DUBAI: Forbes Middle East has unveiled its list of “MENA’s Top 50 Real Estate Developers 2021,” which features companies that have completed some of the region’s most important projects this year.
The list was compiled on the basis of financial data, reputation, company age, value of completed projects and projects under construction, and size of land reserve and units owned by the company. Developers whose projects are not yet functional have been excluded, as the list only looks at developers who have delivered their projects.
Emaar Properties, based in the United Arab Emirates, tops the list, with total assets valued at US $ 34 billion at the end of September 2021. Emaar Properties is one of the largest publicly traded real estate companies in terms of ‘active in the CCG. Abu Dhabi-based Aldar Properties ranked second, with total assets of US $ 11.3 billion in September 2021. An Aldar-ADQ consortium acquired 85.5% of SODIC under a deal valued at US $ 388 million in December 2021. Egyptian mixed-use developer SODIC made the list, ranking 36th.
The developers on this list represent nine countries in the region. The UAE leads with 17 companies on the list, four of which are in the top five, while 11 are headquartered in Saudi Arabia, followed by seven in Egypt, six in Kuwait, three in Qatar, two each in Oman. and Morocco, and one in Bahrain and one in Jordan.
To recognize the top performing construction companies in the region, Forbes Middle East also unveiled a ranking of the “10 best construction companies in the MENA region 2021”. These companies were chosen based on the value of projects completed and under construction, the number of employees and the age of the company.
Orascom Construction in Egypt tops the list, thanks to a host of upcoming projects in the country including the Grand Egyptian Museum, Monorail and the Greater Cairo Metro. Of the 10 companies, half are based in the United Arab Emirates with various projects including Yas Island, Sheikh Zayed Grand Mosque and Expo 2020 Dubai.
© Copyright Emirates News Agency (WAM) 2021.