The UAE-based Emaar Properties, one of the largest publicly-listed real estate companies by assets in the GCC, has topped the Forbes Middle East “Top 50 Real Estate Developers in MENA 2021” list, featuring companies that delivered significant projects in the region this year.
The list was developed based on financials, reputation, company’s age, value of projects completed and projects under construction, and the size of the landbank and units held by the company, media reports said.
The list only looks at developers that have delivered their projects with the exclusion of developers whose projects are not yet functional.
Emaar Properties has total assets valued at $34 billion as of the end of September 2021.
Abu Dhabi-based Aldar Properties was placed second, with $11.3 billion total assets as of September 2021, the reports said.
An Aldar-ADQ consortium acquired 85.5 percent of SODIC in a deal valued at $388 million in December 2021, while Egyptian mixed-use developer SODIC was ranked 36th in the list, said local sources.
The developers featured on this list represent nine countries in the region with the UAE leading with 17 companies on the list, including four of the top five, while 11 are headquartered in Saudi Arabia, followed by seven in Egypt, six in Kuwait.
The remaining list includes three in Qatar, two each in Oman, and Morocco, and one each in Bahrain and Jordan.
Forbes Middle East also unveiled a ranking of the “Top 10 Construction Companies in MENA 2021”, said reports.
The rankings contained companies that were chosen based on the value of the projects completed and under construction, the number of employees, and the company’s age, reported local news.
Egypt’s Orascom Construction leads the list with a number of upcoming projects in the country, including the Grand Egyptian Museum, the Monorail, and the Greater Cairo Metro, said the sources.
The reports said that of the 10 companies, half are based in the UAE with diverse projects, including Yas Island, the Sheikh Zayed Grand Mosque, and Expo 2020 Dubai.