The Middle East is at the heart of a construction boom, with ambitious mega projects reshaping entire skylines. Real estate developers are at the forefront of these transformations, working to build communities that are not only luxurious but also sustainable and future-proof. In 2024, Construction Week Middle East expanded its annual “Power 100” to a more comprehensive “Power 150” list, highlighting the top developers shaping the future of the region.
This article takes a deep dive into the top developers in the Middle East, showcasing their visionary leadership, iconic projects, and commitment to innovation. Let’s take a closer look at the movers and shakers in the region’s real estate development scene.
Table of Contents
Section 1: Leading Figures in Real Estate Development
1. Jerry Inzerillo – Group CEO, Diriyah Company
Jerry Inzerillo has been instrumental in transforming Diriyah, a $63.2 billion mega-development located on the outskirts of Riyadh, Saudi Arabia. Appointed by Crown Prince Mohammed bin Salman, Inzerillo is leading the charge to turn Diriyah into a global cultural and entertainment destination. With luxury hotels like Aman, The Ritz-Carlton Diriyah, and Six Senses underway, Diriyah is set to become a landmark that seamlessly blends tradition with modern luxury.
Key projects like Bujairi Terrace, a pedestrian area with stunning views of the UNESCO World Heritage Site At-Turaif, have already made a massive impact, attracting millions of visitors. Diriyah Square, a massive retail destination, is poised to be another game-changer, housing over 400 lifestyle, retail, and dining outlets.
Vision for the Future: Under Inzerillo’s leadership, Diriyah is also emphasizing sustainability, with several LEED-certified projects and a workforce that prioritizes local talent and gender diversity.
2. Mohamed Alabbar – Founder & Chairman, Emaar Properties
When people think of luxury real estate in the Middle East, Mohamed Alabbar’s Emaar Properties is often top of mind. Alabbar is responsible for iconic landmarks like the Burj Khalifa and The Dubai Mall. In 2024, Emaar recorded a 50% sales increase in the first quarter alone, with plans to develop The Oasis, a luxury community spread across 9.2 million square meters.
Emaar has not just reshaped Dubai’s skyline but also influenced cities around the world. With a portfolio of retail, residential, and hospitality projects in regions like Africa, Asia, and Europe, Emaar continues to lead globally.
Looking Forward: Alabbar’s vision focuses on mixed-use communities that blend luxury with convenience. With new developments like Dubai Square, a shopping and entertainment complex, and ongoing global expansion, Emaar is positioned to remain a powerhouse in the industry.
3. Talal Al Dhiyebi – CEO, Aldar Properties
Power 100;developers
As CEO of Aldar Properties, Talal Al Dhiyebi has been at the forefront of real estate innovation in Abu Dhabi. Under his leadership, Aldar has expanded its portfolio with luxury residential, commercial, and cultural projects. Recently, the developer launched projects like The Source on Saadiyat Island and various residential developments in Yas Island, further solidifying its position as one of the top developers in the region.
Al Dhiyebi’s strategic direction has propelled Aldar to new financial heights, making it a key player in shaping Abu Dhabi’s urban landscape.
Visionary Leadership: Al Dhiyebi is also committed to sustainability, with green building certifications and a focus on long-term environmental impact. Aldar’s Saadiyat Grove, a multi-billion-dollar mixed-use development, is set to redefine luxury living while prioritizing eco-friendly initiatives.
4. Khalid Al Malik – CEO, Dubai Holding Real Estate
Dubai Holding Real Estate (DHRE) is known for its large-scale developments that push the boundaries of urban planning. At the helm of this vast empire is Khalid Al Malik, who oversees some of the most exciting projects in Dubai. From luxury residential communities to commercial hubs, Al Malik is leading DHRE’s charge into international markets, including cities like Malta and Kochi.
In 2023, DHRE launched several key projects, including a Delano-branded hotel on Bluewaters Island, which is set to open in late 2024.
Shaping the Future: DHRE’s alignment with the Dubai 2040 Urban Master Plan demonstrates its commitment to the city’s sustainable growth, with a focus on enhancing existing communities and creating new, vibrant neighborhoods.
Section 2: Innovators Driving Change
5. Ghada Alrumayan – Group Chief Marketing Officer, ROSHN
ROSHN, Saudi Arabia’s national real estate developer, has been making waves with its giga-projects designed to transform Saudi living. As Group Chief Marketing Officer, Ghada Alrumayan is not only the face of ROSHN but also its strategic mastermind, leading initiatives that align with Saudi Vision 2030.
ROSHN’s key projects include SEDRA, the largest sports dome in the Kingdom, and MARAFY, a mixed-use development in Jeddah that will house 130,000 residents. Alrumayan has also driven ROSHN’s customer-centric approach, which earned the company multiple accolades in the real estate industry.
Commitment to Community: Beyond large-scale projects, ROSHN also invests in CSR initiatives like the YUHYEEK program, which focuses on community development, education, and health.
6. Mounir Haidar – Co-founder, LEAD Real Estate Developer & MD, Jubail Island Investment Company (JIIC)
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Mounir Haidar’s leadership in Jubail Island Investment Company (JIIC) has seen a remarkable transformation of the island into a premier low-density, low-impact community. The island is designed with sustainability at its core, offering high-end residential units, commercial spaces, and luxury villas.
Haidar’s focus on Jubail Island’s green spaces and low-impact development is a breath of fresh air in an industry often dominated by high-rise developments. His attention to preserving the island’s natural beauty while integrating modern living makes Jubail Island a model for sustainable development.
Innovative Projects: The Bada Al Jubail private island, with its yacht marina, private beaches, and high-end residential units, showcases Haidar’s vision for luxury living that is deeply connected to nature.
7. Hesham Al Qassim – CEO, Wasl Asset Management
Hesham Al Qassim has been a transformative figure in Dubai’s real estate and hospitality landscape. As CEO of Wasl Asset Management, he manages over 51,000 residential and commercial units and 32 hotels, making Wasl a major player in Dubai’s booming economy.
Wasl has been at the forefront of integrating sustainability into real estate, and under Al Qassim’s leadership, the company recently set a new Guinness World Record for the Highest Running Track on a Building, located at 1 Residences in Dubai.
Growth with Purpose: Al Qassim has not only expanded Wasl’s portfolio but has also aligned it with Dubai’s sustainable future, incorporating energy-saving technologies and retrofitting existing properties to meet eco-friendly standards.
8. John Pagano – Group CEO, Red Sea Global & AMAALA
John Pagano’s Red Sea Global is responsible for one of the most ambitious sustainable tourism projects in the world. Stretching along 250 kilometers of Saudi Arabia’s Red Sea coastline, Red Sea Global focuses on luxury tourism that is fully aligned with environmental preservation.
From building solar farms to launching the world’s first zero-carbon 5G network, Pagano’s commitment to innovation is evident in every facet of Red Sea Global. Projects like Six Senses Southern Dunes and St. Regis Red Sea Resort have set new standards for luxury tourism in the region.
Vision of Sustainability: Pagano’s focus on CSR initiatives and vocational training for local communities further highlights Red Sea Global’s ethos of building with purpose and for future generations.
Section 3: Pioneers of Sustainable Luxury
9. Rizwan Sajan – Founder & Chairman, Danube Group
Rizwan Sajan’s journey with Danube Group has been one of consistent growth and innovation. Danube is well-known for its affordable luxury projects across Dubai, and in 2023, the company launched several new developments that sold out almost immediately.
With a focus on sustainability, Sajan has led Danube into new ventures, including the launch of Eleganz, a ready-to-move-in project that has seen five times growth compared to previous years.
A Strong Foundation: Danube’s commitment to CSR is also noteworthy, with contributions to local charities and community projects aimed at giving back to society.
10. Kabir Mulchandani – Founder & Chairman, FIVE Holdings
Luxury and sustainability come together under the leadership of Kabir Mulchandani. Known for creating luxurious lifestyle destinations like FIVE Palm Jumeirah, Mulchandani has positioned FIVE Holdings as a leader in eco-friendly luxury living.
The introduction of SENSORIA, a luxury residential tower within the FIVE LUXE community, is a testament to Mulchandani’s ability to combine opulence with cutting-edge sustainability. This ultra-luxury project, featuring solar façades and acrylic pools, is setting new benchmarks in real estate.
Luxury Meets Sustainability: Mulchandani’s focus on eco-conscious designs has not only elevated FIVE’s profile but has also catered to the growing demand for sustainable luxury properties in Dubai.
Section 4: Game-Changing Developers
11. Ahmad Gamal Ismail – CEO, Majid Al Futtaim Properties
With a formidable portfolio spanning malls, hotels, and### POWER 150: Unveiling the Top Developers in the Middle East in 2024
The Middle East has witnessed a surge in real estate developments over the last few decades, turning the region into a playground for mega-projects, luxury destinations, and sustainability-driven communities. In 2024, the “Power 150” list highlights the most influential real estate developers transforming the Middle Eastern landscape with projects spanning residential, commercial, hospitality, and entertainment sectors.
Introduction: The Rise of Real Estate in the Middle East
Real estate development in the Middle East has rapidly expanded, primarily driven by government-backed giga-projects, private investments, and a burgeoning population. Mega-projects such as NEOM in Saudi Arabia, the Dubai Creek Harbour, and the Red Sea Project have positioned the region as a global hub for innovation in architecture and sustainable urban planning. The “Power 150” list recognizes the individuals and companies at the forefront of these monumental changes.
Visionaries of the Future
1. Jerry Inzerillo – Group CEO, Diriyah Company
One of the driving forces behind Saudi Arabia’s ambitious real estate projects, Jerry Inzerillo has overseen the transformation of Diriyah into a cultural and entertainment hub. Appointed by Crown Prince Mohammed bin Salman, Inzerillo leads the Diriyah Gate Development Authority (DGDA), a $63.2 billion mega-project located outside Riyadh.
Key Achievements:
- Launch of Bujairi Terrace, a pedestrianized area overlooking the UNESCO World Heritage Site At-Turaif.
- Development of luxury hotels, including The Ritz-Carlton, Four Seasons, and Aman.
- Focus on sustainability, with projects receiving LEED certification and incorporating green building practices.
Diriyah Square, a 186,000m² retail and lifestyle complex, will soon be the epicenter of shopping, dining, and entertainment, making Diriyah a global destination for both tourists and locals.
2. Mohamed Alabbar – Founder & Chairman, Emaar Properties
Mohamed Alabbar, the visionary behind Emaar Properties, has been responsible for shaping the modern skyline of Dubai. From the Burj Khalifa, the world’s tallest building, to expansive master-planned communities, Alabbar’s impact on the region’s real estate market is unparalleled.
Recent Developments:
- The Oasis, a 9.2 million square meter luxury community with 7,000 residential units.
- Expanding Emaar’s global presence with new projects in Africa, Asia, and Europe.
Alabbar’s strategic approach has always been to blend luxury living with world-class amenities, as seen in projects like Dubai Square, a mega shopping and entertainment complex. His emphasis on community living while focusing on retail and hospitality ensures that Emaar remains a dominant player in the global real estate market.
3. Talal Al Dhiyebi – CEO, Aldar Properties
Talal Al Dhiyebi has been instrumental in shaping Abu Dhabi’s real estate landscape through Aldar Properties. Under his leadership, Aldar has not only delivered luxury residential units but has also expanded its portfolio into commercial, retail, and cultural spaces.
Key Projects:
- The Source, a premium development on Saadiyat Island.
- New projects in Yas Island, which have added to the area’s reputation as a prime destination for luxury living.
Al Dhiyebi’s ability to navigate the changing demands of the real estate market has propelled Aldar to a position of strength, further cementing its status as a leader in the Middle East.
Sustainability-Driven Developers
4. John Pagano – Group CEO, Red Sea Global
As the CEO of Red Sea Global, John Pagano is spearheading one of the world’s most ambitious sustainability-focused developments. Red Sea Global is centered around preserving the natural beauty of Saudi Arabia’s Red Sea coastline while providing luxury tourism experiences.
Sustainability Initiatives:
- The development of the world’s first zero-carbon 5G network in collaboration with Zain KSA.
- Installation of over 760,000 solar panels to power the Red Sea Project.
Pagano’s leadership exemplifies a blend of environmental stewardship and luxury tourism, positioning Red Sea Global as a blueprint for future developments in the region.
5. Ghada Alrumayan – Group Chief Marketing Officer, ROSHN
Ghada Alrumayan has been at the forefront of ROSHN’s massive housing and mixed-use developments across Saudi Arabia. ROSHN, backed by Saudi Arabia’s Public Investment Fund (PIF), focuses on providing affordable housing while maintaining a high standard of living.
Notable Achievements:
- The launch of the SEDRA project in Riyadh, which includes Saudi Arabia’s largest sports dome.
- Construction of MARAFY in Jeddah, a mixed-use canal-front development.
ROSHN’s vision is aligned with Saudi Vision 2030, focusing on sustainable urban development, and Alrumayan’s leadership ensures that ROSHN continues to be a key player in reshaping Saudi Arabia’s urban landscape.
6. Rizwan Sajan – Founder & Chairman, Danube Group
Rizwan Sajan’s Danube Group has made affordable luxury housing accessible to a wider audience. With projects like Wavez and Eleganz, Danube has consistently delivered high-quality homes that are affordable without compromising on luxury.
Key Milestones:
- Achieved 90% sell-out rate for nine projects launched in 2023.
- Increased focus on ready-to-move-in properties, responding to market demand.
Sajan’s commitment to blending luxury and affordability has helped Danube become one of the top real estate developers in Dubai, known for its customer-centric approach and community-focused developments.
Luxury Developers Setting New Standards
7. Kabir Mulchandani – Founder & Chairman, FIVE Holdings
Kabir Mulchandani’s FIVE Holdings is synonymous with luxury and sustainability. His projects, such as FIVE Palm Jumeirah and the new SENSORIA tower, offer high-end living experiences while incorporating cutting-edge sustainability features.
Innovations:
- SENSORIA, which boasts a solar façade and private acrylic pools, is redefining ultra-luxury living in Dubai.
- Focus on blending opulence with eco-conscious designs.
Mulchandani’s leadership continues to drive FIVE Holdings toward offering sustainable luxury, making it one of the most innovative developers in the Middle East.
8. Ahmed Gamal Ismail – CEO, Majid Al Futtaim Properties
Majid Al Futtaim Properties, under the leadership of Ahmed Gamal Ismail, is a pioneer in retail, residential, and leisure development across the Middle East. With over 44,000 employees and assets worth $18 billion, the company continues to push boundaries.
Recent Projects:
- The flagship residential community Tilal Al Ghaf, with over $1.3 billion in gross sales.
- New entertainment venues and shopping malls across the region.
Ismail’s focus on building self-sustaining, vibrant communities that cater to both luxury and convenience has made Majid Al Futtaim a household name in Middle Eastern real estate.
Shaping the Future of Real Estate
9. Talal Moafaq Al Gaddah – Senior Executive Vice Chairman, MAG
Talal Moafaq Al Gaddah’s MAG Group is known for its forward-thinking developments in the UAE. His leadership has pushed MAG’s real estate portfolio to over $4.08 billion, with a focus on luxury and well-being.
Key Projects:
- The luxury Keturah Reserve project, featuring Bio Living, a new concept integrating nature into urban living.
Al Gaddah’s emphasis on creating communities that focus on well-being, luxury, and sustainability sets MAG apart as a developer that is not only meeting but anticipating future market needs.
10. Nadhmi Al-Nasr – CEO, NEOM
Nadhmi Al-Nasr’s leadership of NEOM, Saudi Arabia’s giga-project, has been nothing short of transformative. NEOM is poised to become one of the world’s most sophisticated smart cities, with plans for hyper-connected communities, a self-sustaining food system, and advanced renewable energy infrastructure.
Innovation at Scale:
- NEOM’s projects like The Line and Trojena aim to create urban spaces that are both technologically advanced and environmentally sustainable.
- The launch of eight major projects in 2023 alone showcases NEOM’s rapid progress.
Al-Nasr’s leadership in developing one of the most ambitious real estate projects in history positions NEOM as a game-changer for global urban development.
Conclusion: The Future of Real Estate in the Middle East
The top developers in the Middle East are not just constructing buildings; they are shaping the future of cities, communities, and entire regions. With a strong emphasis on sustainability, luxury, and community-driven developments, these developers are setting new benchmarks for the global real estate industry.
From the cultural epicenter of Diriyah to the futuristic cityscapes of NEOM, the Middle East is witnessing a real estate revolution driven by visionary leaders and innovative companies. As these projects come to life, the region will continue to emerge as a global hub for architectural innovation and sustainable living.
The “Power 150” developers are leading this transformation, and their efforts will continue to define the landscape of the Middle East for decades to come.
