< PreviousPROPERTY GIANTS 20 AB Property Giants — January 2024 Mohamed Alabbar is the founder and chairman of Emaar who has dedicated nearly three decades to shaping Dubai's modern landscape. He founded Emaar in Dubai in June 1997, with a vision to contribute to the city's transformation into a global hub. Under his leadership, Emaar has transformed into a renowned integrated real estate developer, setting the standards for innovation, sustaina- bility, and community living. Alabbar’s impact extends to other ventures, including Eagle Hills and Nshama, which was established in 2014 and focuses on creating technologically advanced, sustainable communities. Beyond real estate, Alabbar’s diverse businesses span over 20 global markets, encompassing F&B, ecommerce, venture capital, logistics, hospitality, and technology. His venture, Noon Food, fosters a sustainable ecosystem for businesses and consumers and has expanded its presence in Dubai, Shar- jah, as well as Abu Dhabi. Noon, his ecommerce rm, collab- orates with government entities to support start-ups in Abu Dhabi and Ajman. At the forefront of digital innovation, Alab- bar introduced Zand, a ground-breaking digital corporate and retail bank. His developments have enriched communi- ties across the MENA region, the US, Central and Eastern Europe, and South and Southeast Asia. He is also a signi cant stakeholder in Middle East Venture Partners (MEVP), provid- ing tech exposure to investors in Turkey and the broader MENA region. Additionally, Alabbar holds a stake in the glob- ally acclaimed online fashion retailer, Yoox Net-a-Porter Group, through his Alabbar Enterprises. Raising the bar on innovation Emaar Properties’ robust performance re ects Dubai's strong real estate demand. In H1 2023, Emaar reported revenues of $3.3bn, a 14 percent year-on-year growth in property sales reaching $5.5bn, and a net pro t increase of 15 percent to $1.3bn. The revenue backlog stands at $17.1bn as of June 2023, ensuring sustainable growth and nancial resilience. Emaar's recent project, The Oasis by Emaar, unveiled in June 2023, is a luxury waterfront development with a $20bn investment. It features 7,000 residential units, including mansions and villas, set amidst natural surroundings, including lakes, water canals, parks, and green spaces. This project o ers an opulent lifestyle with luxurious amenities. Emaar Properties recently revealed that its ambitious Dubai Creek Tower project, initially announced in 2016 as an observation tower surpassing the height of the Burj Khalifa skyscraper, is currently undergoing a redesign phase. Construction is set to commence next year. On completion, the Dubai Creek Tower is likely to create several major records. Emaar Properties has a strong commitment to corporate social responsibility (CSR). Initiatives like Sandooq Al Watan aim to foster sustainable development and support low-in- come individuals. Beyout Al Kheir, introduced by Emaar Misr in 2018, provides housing for underprivileged families in Egypt. In 2020, Emaar committed to embedding ESG princi- ples into its operations, focusing on decarbonisation, climate resilience, and community support. Alabbar’s commitment to sustainability is evident in initiatives like introducing elec- tric bikes to noon Food's eet in May 2023, aligning with the UAE’s goal of zero emissions by 2050. EMAAR PROPERTIES UAEarabianbusiness.com 21 PROPERTY GIANTS Hussain Sajwani, founder and chairman of Damac Group has swiftly risen to prominence in the Arab world, particularly within Dubai’s property market. In the mid-1990s, his visionary insight allowed him to foresee the growing demand for accommodations, driven by the in ux of individuals arriving in Dubai for key business and trade engagements. Recognising this emerging opportunity, he embarked on an ambitious venture to construct several distinguished hotels which helped to strategically position Dubai as an unparalleled hub for global business travellers. In 2002, Sajwani made his mark by founding DAMAC Properties, which would go on to become one of the largest property development companies in the Middle East and beyond. Having delivered over 43,700 homes with more than 30,000 currently in development, DAMAC has a presence in over 10 countries, including Dubai, Jeddah, Riyadh, Beirut, Amman, Doha, Baghdad, the Maldives, Toronto, Miami, and London. Notable projects include DAMAC Towers Nine Elms in central London, featuring iconic branding by Italian fash- ion house VERSACE, and the upcoming luxurious tower in Miami's Surfside neighbourhood. His dedication to education and social progress is exempli ed through the Hussain Sajwani – DAMAC Foun- dation. Notably, the One Million Arab Coders initiative, part of the foundation, aims to empower one million Arabs with essential coding skills, preparing them for success in the digital era. About DAMAC DAMAC has ventured into the hotel management sector, overseeing eight hotel properties in collaboration with renowned brands such as Radisson, Paramount, Rotana, and DAMAC Maison. Additionally, DAMAC is devel- oping a resort in the Maldives in part- nership with the Mandarin Oriental Hotel Group. Sajwani’s commitment to excellence is reflected in DAMAC’s collaborations with prestigious lifestyle brands, resulting in opulent living concepts. These projects feature inte- riors designed by key fashion houses such as Versace Home, Fendi Casa, de GRISIGONO, Cavalli, and Just Cavalli. DAMAC’s unique Paramount Hotels & Resorts brand o ers luxurious serviced living experiences that bring the allure of Hollywood to hospitality. DAMAC Properties has prioritised advancing its master-planned community, DAMAC Lagoons, by awarding contracts totalling $653m in the rst half of this year. Notably, Ginco General Contracting received a prominent contract valued at $205m for the main works within the Malta cluster, comprising 1,127 villas and townhouses. DAMAC Properties has unveiled two exciting additions to its Damac Hills 2 master community in Dubai: The Farmhouses and Verona. The Farmhouses collec- tion o ers expansive country homes within the city, featuring 13 standalone villas with spacious backyards for diverse purposes. Verona, located adjacent to the Victoria cluster, consists of rows of townhouses providing residents with a vibrant lifestyle. DAMAC Group has ventured into the data centre industry with DAMAC Data Centres, located in Riyadh and Dammam, KSA, Turkey, and Ireland, to meet the growing demand for data centre services. Sajwani has also demonstrated his prow- ess in the global equity and capital markets through his private investment division, which holds portfolios of securities in various regional and global markets. DAMAC UAEPROPERTY GIANTS 22 AB Property Giants — January 2024 Maged Marie, a self-made entrepreneur who founded Magnom Group in 2000, boasts over two decades of experience across multiple industries in Egypt. In his current role as the CEO since August 2021, he has also held the posi- tion of CEO of Magnom Logistics for the past 22 years. One of key accomplishments was his role in the completion of the New Suez Canal Project, which marked a signi - cant milestone in Egypt’s infrastructure development. In 2020, Marie secured an exclusive agency agreement with Lurs- sen, the world’s largest German luxury yacht and naval ship designer and constructor. This partnership aimed to boost local manufacturing and enhance Egypt’s marine industry. He also holds the exclusive agency for Jan De Nul, a Belgian dredging company boasting the world’s largest eet of dredgers. This partnership has bolstered Magnom Group’s international presence and demonstrated Marie’s ability to establish strategic alliances with industry leaders. Throughout his career, he has diversi ed his business interests by establishing companies such as Future Land, specialising in industrial security, supplies, and free zones, and Magnom Logistic, focused on logistics services, ware- housing, and heavy machinery rental. In 2005, he played a role in founding Platinum Services, a port services company located at Sokhna Port, Egypt’s rst private port. Recognising the need for a more streamlined approach to his business ventures, he consolidated his companies under the Magnom Holding Group in 2019 which encom- passes various sectors, including logistics, mining, construc- tion, and more in Dubai. Furthermore, Marie’s dedication to improving Egypt’s infrastructure led to the establishment of Egypt Ports, a company dedicated to developing and managing Egyptian ports with international standards. About Magnom Properties Magnom Properties is the real estate arm of Saudi conglom- erate Rawabi Holding, established to oversee the development of innovative and sustainable real estate projects across KSA, Egypt, and the MENA region. Rawabi Holding, headquartered in Al Khobar, holds interests in various sectors including oil and gas, marine, industrial, contracting, and manufacturing services. The company has plans to create multiple sustain- able real estate projects across KSA, partnering with US-based Adrian Smith + Gordon Gill Architecture (AS+GG Architec- ture), known for their role in the Burj Khalifa in Dubai with a special focus on building energy-e cient and sustainable structures. Magnom Properties aim to minimise carbon foot- print, manage water resources, and incorporate intelligence and resilience into the built environment by integrating ESG considerations into their regional projects. Just less than one year into its inception, Magnom Prop- erties unveiled its inaugural venture, a zero-carbon commer- cial tower in partnership with media giant brand Forbes. The proposed Forbes International Tower is planned for the northern central business district of Cairo’s New Adminis- trative Capital. It will o er 50 oors of o ce space along with two levels of retail establishments upon completion. Dubbed as the world’s most sustainable tower, it sets the standard for forward-looking projects and underscores Egypt’s dedication to being an ESG leader in the MENA region. MAGNOM Egypt Maged Marie is the CEO of Magnom Group, which he founded in 2000arabianbusiness.com 23 PROPERTY GIANTS Rizwan Sajan, founder and chairman of Danube Group, is a prominent Indian entrepreneur whose visionary has steering the upward trajectory of Danube, a signi cant conglomerate in the Middle East. His journey commenced in the early 90s with his move to the UAE, driven by the aspiration to build his own business. That dream became a reality In 1993 with the launch of Danube Group which initially began as a small trading enterprise focused on building materials. Pioneering the One Percent payment plan Upon entering the real estate sector, Sajan encountered a landscape dominated by established players. Recognising the need for a distinctive approach, he identi ed a signi cant market segment that 80 to 90 percent of expatriates in Dubai preferred renting over property ownership. He then conceived a visionary strategy aimed at converting these renters into property buyers, which he coined the one percent payment plan. This innovative concept entailed an initial down payment, followed by monthly payments set at just one percent of the property’s total cost, with the remain- ing balance due upon the building’s completion. As construc- tion progressed to the 60 percent milestone, nancial insti- tutions were increasingly willing to nance the remaining 40 percent of the property’s value, even before the formal title deed transfer. This approach streamlined the process for customers, eliminating the need for direct engagement with banks, bypass- ing protracted approval procedures, and mitigating uncertainties associ- ated with uctuating interest rates. The one percent payment plan ulti- mately emerged as the foundational principle that not only de ned Danube Properties but also fuelled its subse- quent successes in the competitive real estate market. Danube Properties latest project Capitalising on robust investor demand, Danube Properties has recently launched Oceanz with a development worth surpassing $681m. Providing unobstructed views of the Arabian Gulf, Oceanz will be situated adjacent to the historic Shindagha heritage village, at Dubai Maritime City and help establish it as a new epicentre for leisure and cruise tourism Scheduled for completion in the rst quarter of 2027, Oceanz will encompass a six-level podium housing parking spaces and community amenities, featuring 44 oors dedi- cated to residential properties. This project will yield 1,250 residential units, encompassing studio apartments, 1-bedroom, 2-bedroom, and 3-bedroom apartments, along with select retail outlets. Echoing Danube’s hallmark, Oceanz will o er residents access to amenities which will include a health club, in nity swimming pools, a sports arena, tennis court, barbecue area, jogging track, on-call medical services, and onboard childcare services, among others. Oceanz stands as the company’s premier development on the Arabian Gulf shoreline, providing residents a coveted waterfront living experience. Oceanz marks the 25th residen- tial project by Danube Properties and is the 10th project intro- duced in the past 19 months, re ecting an impressive launch rate of approximately one project every two months. These achievements solidify Danube Properties’ position as one of the UAE’s fastest-growing private real estate developer. DANUBE UAEUAECOVER STORY | 24 AB Property Giants — January 2024 Bloom Living: Reimagining premium community living in Abu Dhabi COVER STORY 24 AB Property Giants — January 2024arabianbusiness.com 25 | BLOOM LIVING “We are positive that Bloom Living will be one of the most sought-after communities in the capital. With construction progressing steadily, our vision to offer quality lifestyle in a unique mixed-use development is one step closer to realisation.” Bloom Holding CEO says arabianbusiness.com 25COVER STORY | 26 AB Property Giants — January 2024 Bloom Living is a fully integrated and all-in- clusive community located in Zayed City, Abu Dhabi. Launched by Bloom Holding, one of the UAE’s foremost real estate development companies, the iconic gated community will feature more than 4,500 homes, including a selec- tion of villas, townhouses, and apart- ments to suit the unique needs of resi- dents of all generations. Bloom Living has been thoughtfully designed so that all the facilities, amen- Bloom Living will feature more than 4,500 homes, including a selection of villas, townhouses, and apartments to suit the unique needs of residents of all generations ties that o er a holistic lifestyle experi- ence, where they can live, work and play. With Bloom Holding’s stamp of superior quality, we continue to o er investors and end users a great return on investment and a competitive rental yield. “Bloom Living is our most recent fully integrated mixed-use community. This unique project has witnessed over- whelming success, recording strong end-user and investor response, which re ects Bloom Holding’s commitment to addressing the market’s needs through providing premium residential units and amenities that provide residents with ities and services are within walking distance for every resident. The aspirational development has been inspired by the vibes of the Mediterra- nean, which is re ected in all facets of the community, from Spanish architecture to the rich greenery and stone pathways. CEO of Bloom Holding, Carlos Wakim says: “Over the years, Bloom Holding has consolidated its position as a leader in developing premium mixed-used devel- opments. We have established a strong reputation for bringing the right type of product to the UAE market and addressing the needs of those looking for communi-arabianbusiness.com 27 | BLOOM LIVING Wakim says Bloom Living aims to deliver a superior living experience that promotes genuine human connection high-end, luxurious community living. “Bringing together people of all ages, cultures and ethnicities, Bloom Living aims to deliver a superior living experience that promotes genuine human connection.” Residents can explore the beauty of nature in Bloom Living’s multiple, unin- terrupted, interconnected parks, or on its walkways and cycling tracks. They can also enjoy their time at the commu- nity’s main Clubhouse which provides easy access to pools, sports, and recre- ational facilities. Additionally, at the heart of Bloom Living lies a Town Center, a vibrant community destination that o ers an array of exquisite restaurants and cafés available for both residents and visitors, as well as a variety of retail options and services such as a medical clinic, a well- ness centre and a supermarket, to ensure that residents can obtain all their daily necessities without the need to leave Bloom Living. The community also included places of worship as well as two outstanding international schools. The focal point at Bloom Living will be a large lake around which residents can walk, run, and cycle on designated COVER STORY | 28 AB Property Giants — January 2024 trails. For gatherings and leisure activ- ities, the community features multi-pur- pose amphitheatres and Sunset and Sunrise Plazas with spectacular views. Cordoba, Bloom Living’s rst phase The rst phase of Bloom Living, Cordoba, comprises units that range from two-and three-bedroom townhouses and three- to six- bedroom detached villas. All units at Cordoba are sold out. It is expected to be delivered in Q4 2024. Currently, over 55 percent of construction work at Cordoba is now complete. “We are positive that Bloom Living will be one of the most sought-after commu- nities in the capital. With construction progressing steadily at Cordoba, our vision to o er quality lifestyle in a unique mixed-use development is one step closer to realisation. We seek to ful l our promise in delivering the project on schedule and to the highest construction standards,” Wakim explains. “Cordoba has sold out within a remarkable four hours of release onto the market demonstrating the trust that the people of the UAE place in the Bloom name and the strength of Bloom Living’s proposition as a multi-generational community that has everything residents need to thrive in day-to-day life.” Toledo, Bloom Living’s second phase The second phase of Bloom Living, Toledo, comprises units that range from two-and three-bedroom townhouses and three- to ve- bedroom detached villas. All units at Toledo are sold out. It is expected to be completed in Q2 2025. Currently, over 20 percent of construc- tion work at Toledo is now complete. “The progress of the construction at Toledo guarantees delivery according to schedule. It also marks a major step forward in the progress of the construction of Bloom Living which will see the launch of a significant number of residential units over the The focal point at Bloom Living will be a large lake around which residents can walk, run, and cycle on designated trails The success of Bloom Living’s launched phases is testament to the strong and fundamental resilience of Abu Dhabi’s real estate market arabianbusiness.com 29 | BLOOM LIVING next few years. Bloom Living will welcome its residents with a unique balance of modern, e cient architec- tural designs, abundant outdoor spaces, and connectivity to central Abu Dhabi,” according to Wakim. Casares, Bloom Living’s third phase The third phase of Bloom Living, Casares, comprises units that range from two-and three-bedroom townhouses. All units at Casares are sold out. It is expected to be completed in Q1 2026. Currently, we have appointed the contractor to carry out the enabling works for Casares. “We are con dent that Bloom Living will become a highly sought-after life- style destination due to its extremely attractive living options, functional layouts, and impressive community o ering,” Wakim says. “We are deeply committed to devel- oping homes to the highest standards of quality, with the nest nishings that are synonymous with the Bloom brand.” Granada, Bloom Living’s fourth phase The fourth phase of Bloom Living, Granada, comprises premium low-rise apartment buildings centred around community living. The first phase of Granada encompasses a variety of resi- dential units across eight luxury four- story buildings, including spacious studios to upscale one, two-, and three bedroom- apartments. All units at the rst phase of Granada are sold out. Granada is expected to be completed in Q4 2026. “It is an important milestone for Bloom Holding to launch the first premium low-rise community living apartment buildings within Bloom Living. We are deeply committed to bringing products to the market that directly address the needs of the community. We are seeing a speci c increase in demand for larger, high-quality apartments in mixed-use communities that provide more than just a home, which is exactly what Granada o ers,” Wakim says. The success of Bloom Living re ects Bloom Holding’s commitment to develop- ing all-inclusive communities that have everything residents need to pursue a life most meaningful to them – from best-in- class Mediterranean inspired homes designed to international best standards to a wide range of amenities and facilities for the whole family. Wakim adds: “The success of Bloom Living’s launched phases is testament to the strong and fundamental resilience of Abu Dhabi’s real estate market, and the trust our customers have placed in the Bloom brand. “Bloom Living has made remarkable progress over the past year, and we look forward to deliver one of our most exclusive community projects to the highest stand- ards to ensure a superior living experience. “We have a range of residential prod- ucts in the pipeline that we plan to launch this year in line with our commitment to meeting the evolving needs of this fast-growing market,” Wakim concludes. Bloom Holding is deeply committed to bringing products to the market that directly address the needs of the communityNext >