REVEALED: Here are the Top GCC Real Estate Developers in 2024

Construction Week Middle East has revealed its Top GCC Developers 2024 list, highlighting the most prominent and influential developers in the GCC region.

This compilation results from a detailed process by the editorial team, which distributed questionnaires to gather insights into the developers’ achievements over the past year.

The list was formulated based on several criteria: the value of completed projects, the value of projects under construction, the value of recently awarded contracts, the company’s commitment to Corporate Social Responsibility (CSR), as well as its sustainability efforts.

The final ranking was then determined using publicly available information, questionnaire responses, and the editorial team’s collective assessment of each company’s accomplishments over the past 12 months.

It is important to note that the list excludes companies that chose not to be featured in the 2024 edition.

1. National Housing Company (NHC)

The National Housing Company (NHC) is a pivotal force in Saudi Arabia’s housing sector, established in 2016 as part of the country’s ambitious Vision 2030 initiative. With a mission to increase homeownership rates from 47% to 70% by 2030, NHC has swiftly risen as a leader in urban development, creating modern, sustainable communities across the kingdom. Since commencing operations in 2018, the company has been instrumental in reshaping the Saudi housing landscape through innovative strategies, extensive land development, and strategic partnerships.

NHC’s contributions to Saudi Arabia’s housing sector are monumental. The company has developed over 173,000 plots of land, spanning a vast 284 million m2. Within this, 111 million m2 are dedicated to enhancing the quality of life through the integration of green spaces, recreational areas, and essential services. As of now, NHC manages over 130 projects, collaborating with more than 50 developers, demonstrating its central role in the housing sector.

In the past 12 months, NHC has seen exponential growth, surpassing SAR12 billion in sales in the first half of the year—four times the amount achieved in the same period last year

Click here to know more about why NHC tops the list.

Since its inception, Diriyah Company’s focus has always been on transforming Diriyah, a $63.2 billion (SAR237 billion) gigaproject on the outskirts of Riyadh, into a premier global cultural and entertainment destination.

Over the past year, Diriyah Company has made significant strides, demonstrating its commitment to establishing Diriyah as a world-class hub. The company has advanced its 14km2 gigaproject, making notable progress in key areas and initiating several major developments.

In December 2023, Diriyah Company hosted the inaugural Bashayer event, marking the groundbreaking for seven prestigious hotels, including Aman, Oberoi, Six Senses, The Ritz-Carlton Diriyah, Address Diriyah, Capella Diriyah, and Four Seasons Hotel Diriyah. The event also announced the opening of the Bab Samhan, a Luxury Collection Hotel, scheduled for 2024. The City of Earth project will eventually feature over 40 hotels.

Construction began on Diriyah Square, a vast shopping destination spanning 186,000m2, which will offer more than 400 lifestyle, retail, and dining options, alongside five low-rise office buildings designed in the traditional Najdi style. The Zallal project in the Bujairi District also commenced, featuring two low-rise office buildings with space for 500 employees and 12 mixed retail and F&B outlets over approximately 8,000m2.

The company also unveiled two major entertainment venues: The Arena in Diriyah, covering 76,000m2 with a 20,000-seat capacity, designed by London-based HKS Architects, and the Royal Diriyah Opera House, a collaborative project with Snøhetta and Riyadh-based Syn Architects, spanning 45,000m2.

Click here to know more about Diriyah Company.

8. Wasl Asset Management

Coming in at number eight is Wasl Asset Management, a prominent player in Dubai’s real estate sector. Formed in 2008 through the merger of the Dubai Development Board and Real Estate Department, Wasl oversees an extensive portfolio that includes real estate, hospitality, and leisure assets.

In the past 12 months, Wasl has embarked on projects designed to meet market demand as well as fulfil the UAE’s economic agenda, including investing in sustainable real estate development, collaborating with Food Tech Valley, and launching solar photovoltaic and energy retrofitting technologies to support the transition to a clean future.

The company achieved a new record this year, having sold all 600 units of Park Views Residences Tower A within 36 hours of launching sales. Wasl witnessed a similar response to several other projects unveiled over the past few months, including the Nook, Gardenia Townhouses, and Hillside Residences.

Currently, the developer’s portfolio includes more than 51,000 residential and commercial units spread across Dubai, while the hospitality portfolio has 7,960 rooms across 32 hotels and hotel apartments.

Click here to know more.

18. Qatari Diar

Qatari Diar was established in 2005 by the Qatar Investment Authority, the sovereign wealth fund of the State of Qatar.

The company’s flagship project, Lusail City, quickly gained tremendous praise in 2005, thanks to its central location and innovative approach to real estate. To date, the progressive self-contained city is the largest development to be undertaken in Qatar and signifies the country’s progress on a grand scale.

As of 2023, Qatari Diar has a shared capital of $8.1 billion, with 50 investment projects under development held in 20 countries around the world.

Among Qatari Diar’s completed projects are the iconic Doha Exhibition and Convention Centre, Sheraton Park, The Commercial Avenue, Seapearl Istanbul, Anantara Tozeur Resort, and The St. Regis Cairo and Residences, exemplifying the company’s commitment to excellence and innovation in urban development.

Click here to know more about why Qatari Diar makes the list.

Click here to discover the Top 50 GCC Real Estate Developers in 2024.

Want more like this? Subscribe now to Construction Week Middle East.