathered the storm but created new milestones of delivery. “Amid challenges, our commitment to delivering excellence on time remains unwavering. Adversities are opportunities to showcase our resilience, and our success lies in turning challenges into milestones. The ‘On Time, Every Time’ philosophy is not just a principle; it’s a promise we uphold, pandemic or otherwise, embodying the spirit of SAMANA,” shares Farooq. Farooq underscores the paramount significance of effective cash flow management and the maintenance of minimal debt levels in the intricate landscape of the development business.

IN 2023, SAMANA DEVELOPERS LAUNCHED 12 VISIONARY PROJECTS, SECURING A POSITION AMONG THE TOP 10 DEVELOPERS OF DUBAI WITH A 2.8 PER CENT MARKET SHARE AND A STAGGERING 600 PER CENT GROWTH IN SALES. SAMANA Developers has pioneered innovative concepts like ‘Private Pool Apartments’ and ‘Resort-style Living’ that elevate the everyday experience to a five-star standard. The company also offers excellent payment plans that bring in an ease of buying and sustainable cash flow in case of crisis. In 2023, SAMANA Developers launched 12 visionary projects, securing a position among the top 10 developers of Dubai with a 2.8 per cent market share and a staggering 600 per cent growth in sales. Beyond real estate, SAMANA Developers actively contributes to the community through initiatives such as the Al Nasr Sponsorship, promoting sports among the youth. Strategic partnerships, notably with the Dubai Land Department, further enhance the company’s standing in the industry. Envisioning sustainability through its green initiative, the company aims for solar panels, and 100 per cent smart homes in all projects by 2024. The company aims to further strengthen its decentralised workflow, incorporating more experienced leadership and state-of-the-art technology. Farooq’s forwardthinking approach and commitment to sustainability are shaping SAMANA Developers into a pioneer in the industry. By 2025, the group envisions securing a position among the top five developers globally, fuelled by a commitment to innovation and excellence, a vision driven by Farooq’s strategic foresight. Aiming to transform into a master developer, SAMANA looks forward to offering extraordinary and unmatched experience, transcending traditional boundaries, and establishing self-sustainable projects that seamlessly integrate work, living, and a luxurious way of living. “As we chart the course towards 2025, our vision extends beyond being a top global developer — it’s about crafting an extraordinary legacy,” adds Farooq. Farooq’s remarkable leadership and vision are at the core of SAMANA’s success story, and as the company forges ahead, his commitment to excellence continues to shape the trajectory of SAMANA Group and its subsidiaries. 02 202 4 | 37

UNDER ALAJAJI’S INSIGHTFUL LEADERSHIP, DRIVEN PROPERTIES HAS EXPERIENCED IMPRESSIVE GROWTH, ESTABLISHING ITSELF AS A FOUNDING MEMBER OF FORBES GLOBAL PROPERTIES.

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ABDULLAH ALAJAJI FOUNDER AND CEO, DRIVEN PROPERTIES

n 2012, Abdullah Alajaji founded Driven Properties, marking the inception of a strategic and visionary journey. Since then, he has skillfully orchestrated the development of a network comprising 13 specialised companies under the expansive umbrella of the Driven Group. Each of these entities stands out by offering unique solutions in areas such as holiday home rentals, development management, and citizenship by investment. Under Alajaji’s insightful leadership, Driven Properties has experienced impressive growth, establishing itself as a founding member of Forbes Global Properties, and the only brokerage in the Middle East to be invited to join this prestigious EVERY VILLA IN group. Being part of Forbes Global Properties, an exclusive consortium of the world’s top 100 THE 971 CLUSTER luxury real estate brokerages, highlights Driven BOASTS UNIQUE Properties’ exceptional track record in the luxury real estate sector. AND EXQUISITE

A REMARKABLE PROJECT

DETAILING THAT RADIATES SOPHISTICATION AND REFINEMENT.

Asked about the most attractive projects of the year, Alajaji highlighted the remarkable 971 villas in Jumeirah Islands, underscoring it as one of the standout projects of the year. In the realm of luxury living, The 971 stands as an epitome of sophistication and elegance, capturing the essence of opulence in every detail. In their commitment to crafting not just homes but works of art, the team at The 971 has painstakingly curated an environment where true luxury transcends the confines of mere structures. Each villa within this distinctive cluster stands as a testament to architectural brilliance, embodying a seamless flow of spaces bathed in natural light, creating an ambiance that stands the test of time and prevailing trends.

EXCLUSIVE APPEAL

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At The 971, they’ve gone above and beyond to find top-notch materials, handpicking each one for its natural beauty, durability,

and timeless charm. Their commitment to excellence shines through in the careful selection of the finest imported materials and fixtures from Italy, seamlessly woven together to create an exclusive and unforgettable living experience. The true essence of The 971 lies in the meticulous application of superior finishing touches, elevating each home to new heights of opulence. Here, attention to detail isn’t just a routine; it’s a philosophy that seeps into every nook and cranny of the villas, resulting in an unparalleled level of refinement within the community. Every villa in The 971 cluster boasts unique and exquisite detailing that radiates sophistication and refinement. These personalised touches turn each residence into a genuine masterpiece, showcasing Driven Properties’ commitment to providing a matchless standard of luxury living for their discerning clientele. 02 202 4 | 39

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INVESTING IN LAND IN DUBAI IS AKIN TO ACQUIRING A PIECE OF GOLD IN THE WORLD OF BUSINESS. JUST AS GOLD STANDS THE TEST OF TIME, DUBAI’S REAL ESTATE MARKET HAS CONSISTENTLY DEMONSTRATED RESILIENCE AND GROWTH. OWNING LAND IN THIS DYNAMIC CITY IS NOT MERELY AN INVESTMENT; IT’S A STRATEGIC MOVE TOWARDS LONG-TERM PROSPERITY.”

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HASSAN EL SHAZLY CEO, SODIC PROPERTIES

A KEY PLAYER The company’s presence in the bustling Business Bay district

“THE COMPANY’S PRESENCE IN THE BUSTLING BUSINESS BAY DISTRICT HAS NOT ONLY CONTRIBUTED TO ITS SUCCESS BUT IS ALSO PLAYING A ROLE IN SHAPING DUBAI’S SKYLINE.” has not only contributed to its success but is also playing a role in shaping Dubai’s skyline. Downtown, a sprawling district of innovation and luxury, has witnessed Sodic Properties’ rise as a key player, thanks to El Shazly’s strategic initiatives. Furthermore, the real estate agency’s achievements in the vibrant communities of JVC, JVT and Arjan have left a mark on the affordable luxury segment in the city meeting the diverse demands of Dubai’s discerning clientele. El Shazly’s leadership style, marked by innovation and a commitment to excellence, has made Sodic Properties a beacon of success in Dubai’s real estate sector. As El Shazly continues to guide the company towards new horizons, his profile stands as a testament to the company’s unwavering dedication to shaping the future of real estate in Dubai.

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assan El Shazly, CEO of Sodic Properties, has etched a distinctive mark in the realm of Dubai’s real estate. Leading the charge with foresight and innovation, El Shazly has propelled the real estate agency to the forefront of the industry, achieving unparalleled success in selling land across key areas in Dubai including Palm Jumeirah, Downtown Dubai, Meydan, Business Bay, Jumeirah Village Circle (JVC), Jumeirah Village Triangle (JVT) and Arjan. Under El Shazly’s adept leadership, Sodic Properties has strategically positioned itself as a market leader in high-profile locations. The resounding success of the company’s land sales in Meydan, known for its iconic developments, reflects his remarkable understanding of the emirate’s evolving real estate landscape. “Investing in land in Dubai is akin to acquiring a piece of gold in the world of business. Just as gold stands the test of time, Dubai’s real estate market has consistently demonstrated resilience and growth,” says El Shazly. “Dubai’s strategic location, visionary development projects, and robust economic environment make land acquisition a golden opportunity for savvy investors. Seize the chance to be part of a flourishing landscape and watch your investment shine and appreciate over time.”

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MUHAMMAD BINGHATTI CEO, BINGHATTI

uhammad BinGhatti has played a pivotal role in revolutionising the real estate landscape in the region. His journey began at the College of Architecture, Art and Design (CAAD) at the American University of Sharjah (AUS). He envisioned redefining the real estate industry by integrating art into properties. Taking over the family property development business in 2014, BinGhatti transformed it into one of the leading holding companies in the UAE, operating in diverse sectors such as real estate, food and beverage, hospitality, fast-moving consumer goods, construction and design. The company’s portfolio boasts more than 40 projects, exceeding a value of Dhs3.5bn. What sets BinGhatti apart is his dual role as a qualified architect and CEO, actively involved in designing the distinctive architectural towers that have become synonymous with the Binghatti brand.

INSPIRED BY THE AUTOMOTIVE AND AERONAUTICAL INDUSTRIES Drawing inspiration from global fashion and automotive brands, he aimed to create a visual brand identity for Binghatti properties. This vision became a reality in 2014 with the Binghatti Residences project, where he applied parametric design and a bold colour palette establishing the brand identity that has been applied to over 50 projects in Dubai, earning international and regional acclaim. Binghatti has also pioneered branded residences with launches such as MercedesBenz Places in Downtown Dubai, Bugatti Residences by Binghatti and Burj Binghatti Jacob & Co Residences in Business Bay. “Since childhood, I was inspired by the aesthetics of automotive and aeronautic industries and dreamt of creating a brand that would redefine the real estate industry paying architectural homage to such

design philosophies. I wanted my towers to be hyper towers that evoke the emotions of a car enthusiast when seeing their favourite supercar. Binghatti is not merely a property developer — it is, undoubtedly, a brand.” BinGhatti’s dedication to quality and timely delivery and his innovative approach garnered numerous awards, including the Most Influential Leader in Real Estate at the International Property Awards in 2018. In recognition of his achievements, BinGhatti was inducted into the AUS Alumni Wall of Fame in 2020.

PNC MENON FOUNDER AND CHAIRMAN, SOBHA GROUP

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As Sobha Group prospers in numerous spheres of the real estate sector, PNC Menon has been expanding his philanthropic contributions throughout the world. In the recent years, he has been a major contributor to social empowerment, education and healthcare projects in India and the UAE.

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rom a humble beginning in India to becoming a billionaire, PNC Menon, founder and chairman of Sobha Group, is a remarkable entrepreneur who epitomised excellence throughout his journey. His entrepreneurial career began with quality-focused business endeavours in the Middle East and India, leading to the founding and expansion of Sobha in 1995 in Bangalore India. Over the years, PNC Menon’s ambitious vision and relentless commitment has propelled the company to new heights

of success, becoming a $1.5bn market-cap company. Currently, the firm has secured a reputation as one of the most renowned and premium real estate developers in the UAE and it aims to become a global real estate developer by embracing its essence — the ‘Art of the Detail’ that is etched in its DNA. Furthermore, Sobha Realty stands out among the real estate companies globally with its ‘Backward Integration’ approach, which is also now a Harvard Business School case study. With seven masterplan projects spread across Dubai, the company is constantly expanding its footprint in the city. Sobha Realty’s growth is attributed to its proven track record of completing projects ahead of schedule. With more than 11,000 residents, Sobha Hartland, the company’s premier community project, is flourishing.

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SAM SINGH

ith a career spanning more than two decades, Sam Singh has built and divested Stakes in multiple companies, including Candid Marketing, a marketing company that he built from scratch and moulded into a market leader before he sold it to a London Stock Exchange-listed firm in 2006. Following this triumph, Singh ventured into the hotel development sector, establishing Milestone Hospitality. He subsequently

sold it to a US private equity fund in 2012, marking his second exit. He also founded I-Homes, a real estate-focused technology firm, and divested his stake in the company to principal private investors at its pinnacle in 2014/2015. Previously, Singh served as the chairman of the Business and Entrepreneurs Forum for the UK for two years. Furthermore, he chaired the Young Entrepreneurs Organisation in Asia — further contributing to the growth and development of aspiring entrepreneurs. Under Singh’s stewardship, Tripler is revolutionising the way real estate agents convert leads while empowering them to save time and achieve a threefold increase in lead conversions compared to conventional platforms. Founded in 2018, the AI-powered proptech firm launched in the UAE in September 2023. Its proprietary MIU

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FOUNDER AND CEO, TRIPLER

(mind-intent-urgency) analysis technology is the driving force behind its success. It leverages deep learning algorithms to analyse users’ voices to understand not just the words used but the underlying emotions, intent, and urgency of potential buyers. The platform counts KM Capital UK, the venture arm of the $2.5bn BooHoo Group and New York-based Elion Partners, a $3bn real estate investment fund among its shareholders. It is also backed by an R&D grant from the UK Government.

LEWIS ALLSOPP CHAIRMAN, ALLSOPP & ALLSOPP GROUP

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ith a career spanning more than 20 years in the real estate sector, Lewis Allsopp’s journey setting up the Allsopp & Allsopp Group began with only four employees and now, 16 years later the group employs nearly 500 people. Allsopp’s trajectory as the company’s chairman began with his consistent drive towards excellence enabling him to position Allsopp & Allsopp as one of the main references in real estate in Dubai and beyond. His solution-driven approach and an overall positive attitude enabled him to perform multiple roles during the company’s early days until Allsopp & Allsopp’s growth led him to take a back seat on the sales team and allowed him to perform his leadership skills as the company’s sales director in 2011. As Allsopp & Allsop’s chairman, his objectives continue to drive excellence and

overall progression plans for the company and its 500 employees. Under his vision, the business has expanded to twice its size by investing in

the people at Allsopp & Allsopp as well as the right tools and technology to implement data into the hands of the team. Allsopp further aims to successfully launch other subsidiary companies within the real estate group and looks forward to expansion across different companies and teams. Founded in 2008, the group has five offices located in five key communities including Motor City, Palm Jumeirah, Jumeirah Golf Estates, Springs Souk Mall and Business Bay to cater to the growing demand from buyers and investors alike. 02 202 4 | 43

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WORKING HARD FOR SOMETHING WE LOVE IS THE EPITOME OF PASSION. IT ENSURES A LIFE WITHOUT REGRETS.”

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AMIT DHARIWAL MANAGING PARTNER, HRIDAAN REALTY

s a first-generation entrepreneur, Amit Dhariwal’s journey has been fuelled by an unyielding desire to reach great heights despite the inherent risks. Dhariwal’s unwavering commitment to the success of his business ventures has won him recognition as a leader in the real estate industry. Today, the rigour, sincerity and confidence invested are paying off, exemplified by his real estate company, Hridaan Realty. Embarking on his recent venture, Dhariwal seeks to revolutionise co-living and raise the bar for luxury living. Through a unique model of fractional ownership of commercial preleased assets and high-end co-living spaces, Dhariwal intends to cater to expats, professionals and students. Dhariwal embarked on his entrepreneurial journey at the age of 19 after he graduated from university, seizing an opportunity to work under the guidance of a close relative, who was a business tycoon of his time. Through varied roles and responsibilities, Dhariwal eventually assumed control of a newly acquired business, transforming it into a profitable venture within just five years. This pivotal moment shaped his career and propelled him toward his true passions: hospitality, real estate consultancy and development, and the automobile sector. Hridaan Realty, Dhariwal’s premier real estate venture, has ascended to a position of prominence to emerge as one of the top advisors and investment companies, not only within India but also in the UAE.

FOR DHARIWAL, POWER TRANSCENDS MERE MONETARY SUCCESS. IT LIES IN THE ABILITY TO INFLUENCE EVERYONE TOWARDS THE COMMON GOALS OF THE ORGANISATION.

emphasises the importance of pursuing passion and converting it into a profession. “Working hard for something we love is the epitome of passion, ensuring a life without regrets,” he says. Dhariwal is expanding his entrepreneurial reach beyond India by expanding his ventures to Dubai — a dynamic and thriving market. His goal is to replicate the success and excellence achieved in India, offering a taste of luxury and sophistication to discerning consumers in Dubai. The endeavour is rooted in the belief that quality knows no bounds. Dhariwal’s advice to fellow dreamers is simple — never give up on your dreams.

A SEASONED ENTREPRENEUR

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Dhariwal is a partner in one of India’s renowned ice cream brands, a significant player in the Italian culinary scene through interests in restaurants, and a distribution partner for India’s largest automobile brand, among various other ventures. Beyond these established partnerships, Dhariwal’s entrepreneurial spirit has propelled him into the world of promising startups that align with his vision and values. For Dhariwal, power transcends mere monetary success. It lies in the ability to influence everyone towards the common goals of the organisation. Love, intelligence, charisma, kindness, setting good examples, and wisdom are the true sources of power. While reflecting on his entrepreneurial journey, Dhariwal 02 202 4 | 45

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MOHAMED ALI ALABBAR FOUNDER AND MD, EMAAR PROPERTIES The developer’s net profit and property sales for the nine months ending September 31, 2023, jumped by 41 per cent to Dhs31.1bn while its total revenue reached Dhs18.4bn. S&P Global upgraded the company by a notch last June higher on “strong demand and improved pricing” in the sector. Emaar Properties’ revenue backlog from property sales reached Dhs69.5bn in the first nine of the year, indicating a robust outlook for revenue recognition in the forthcoming years as Dubai’s real estate market has bucked the trend of falling prices amid surging interest rates seen elsewhere. The company has delivered more than 102,000 residential units in Dubai and other global markets since 2002 while the group’s shopping malls and retail, hospitality, leisure, entertainment, commercial leasing, and international businesses contribute 48 per cent to its overall revenues.

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ohamed Ali Alabbar is best known as the founder of the Dubai-based real estate firm that built the world’s tallest skyscraper, Burj Khalifa, but his passion for real estate is reflected through his other property development ventures – Eagle Hills and Nshama. Alabbar is a global entrepreneur with active interests in real estate, retail, hospitality, e-commerce, technology, logistics, F&B and venture capital. The Emirati businessman has driven the growth of several regional players into global champions including Americana Group and e-commerce platform noon.com. He also doubles as the chairman of Zand. Under his guidance, Emaar Properties has grown exponentially into a global player with a land bank of 1.7 billion square meters since its founding in 1997. With total assets of $37bn (Dhs137bn) as of the end of September 2023, Emaar Properties is one of the largest publicly listed real estate companies by assets in the GCC.

WITH TOTAL ASSETS OF $37BN AS OF THE END OF SEPTEMBER 2023, EMAAR PROPERTIES IS ONE OF THE LARGEST PUBLICLY LISTED REAL ESTATE COMPANIES BY ASSETS IN THE GCC.

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SAEED MOHAMMED AL QATAMI

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CEO, DEYAAR DEVELOPMENT

ith a career spanning more than two decades in the real estate and financial services sectors, Saeed Mohammed Al Qatami has been at the helm of Deyaar Development since 2010, according to his LinkedIn profile. Before his current role as the CEO of Deyaar, Al Qatami served as the managing director of the UAE business of the property

developer. Under Al Qatami’s stewardship, the Dubai-based real estate firm has traversed an incredible journey to become one of the most preferred developers among local and international homebuyers and investors. Deyaar’s annual profit surged by 206 per cent year-on-year (YoY) to a record Dhs440.7m in 2023 compared to Dhs144.2m a year earlier while, while the company’s revenue rose by 56 per cent to reach Dhs13bn from Dhs803.4m in 2022. Last year, the company expanded its hospitality portfolio with the launch of Millennium Talia Residences — a luxurious hotel apartment operated by Millennium Hotels & Resorts and broke ground at Mar Casa to officially start its construction work. It also signed an MoU with Arady Properties to establish a joint development project at Al Reem Island in Abu Dhabi as part of a broader expansion plans.

YOUSIF AHMED AL MUTAWA

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CEO, SHARJAH SUSTAINABLE CITY

ousif Ahmed Al Mutawa, CEO of Sharjah Sustainable City (SSC), is leading the development of the first sustainable master-planned community in Sharjah in partnership with the Sharjah Investment and Development Authority (Shurooq). Al Mutawa began his career in 2006 as a project manager for the Shurooq, embarking on a 14-year journey within the group across a variety of leadership roles

spanning project management from design to construction, property management, operations, and investment management. Under his stewardship, the project commenced the handover for the second phase after an overwhelming response to the sustainable community, with 85 per cent of the project spanning across four phases already sold out. Built on an area covering more than 7.2 million square feet in Sharjah’s Al Rahmaniya area, the villas at SSC use thermal insulating construction materials and windows, smart home automation, water-saving appliances, energy-saving electrical fittings and rooftop solar PVC installations. They are designed to help residents enjoy savings of up to 50 per cent on electricity and water bills. “As the first fully integrated and sustainable development in the emirate, Sharjah Sustainable City aims to instil a fully sustainable way of life that demonstrates that economic progress and sustainability can go hand-in-hand,” says Al Mutawa.

KNIGHT FRANK MENA PIONEERING REAL ESTATE EXCELLENCE

s the world’s largest independent property consultancy, Knight Frank has firmly established its presence in the Middle East and North Africa (MENA) region, strategically positioning itself to capitalise on fastgrowing real estate markets. Knight Frank’s commitment to fostering enduring relationships with clients and adopting a longterm perspective sets it apart. With a global footprint of over 16,000 professionals across 53 territories, the firm’s presence in the Middle East spans key cities such as Dubai, Abu Dhabi, Riyadh, Jeddah, Manama, Doha, and Cairo. For over a decade, Knight Frank has been involved in the region, offering an amalgamation of residential and commercial real estate transactional, consultancy, and management services. Will McKintosh, regional partner and head of residential for Knight Frank MENA, says, “I personally feel that Knight Frank has the strongest residential brand in the world. With an even split between transactional and consulting services, there is a great synergy across the business. In addition, the Middle East is one of the few growths’ hot spots around the world at the moment, leaving significant opportunities for the growth of our residential business. Obviously, Saudi Arabia is a tremendous opportunity area for Knight Frank, but so too is the residential, hospitality, office and data centre markets right across the wider MENA region.” As the Middle East continues to be a focal point for growth, Knight Frank MENA stands ready to shape the future of real estate in the region, offering exceptional customer service and a comprehensive range of real estate solutions.

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LOAI AL FAKIR CEO, PROVIDENT ESTATE

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ith a career spanning nearly two decades in the real estate sector, Loai Al Fakir, CEO of Provident Estate has earned accolades from major developers and portals. Under his stewardship, Provident Estate has maintained its position as a top brokerage firm for premium developers such as Emaar Properties, Damac Properties and Sobha Realty. Al Fakir is a seasoned veteran in Dubai’s property market and leads Provident Estate’s strong workforce with over 22 different nationalities speaking more than 25 different languages. He holds a Bachelor’s degree in Business Management and Marketing from Kingston University London. Since its founding in 2008, Provident Estate has grown exponentially and is one

of the top five agencies in the UAE with a diverse portfolio. The company offers a wide range of services, to help clients make wellinformed and educated decisions, including off-plan, residential, or commercial sales and leasing, property management and investment consultancy.

MARK PHOENIX

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CEO, SANKARI PROPERTIES

ark Phoenix joined Sankari Properties as CEO in 2023. Since taking the helm of the luxury property firm, he has built a professional environment where high-performing experts, meticulous operations, and a visionary outlook come together to deliver distinctive landmarks. With more than 30 years of diversified experience, and over 15 years of experience in the UAE real estate market, Phoenix has spearheaded high-end, signature projects that transform how guests experience form and function. Renowned for his hands-on and personable approach, Phoenix integrates seamlessly between creative, engineering, 48 | 02 202 4

and administrative teams, facilitating collaboration and encouraging productivity. He has collaborated with architectural majors such as Zaha Hadid and Norman Foster, as well as leading hospitality brands, Dorchester and Melia. His portfolio features some of Dubai’s most iconic developments, including Opus, One Palm, The Lana and Orla Infinity. The vision Phoenix has for the industry has been underpinned by progressive thinking and boundless ambition. Dubai’s luxury property market is witnessing a remarkable phase of growth and diversification. The emirate has emerged as a magnet for high-net-worth individuals seeking unique, opulent homes offering more than just comfort – representing status, innovation, and unparalleled luxury. The segment is projected to grow substantially, with Knight Frank’s recent report projecting a 3.5 per cent growth in prime residential sectors. The growth is driven by an increasing demand for luxury properties, which are not just living spaces but embodiments of architectural excellence and exclusivity.

Sankari Properties extends beyond the conventional boundaries of real estate, intertwining a story of tradition and excellence. As a growing contributor to the UAE’s development, the real estate firm brings a distinct blend of dedicated service and deep commitment to its ventures.

WITH MORE THAN 30 YEARS OF DIVERSIFIED EXPERIENCE, AND OVER 15 YEARS OF EXPERIENCE IN THE UAE REAL ESTATE MARKET, PHOENIX HAS SPEARHEADED HIGH-END, SIGNATURE PROJECTS THAT TRANSFORM HOW GUESTS EXPERIENCE FORM AND FUNCTION.

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JAD ANTOUN CO-FOUNDER AND CEO, HUSPY The company bolstered its presence in the UAE in 2022 by acquiring three brokerages: Home Matters, Just Mortgages, and Finance Lab. Having achieved a gross merchandise value (GMV) of $2bn, Huspy has set its sights on a $400bn GMV opportunity in its current operating countries – the UAE and Spain. The UAE’s property market continues to see strong demand across off-plan projects, affordable homes, luxury residences and secondary sales. Last November, Huspy’s mortgage unit processed a record $270m (Dhs1bn) in home financing – an industry record for the UAE’s retail mortgage lending sector.

UNDER ANTOUN’S LEADERSHIP, THE PROPTECH FIRM SECURED $37M IN FUNDING AND IS LEVERAGING CUTTING-EDGE TECHNOLOGIES, AND A TEAM OF INDUSTRY EXPERTS TO OFFER A TRANSPARENT, HASSLE-FREE EXPERIENCE.

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ad Antoun is the co-founder and CEO of Huspy, which was launched in 2020 after identifying a need to simplify and speed up the process of buying a home. Originally from Lebanon, Antoun previously worked with a healthcare startup in the US before he returned to the Middle East to join venture capital firm, BECO Capital. He left the venture capital firm to launch Huspy in 2020 to support home buyers through their entire purchase journey, from finding a property to financing it and closing the deal. Under Antoun’s leadership, the proptech firm secured $37m in funding and is leveraging cutting-edge technologies, and a team of industry experts to offer a transparent, hassle-free experience. A year after Antoun founded Huspy, the proptech firm became the UAE’s largest mortgage provider whilst its real estate division has grown exponentially to more than 100 experienced agents, specialising in both primary and secondary sales and leasing. Huspy’s comprehensive platform allows buyers to compile a shortlist of fully verified properties, schedule viewings at their convenience, receive mortgage offers, and even apply for financing directly through the platform. 02 202 4 | 49

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PORUSH JHUNJHUNWALA FOUNDER AND CEO, BANKE INTERNATIONAL PROPERTIES specialists, marking a remarkable trajectory that echoes the company’s unwavering commitment to excellence. Banke’s prominence in the real estate realm is underscored by a series of accolades, a testament to the company’s commitment to innovation, client satisfaction and industry leadership. Top-performing broker awards from renowned developers such as Emaar Properties, Sobha Realty and DAMAC Properties, among others highlight Banke’s prowess in fostering successful partnerships and achieving outstanding sales performances. Furthermore, being recognised as the Best Real Estate Agency by prominent property portals such as Property Finder, Bayut and Dubizzle as well as other forums such as IRECMS and CHSA cements the company’s standing as a leading player in the global real estate arena.

OVER A DECADE, BANKE’S NARRATIVE HAS TRANSCENDED GEOGRAPHICAL BOUNDARIES, EVOLVING FROM A LOCAL ENTITY TO A GLOBAL FORCE, WITH INTERESTS IN INDIA, QATAR AND THE UK.

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Over a decade, Banke’s narrative has transcended geographical boundaries, evolving from a local entity in the UAE to a global force, with interests in India, Qatar and the UK. This expansion is a testament to Banke’s ambition and adaptability across diverse markets.

COMPREHENSIVE REAL ESTATE SOLUTIONS

orush Jhunjhunwala, the founder and CEO of Banke International Properties, has charted an extraordinary journey since the company’s inception in 2013. Starting with a modest team of four, Jhunjhunwala’s strategic leadership has transformed Banke into a powerhouse with more than 400 dedicated members and community

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Under Jhunjhunwala’s guidance, Banke has anot only expanded its team and garnered accolades but has also fundamentally transformed the real estate landscape. The company’s ethos, rooted in a commitment to inclusivity, diversity, and client-centric services, sets new industry standards. Banke’s range of services covers off-plan properties, secondary sales and leasing, commercial sales and leasing, property management, luxury segments, fit-out solutions, maintenance management, and mortgage assistance, showcases its dedication to providing.

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chaitali.khimji@motivate.ae | murali@motivate.ae

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