Special Report Contents
1. Emaar Properties (Dubai, UAE)
Emaar Properties tops MEEDs ranking of developers in 2015 with $105bn of projects planned or under construction.
Since late 2012, the company has been busy awarding contracts on new projects in Dubai, most notably at its Downtown Dubai development, which is home to the worlds tallest tower, the Burj Khalifa, and one of the worlds largest shopping malls, Dubai Mall.
The projects under construction include an expansion of Dubai Mall, the Address Residence Fountain Views development, The Address Residence Sky View towers, the Burj Vista towers, the Dubai Opera House, and The Address The BLVD hotel and residential tower.
Emaar is also tendering other projects at the downtown district, including residential and hotel towers.
Still in Dubai, but away from the Downtown district, Emaar is building its Hills development, located off Sheikh Zayed Road overlooking Emirates Golf Club, close to Emaar Business Park, Dubai Media City and Dubai Marina.
Emaar is also planning to accelerate work on the Dubai Creek Harbour development on the banks of Dubai Creek in the Ras al-Khor area. In late March, it received bids from consultants for the programme management of scheme.
The Dubai Creek Harbour at the Lagoons is Emaars largest project in Dubai. The company and another local developer, Dubai Holding, launched it in October 2014. The two firms signed a joint venture agreement to develop the site in 2013.
Unlike many other Dubai projects, Emaar says the scheme is a long-term concern and not based on short-term buying patterns and business cycles.
While Dubai remains Emaars core market, the firms business has become increasingly reliant on international projects. During the first half of 2015, net profit for the company grew 12 per cent to AED2.2bn ($600m), compared with AED1.98bn in the same period in 2014.
The growth was driven by a 36 per cent increase in revenue to AED1.17bn from the developers international real estate business. Its Egyptian subsidiary, Emaar Misr, which listed on the Egyptian Exchange in June, managed strong net sales during the first half of 2015, of £E3.91bn ($517m), which is 20 per cent higher than its first half of 2014 sales.
2. Dubai Holding (Dubai, UAE)
Dubai Holding has $87bn-worth of projects that are either planned or in the execution phase. Many of these are being developed by its group companies, such as Dubai Properties Group, Jumeirah and Tecom, which are working on a variety of projects across the emirate, including schemes in the Dubailand area and phase 1 of the Design District project.
Dubai Holding is also developing The Dubai Creek Harbour at the Lagoons with Emaar Properties. The two companies signed a joint venture agreement to develop the site in 2013.
Dubai Holding is also working on future projects. In 2014, it released details of Mall of the World, which when built will be the worlds largest shopping mall. It will be constructed in the Al-Sufouh area along Sheikh Zayed Road and will be developed in phases according to market demand, Mall of the World will be connected to 100 hotels and serviced apartment buildings with 20,000 hotel rooms.
3. Aldar Properties (Abu Dhabi, UAE)
Aldar Properties has $42bn of projects planned or under way. In 2013, Abu Dhabi developers Aldar Properties and Sorouh Real Estate merged to create one of Abu Dhabis largest developers, with a land bank of 77 square kilometres.
Its masterplanned projects that still have large areas to develop include Yas Island, Al-Raha Beach, and Shams Abu Dhabi on Reem Island.
In April this year, the developer revealed that it plans to build more than 2,000 housing units in West Yas, Mayan and Meera.
West Yas will comprise 1,000 luxury villas on Yas Island, and will include an Aldar Academies school, a mosque, a retail centre and public spaces for residents. Mayan will include 700 residential units made up of studios, apartments with up to four bedrooms, as well as townhouses, villas and penthouses overlooking the Yas Links Golf Course.
Meera, which will be a mid-income development, will comprise 400 family homes on Reem Island.
4. Jeddah Development & Urban Regeneration Company (Saudi Arabia)
The Jeddah Development and Urban Regeneration Company (JDURC) has $42bn of projects under development, making it the largest developer in Saudi Arabia.
The company was established by royal decree in 2006 to lead the urban regeneration of the city of Jeddah.
Its largest project is the Heart of Jeddah development. The 847,379-square-metre, mixed-use scheme involves redeveloping the old airport site in Jeddah.
Fully owned by JDURC, the Heart of Jeddah Development Company (HOJDC) was founded in 2012 to run and execute the project.
Jeddah is undergoing redevelopment, with key transport links being upgraded to support the construction of major projects. JDURC is at the forefront of the redevelopment of one of the kingdoms fastest-growing cities. The plans include a soon-to-be-tendered metro, light rail and tram networks.
5. Jeddah Economic Company (Saudi Arabia)
Jeddah Economic Company is developing the $30bn Kingdom City on the outskirts of Jeddah.
The company was formed in 2009 to oversee the development of Kingdom City. Kingdom Tower will be the centre of a new commercial district to the north of Jeddah. The first phase will cover an area of 1.4 million square metres and will include the tower, a mall and a large mosque for 12,000 worshippers, together with other residential and commercial buildings.
The company is made up of stakeholders comprising Kingdom Holding Company, Abrar Holding Company, Saudi Binladin Group and businessman Abdulrahman Hassan Sharbatly.
6. Barwa Real Estate Company (Qatar)
Barwa Real Estate Company has $19bn of projects planned or under way.
Its largest project is the $9.9bn Barwa al-Khor development to the north of Doha. Other projects include a golf course development at Lusail and labour accommodation. Major completed projects include phase 1 of the $1.3bn Barwa City scheme, as well as Barwa Village.
Barwa began as a real estate developer, but, like many other state-backed entities, it has diversified into new sectors. Some are directly related to real estate, such as construction materials production, facilities management, hotels and resorts, while other new businesses are less closely tied to the sector, such as banking, finance, communications and investment in new technologies.
The publicly listed company trades on the Doha Securities Market. Its largest shareholder, with a 45 per cent stake, is Qatari Diar.
7. Nakheel (Dubai, UAE)
Nakheel, the developer behind the Palm Jumeirah and other major developments across Dubai, has $17bn of projects.
The companys fortunes have turned around since late 2011 and it reported a net profit of AED2.83bn ($770m) for the first half of this year, a 53 per cent increase compared with AED1.85bn from the same period last year. The increase in profits has been attributed to handovers of completed projects, as well as the companys growing retail and leasing business.
Nakheel is currently developing several projects across Dubai that it expects to continue to generate development revenue when they are complete and units are handed over. The firm has also launched several projects in the retail, hospitality and residential leasing sectors, including a vast new community at Deira Islands and extensions to Dragon Mart and Ibn Battuta Mall.
When operational, these schemes will generate cash revenue for Nakheel and further strengthen the developers overall financial position. Nakheel is aiming to generate revenues of AED7.5bn a year from these assets.
8. Qatari Diar (Qatar)
Qatari Diar has nearly $12bn of projects planned or underway. Its largest project is the Lusail development 22 kilometres north of Doha.
It was first unveiled during the Gulfs real estate boom in 2004. Its first infrastructure contract was awarded in 2006 and it has become one of the biggest real estate schemes in the Middle East. It is also is a key part of Qatars Fifa 2022 World Cup plans and will accommodate the 80,000-seat Lusail Iconic stadium.
The developers other projects in Qatar include Barwa City and Barwa Commerical Avenue.
For delivering projects the developer has formed joint venture contracting companies with leading international and regional construction companies such as Frances Vinci and Saudi Arabias Saudi Binladin Group.
9. Meydan (Dubai, UAE)
Meydan Group has $11bn of projects planned or under way. Most recently, it released details of its Meydan One project, which will be home to more than 78,300 residents and feature the 711-metre-tall Dubai One tower, the Meydan One Mall, a 1.2-kilometre ski slope, a 25,000-square-metre indoor sports arena, a civic plaza large enough to host 60,000 people, a 4km canal and a 100-berth marina.
The group is also building villas in the Nad al-Sheba area. In late 2014, Saudi Arabias El-Seif Engineering Contracting was awarded an estimated AED2.2bn ($599m) contract by Meydan for the construction of 2,200 villas at the Meydan Heights Residential Development.
Mohammed bin Rashid City District One in the Nad al-Sheba area is another project Meydan Group is developing with its joint venture partner, Indias Sobha Group. The scheme includes 1,500 villas.
Meydan is planning more projects in Dubai. In late 2013, the emirates Roads & Transport Authority (RTA) signed an agreement with Meydan and Meraas Holding for the two local developers to build real estate projects on either side of the Dubai Water Canal project.
The group is also developing the 100-plus-storey Entisar tower on Sheikh Zayed Road. In late 2014, El-Seif Engineering Contracting was selected for the contract to build it.
10. Damac Properties (Dubai, UAE)
Damac Properties is one of the most active property developers in Dubai, with more than $7bn of projects planned or under construction.
Its largest tower project is Damac Towers by Paramount. The AED1bn ($272m) construction contract for the scheme was awarded to Turkeys TAV in late 2013. A multi-level plaza links the four towers that make up the project. One tower comprises the Paramount Hotel with the remaining three towers housing the Damac Maison-Paramount co-branded serviced Hotel Residences.
Damac is also developing Akoya by Damac, a 42 million-square-foot golf community off Umm Suqeim Road in Dubai. The project includes mansions, villas, apartments and the Trump International Golf Course.
The company is also expanding into international markets. A subsidiary plans to develop a 50-storey tower in London with 360-units known as Aykon Nine Elms.