January 2024 BLOOM LIVING Reimagining premium community living in Abu Dhabiatlas by Etihad Airways, home to award-winning content and read by over 1.3 million engaged readers a month Michael Underdown Commercial Director michael.underdown@itp.com +971 50 396 2115 +971 4 444 3566 To elevate your brand and connect with Etihad Airways’ passengers, contact: November 2023 | ATLAS BY ETIHAD | 3332 | ATLAS BY ETIHAD | November 2023 10.1632° N, 76.6413° E10.1632° N, 76.6413° E he image of palm-lined beaches and verdant rolling grasslands sloping towards the Arabian Sea is seared into my mind after a four-hour flight with Etihad Airways into Cochin International Airport, situated in the Indian state of Kerala. As we descend, I peer out of the window to the scene beneath and I’m filled with anticipation to discover a land I’ve already heard so much about. Away from the busy streets of Mumbai and crowded Delhi, Kerala offers a more laidback atmosphere, but one that is every bit as memorable. It’s known as God’s Own Country, thanks to its vast emerald valleys and lush landscapes. The term has a mythological origin, too, tied to the belief that Parashurama, a manifestation of Lord Vishnu, a principal deity in Hinduism, threw his axe into the sea to create a home in which his followers could live peacefully. If ever a story epitomises a place, it’s this one: Kerala, born at the hands of a God for the purpose of people living in harmony. Kerala is world-famous for its houseboats that plough the glistening backwaters, a labyrinthine 900-kilometre network of brackish canals, lakes Beaches BackwatersBackwaters & Kerala, India’s tropical coastal jewel, has much to offer curious travellers By Francesca Kirby November 2023 | ATLAS BY ETIHAD | 2524 | ATLAS BY ETIHAD | November 2023 suitcase Smooth skin The Barbiere multi-action face cream for men from Acqua Di Parma combines moisturing, smoothing, and revitalising properties to combat exposure to blue light from digital screens and environmental elements. It also comes in eco-friendly packaging ($120, acquadiparma.com). Wild ocean Enriched with almond, hazelnut, and prickly pear oils, this Wildocean beard oil is designed for medium to long facial hair that needs softening ($21, beautyethic.com). Red gold Acqua Di Parma’s new fragrance, Zafferano, is a celebration of saffron, with citrus and floral notes brought by orange blossom, jasmine sambac, and geranium, and a woodiness from tonka bean and vanilla ($284, acquadiparma.com). All smiles Apa White Toothpaste uses ultrapolish technology to help clean stains, alongside hydroxyapatite to rebuild enamel. It’s formulated to tackle plaque and tartar build-up without fluoride, while still leaving your mouth feeling fresh ($25, apabeauty.com). High performance The new Homme collection from Ritual Cosmetics is a range of grooming essentials for body, face, and beard. It’s tough on sweat and gentle on shaving rashes, with an uplifting essence as its base. It’s also infused with vitamins E, C, and B3, plus peptides, ginseng, argan oil, and aloe vera (rituals.com). Groom yourself Men, look your best with this selection of personal care products suitcase The stylish way to travel THIS P A GE: A CQU A DI P A RMA; OPPOSITE P A GE: RITU ALS; A CQU A DI P ARMA; AP A BEA U TY ; BEA UTY ETHIC 7.8804° N, 98.3923° E7.8804° N, 98.3923° E 2023 ﺮﺒﻤﻓﻮﻧ | ناﺮﻴﻄﻠﻟ دﺎﺤﺗﻻا ﻦﻣ ﺲﻠﻃأ | 2627 | ناﺮﻴﻄﻠﻟ دﺎﺤﺗﻻا ﻦﻣ ﺲﻠﻃأ | 2023 ﺮﺒﻤﻓﻮﻧ ﺔﻀﺑﺎﻨﻟا ﺔﻨﻳﺪﻤﻟا هﺬﻫ ﻒﺸﺘﻛا لﺎﻣﺮﻟاو ﺲﻤﺸﻟا ﺮﻴﺛأ ﻰﻠﻋ ةﺎﻴﺤﻟﺎﺑ ناﺮﻴﻄﻠﻟ دﺎﺤﺗﻻا ﻊﻣ ﺔﻨﻴﻜﺴﻟاو ﺰﻧارﺎﻤﻟو ﻦﻴﻟ ﺖﻴﻛ 72 ﺦﻳرﺎﺘﻟا ﻖﺒﻌﺑ ﺔﻗرﺎﻏ ﺔﻨﻳﺪﻣ لوﻷا مﻮﻴﻟا تاو” ﺪﺒﻌﻣ :ﻦﻴﻤﻴﻟا ﻰﻟإ رﺎﺴﻴﻟا ﻦﻣ ﺔﻨﻳﺪﻣ ﻲﻓ “ﻎﻧﻻﺎﺗ” ﻖﻳﺮﻃ ؛“ﻎﻧﻮﻟﺎﺸﺗ .ﺔﻤﻳﺪﻘﻟا ﺖﻴﻛﻮﺑ مﺎﻳأ ﺔﺛﻼﺛ ﺖﻴﻛﻮﺑ ﻲﻓ ﺔﻳﺎﻜﺤﻟا ﺔﻳﺪﻧﻼﻳﺎﺘﻟا KENZIE KRAFT A / UNSPLASH; SHUTTERST OCKarabianbusiness.com 3 Contents AB Property Giants January 2024 www.arabianbusiness.com SUBSCRIBE NOW +971 4444 3000 www.itp.com/subscription #arabianbusinessarabianbusinessarabianbusiness SPECIAL Real Estate Giants 5 THINGS T O KNOW ABOUT The new tourism law in Saudi Arabia 24 08 34 This year’s Arabian Business Property Giants list celebrates some of the biggest names currently making a huge mark on the vibrant property landscape Saudi Arabia’s new tourism law aims to create a structured and regulated environment for the kingdom’s tourism sector to ensure growth and preservation of tourism assets Bloom Living: Reimagining premium community living in Abu Dhabi4 AB Property Giants — January 2024 UAE megaprojects Page 30 4 AB Property Giants — January 2024 Baccarat Hotel and Residences is expected to open in 2026 Palm Jebel Ali is expected to raise living standards while boosting real estate and tourism Eywa Dubai aims to rede ne urban living in the emirate The new Dubai Metro Blue Line with 14 stations will link major areas by 2029 The number of passengers at Etihad Rail is expected to reach more than 36.5 million annually by 2030 P The Dubai Creek Tower project is currently in the process of being redesigned in the process Wasl Tower will boast a ceramic façade designed to create the impression of dynamic movement Private sector partners play a signi cant role in the rapid progress of development projects in HattaHONOURING GREATNESS Thursday 25th January 2024 Atlantis the Royal, Dubai, UAE SALES ENQUIRIES Andy Sulahian Group Commercial Director Tel: +971 4 444 3597 GSM: +971 52 384 6238 E-mail: andy.sulahian@itp.com EVENT ENQUIRIES Daniel Fewtrell Director of Awards & Marketing Tel: +971 4 444 3684 GSM: +971 50 276 5706 E-mail: daniel.fewtrell@itp.com Scan to visit website ACHIEVEMENT AWARDS 2024 Real Estate Partner 6 AB Property Giants — January 2024 FIRST WORD | Matthew Amlot, Editorial Director Giants rise again MATTHEW AMLÔT @MatthewAmlot Hello and welcome to the Arabian Business Property Giants edition. I’m delighted that every year we are given the opportunity to shine a light on the pioneering developers that are shaping the physical landscape of our thriving region. Last year has been an incredibly powerful one for the property sector, with leaders achieving incredible mile- stones and pushing boundaries with their innovative approaches. As the cities, economies and populations within the Middle East continue to develop at a rapid pace, the role of top-tier real estate rms is more important than ever before. Through undertaking massive, complex projects that deliver advanced infrastructure, workspaces, residential areas and public amenities, these developers are literally building the foundations for progress. Their master planned communities and architecturally striking devel- opments serve as a demonstration of both the ambition and expertise that the industry has attained. More than just putting up walls and oors, today’s property rms are tackling sophisticated urban planning challenges and implementing cutting-edge technologies and sustainable practices into their designs. They are creating vibrant destinations that improve liveability for residents and attract businesses and talent from around the globe. The standard they set inspires others to contin- uously raise the bar. This year we have selected an important set of industry powerhouses who have established themselves as regional centre blocks through their expansive portfolios spanning multiple markets. Whether they formed decades ago or more recently, these industry leaders share the vision and work ethic needed to take on projects of a scale like no other. Of course, leading such large-scale developments in a complex geopolitical region is not without its challenges. Our property giants have navigated shifting markets, regu- lations and availability of materials with great expertise over the decades. They also play a key employment role, providing jobs, training and work experience on their multi-year construction activities. It is a pleasure to see long-established businesses still led by visionary entrepreneurs who founded them, as well as newer rms founded and run by talented next-gener- ation leaders. All embraced advancing technologies and placed purpose at the core before sustainability and well- ness became mandatory considerations. So as the property sector looks ahead to future decades of growth opportunities across the Middle East, be assured it is in safe hands. This year’s giants list celebrates those who have demonstrated true excellence and left an indel- ible mark with their contributions so far. I hope you will join me in admiring their incredible achievements and envisioning what they have in store as they continue to build a bright future for our region. It’s the perfect time to celebrate an industry in boomarabianbusiness.com 7 SUBSCRIBE NOW www.itp.com/subscriptions +971 4 4443000 XPT VIEWS X LV interviews INDEH NEWS UAE: AED 15 KSA: SAR 15 BAHRAIN: BHD 1.500 OMAN: OMR 1.500 KUWAIT: KWD 1.200 QATAR: QAR 15 Inclusive of VAT 24/15 • 01–15 December 2023 THE WORLD IS NOT ENOUGH After more than two decades as a corporate lawyer, Farah Zafar decided to build her own tech platform Lyvely. It is already on course for a $3.2bn valuation and set to change the course of social media 24/14 • 16 – 30 November 2023 UAE: AED 15 KSA: SAR 15 BAHRAIN: BHD 1.500 OMAN: OMR 1.500 KUWAIT: KWD 1.200 QATAR: QAR 15 Inclusive of VAT BUILDING A LEGACY Thumbay Moideen, founder of Thumbay PUBLISHED BY AND © 2024 ITP MEDIA GROUP FZ-LLC. NO ICE The publishers regret that they cannot accept liability for error or omissions contained in this publication, however caused. The opinions and views contained in this publication are not necessarily those of the publishers. Readers are advised to seek specialist advice before acting on information contained in this publication, which is provided for general use and may not be appropriate for the readers’ particular circumstances. The ownership of trademarks is acknowledged. No part of this publication or any part of the contents thereof may be reproduced, stored in a retrieval system or transmitted in any form without the permission of the publishers in writing. An exemption is hereby granted for extracts used for the purpose of fair review. PO Box 500024, Dubai, UAE Tel: +971 4 444 3000 Offices in KSA, UAE, UK, US, and INDIA I MEDIA GROU CEO Ali Akawi MANAGING DIRECTOR Alex Reeve MANAGING DIRECTOR Anil Bhoyrul EDI ORIA EDITOR-IN-CHIEF Rob Corder, rob.corder@itp.com EDITORIAL DIRECTOR Matthew Amlot, + 971 4 444 3264, matthew.amlot@itp.com SUB EDITOR Edward Liamzon, +971 4 444 3474, edward.liamzon@itp.com ARABIANBUSINESS.COM EDITOR AT LARGE Will Milner DESIGN SENIOR DESIGN MANAGER Geri Batara Sonny DESIGNER Mohammed Irqsosy S UDIO VIDEOGRAPHER Muhammad Kaleem VIDEO EDITOR Liju Cheruvathur RODUC ION PRODUCTION MANAGER Denny Kollannoor PRODUCTION COORDINATOR Mahendra Pawar SENIOR IMAGE EDITOR Emmalyn Robles E EN S & MARKE ING DIRECTOR OF AWARDS & MARKETING Daniel Fewtrell, +971 4 444 3684, daniel fewtrell@itp.com SENIOR MARKETING AND EVENTS MANAGER Anthony Chandran, +971 4 444 3685, anthony.chandran@itp.com DIS RIBU ION HEAD OF DISTRIBUTION AND NEWSTRADE Abdulrahim Alparambil DISTRIBUTION COORDINATOR Avinash Pereira CIRCULATION EXECUTIVE Rajesh Pillai AD ER ISING GROUP COMMERCIAL DIRECTOR Andy Sulahian +971 4 444 3597, andy.sulahian@itp.com SENIOR COMMERCIAL MANAGER Neha Sikri +971 4 444 3353, neha.sikri@itp.com SENIOR COMMERCIAL MANAGER Samir Glor +971 4 444 3320, samir.glor@itp.com COMMERCIAL MANAGER Pallavi Choudhary +971 4 444 3359, pallavi.choudhary@itp.com I GROU CEO Ali Akawi CFO Toby Jay Spencer-Davies CORPORATE WEBSITE itp.com CIRCULATION CUSTOMER SERVICE +971 4 444 3000 WEB arabianbusiness.com8 January 2024 PROPERTY GIANTS 2024 8 AB Property Giants — January 2024arabianbusiness.com 9 PROPERTY GIANTS 2024 PROPERTY GIANTS The property development sector plays a crucial role in shaping the skylines and infrastructure of cities across the Middle East. As popu- lations and economies continue to grow at a rapid pace, ambitious real estate projects that deliver new homes, workplaces and public spaces are in high demand. Leading this transformation are a select group of giant developers who have established themselves as pioneers in the industry. For years, they have demonstrated vision, innovative spirit and a commitment to raising standards through ambitious, landmark projects. With their footprint extending across multiple countries in the region, they are driving the continued evolution and modernisation of the built environment. This year’s Arabian Business Property Giants list celebrates some of the biggest names currently making a huge mark on the vibrant property land- scape. Through meticulous research and planning, these developers continue to deliver impressive masterplans and sustainable communities that meet the needs of today while preparing for the future. Their portfolio of completed and upcoming projects reflects both the scale of their ambition and expertise in complex development. Whether building towering residential and commercial skyscrapers, whole new infrastructure or entire smart cities from the ground up, this year’s Property Giants are demonstrating true leadership in the sector. Their impact on urban planning and liveability will be felt for decades to come. 9 arabianbusiness.com 9Next >