AN ITP MEDIA GROUP PUBLICATION SEPTEMBER 2023 • ISSUE 803 FIVE’s Kabir Mulchandani’s business spirit challenges conventions and paves the way for a new era of industry leaders FIVE STAR AMBITIONOUR AMBITION DRIVES US TO EXCEL @ALBAWANI ALBAWANI.NETCONTENTSSEPTEMBER 2023 • ISSUE 803 6 22 16 6 QUOTE OF THE MONTH Saudi Arabia’s Red Sea Global marks six years of progress. 16 OPINION ACCIONA Cultura’s Director of Strategy reveals why he believes modern-day museums ‘need to be spectacular.’ 38 TOP 50 GCC DEVELOPERS Unveiling and showcasing the most prominent and impactful developers in the GCC region. 106 THE LAST WORD TreeLocate Foliages’ Richard Franks discusses the importance of re safety in building design. SEPTEMBER 2023 3 38106 COVER Kabir Mulchandani, Founder and Chairman of FIVE, talks about championing a people-centric ethos with pioneering sustainable practices and the shared values of the ‘FIVE Tribe.’4 SEPTEMBER 2023 After wrapping up the 2022 event line-up, Construction Week Middle East is gearing up for more exciting events in 2023. As we step into the fourth quarter, we are excited to host industry leading events once again. These include the Leaders in Construction Conference series across the UAE, KSA, Qatar, and Egypt, as well as Infrastructure Summits and Annual Awards. EVENTS CALENDAR For more information on conferences, contact Parul Rana, Conference Producer (parul.rana@itp.com). For all award-related inquiries, contact Dmitry Lazarenko, Marketing and Events Manager (dmitry.lazarenko@itp.com). If you would like to be one of our partners and take advantage of our sponsorship opportunities, contact Anup Nagpurkar, Group Commercial Director (anup. nagpurkar@itp.com) or Moutaz Gadelhak, Commercial Director (moutaz.gadelhak@itp.com). *Dates are subject to change at the editorial team’s discretion* EVENTS 2023 CALENDAR 05 23 20 07 SEPTEMBER NOVEMBER SEPTEMBER NOVEMBER Leaders in Construction KSA Summit Construction Week Awards 2023 Leaders in Construction UAE Summit Construction Week KSA Awards 2023 CONFERENCE AWARDS CONFERENCE AWARDSSEPTEMBER 2023 5 | EDITOR’S LETTER | CRAFTING CITYSCAPES Julianne Tolentino Reporter The resurgence of the Middle East’s real estate sector isn’t just a blip on the radar — it’s a full-blown revolution. As the dust from the pandemic settles, and the cranes return to action, developers are now strapping on their hard hats and stepping back into the game, with a brimming bucket of demand to keep up with, no less. Every year, to commemorate the people responsible for dominating our skylines, we compile the Top 50 GCC Developers list (page 38), a ranking that not only highlights the household names in the industry, but also the fresh faces stepping into the scene. And, with luxury real estate on the rise, the list now features a substantial range, which includes high-end boutique developers to companies that specialise in premium affordable housing. Beyond the list, this edition also highlights the power of masterplanning. These include urban sustainability, green policies, global collaboration, and other initiatives that bring our cities closer to net zero. Diving deeper, our cover story (page 22) features real estate mogul Kabir Mulchandani, Founder and Chairman of FIVE, who discusses championing a people-centric ethos, with pioneering sustainable practices, and the shared values of the ‘FIVE Tribe’. As you flip through the pages of this month’s issue, you will also come across valuable insights, thought-leadership pieces, and exclusive interviews with some of the biggest names in the industry — turn to page 12 to learn about how the Director of internationally acclaimed TBH Consultancy, Christopher Nicolas, spends a day in his life. As I write this letter, Construction Week Middle East is gearing up for a vibrant events season, starting with our highly-anticipated Leaders in Construction conferences — that’s right, we’re back, not only in the UAE, but in Saudi for another year. And, we’re excited to be going bigger and better than last year. Trust that we will share how this goes online and in our next issue (for all those who will not be attending the conferences in person). For those of you who are, we can’t wait to welcome you soon. Signing off! PO Box 500024, Dubai, United Arab Emirates TEL +971 4 444 3000 WEB: WWW.ITP.COM Offices in Abu Dhabi, Dubai, London, Riyadh & Mumbai ITP MEDIA GROUP CEO Ali Akawi CFO Toby Jay Spencer-Davies Managing Director Alex Reeve EDITORIAL Group Editor Kate-Lynne Wolmarans kate.wolmarans@itp.com Deputy Editor Muhammed Alharari muhammed.alharari@itp.com Reporter Julianne Tolentino julianne.tolentino@itp.com Commercial Reporter Angitha Pradeep angitha.pradeep@itp.com ART Art Director Amjad Ayche amjad.ayche@itp.com Designer Tofiq Memon tofiq.memon@itp.com ADVERTISING Group Commercial Director Anup Nagpurkar +971 4 444 3573; anup.nagpurkar@itp.com Commercial Director Moutaz Gadelhak +971 4 444 3177; moutaz.gadelhak@itp.com Commercial Manager Robert Cole +971 4 444 3417; robert.cole@itp.com PHOTOGRAPHY Chief Photographer Rajesh Raghav Videographer Muhammad Kaleem Video Editor Liju Cheruvathur Multimedia Producer Mina Vucic Group Social Media Manager Andy Ruedas ITP LIVE General Manager Ahmad Bashour +971 4 444 3549; ahmad.bashour@itp.com PRODUCTION Production Manager Denny Kollannoor Production Coordinator Mahendra Pawar Senior Image Editor Emmalyn Robles DISTRIBUTION Circulation Executive Rajesh Pillai Distribution Coordinator Avinash Pereira MARKETING Director of Awards & Marketing Daniel Fewtrell Website www.constructionweekonline.com Subscribe online at www.itp.com/subscriptions NOTICE: The publishers regret that they cannot accept liability for errors or omissions contained in this publication, however caused. 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Scan to learn more and register for our events!“We made exceptional progress in six years” John Pagano, Group CEO, Red Sea Global 6 SEPTEMBER 2023 | QUOTE OF THE MONTH | “WE STAND AT THE BRINK OF AN EXTRAORDINARY MOMENT” Red Sea Global (RSG), the multi- project developer behind the world’s most ambitious regenerative tourism destinations, Amaala and The Red Sea, has released a comprehensive update on construction progress across phase one of The Red Sea destination. The month of August 2023 marks six years since The Red Sea was fi rst announced by His Royal Highness Crown Prince Mohammad bin Salman Al Saud as an international tourist destination as part of the kingdom’s 2030 Vision. Now, with The Red Sea’s fi rst three hotels and phase one of the international airport on track to open later this year, its construction update reveals the remarkable progress achieved across the destination, including a further 13 hotels and the supporting infrastructure. “We stand at the brink of an extraordinary moment as we prepare to unveil The Red Sea destination to the world. In six years, we have made exceptional progress, creating exquisite resorts and best-in- class, sustainable infrastructure in a remote location, demonstrating innovation in line with our regenerative approach and commitment to responsible development,” said John Pagano, Group CEO at Red Sea Global. “While the anticipation builds for the opening of our fi rst hotels and the initial phase of our solar-powered airport, we are busy working on the rest of phase one. We are ready to deliver countless more extraordinary moments on our journey to positioning Saudi Arabia proudly on the world stage as a must-visit destination.” Desert Rock, a unique mountain resort being built into the rockface, is more than 50% complete overall. RSG has fully excavated and formed the 10 rooms integrated into the mountainside, as well as all 195 metres of tunnelling. Additionally, work is ongoing on all 11 resorts and infrastructure across Shura Island. Over 100 construction contracts are in place, with a similar number out in the market for tenders. RSG continues to maximise the use of off -site manufacturing with precast structures progressing rapidly, bathroom pod deliveries underway, and the prefabricated timber structure on the Golf Clubhouse nearing completion. On Sheybarah Island, RSG has now installed all 38 stainless steel overwater villas. While the fi rst overwater villa took nine hours to install, the developer perfected this process so that it now requires less than two hours. The fi rst beach villas have arrived at the island, one of which has successfully been installed. Upon full completion in 2030, the destination will comprise 50 resorts, off ering up to 8,000 hotel rooms and more than 1,000 residential properties across 22 islands and six in-land sites. The destination will also include luxury marinas, golf courses, entertainment, F&B, and leisure facilities. The developer is also making substantial progress on other front and back of house structures and infrastructure, including foundation work on the spa and two specialised restaurants. Saudi Arabia’s Red Sea Global marks six-years of progress with an impressive Red Sea phase one construction update Six Senses Southern Dunes, The Red Sea ProjectVVISITT US SS2-D24 SCAN ME! BUILD THE FUTURE WITH BATTERY LEADERS 15X MORE RESISTANT TO VIBRATION PREMIUM BRANDS BRANDS EXCLUSIVITY TOP-NOTCH QUALITY EXPRESS EXPRESS DELIVERY Local stock in DubaiLocal stock in Dubai MORE RESISTANT TO VIBRATION V3 - PUB PRESSE DUBAI - OK - 205x275mm - ARTWORK.indd 104/08/2023 15:33AVERAGE PRICE OF PROPERTY IN DUBAI $980K NO. OF HIGH-END PROPERTY SALES IN JAN-JUNE 2023 50% 55.4% 176 TOTAL PROPERTY SALES VALUE IN H1 2023 $48BN % INCREASE IN OFF-PLAN PROPERTY SALES AVERAGE % GROWTH IN RESIDENTIAL PROPERTY SALES % INCREASE IN PROPERTY SALES COMPARED TO H1 2022 17% 8 SEPTEMBER 2023 | STAT OF THE MONTH | DUBAI’S LUXURY MARKET GENERATES $850 MILLION, OUTDOING LONDON, NY, AND PARIS In a groundbreaking achievement in 2023, Dubai emerged as the world’s premier luxury property market, outshining cities like London, New York, and Paris who are known for their premium property off erings. According to the Allsopp & Allsop H1 2023 market report, the city generated an impressive sum of approximately $850 million (AED 3.1 billion) from high-end residential units priced at $10 million or above during the fi rst half of the year. Throughout the January-June period, a total of 176 high-end property sales were recorded, including remarkable transactions that made headlines. Notably, one of the headline-grabbing deals was a $111.6 million (AED 410 million) sale of a penthouse in the prestigious Bulgari Lighthouse residence on Jumeirah Bay Island. Dubai’s real estate market showcased unparalleled growth and success during this period, fi rmly establishing its position as the leading destination for luxury property investments worldwide. The growing international attention on Dubai has sparked a remarkable surge in the off -plan sales market, propelling its share to a signifi cant 50% of all property sales during the fi rst half of 2023, as reported by Allsopp & Allsopp. The heightened demand has also resulted in an impressive average growth of 17% in residential property sales prices across Dubai, particularly in the luxury segment, according to the report. Moreover, the increase in demand has ultimately led to fi erce competition among potential buyers, with an average of four buyers vying for each listed property. The city’s real estate market witnessed 176 high-end property sales, surpassing $10 million during the rst half of the year Apartment sales accounted for 74% of all Dubai property transactionsRAKCERAMICS.COM Imagine a space where your inspiration can run free. A world that tells your own story, every single day. At RAK Ceramics we help create the perfect living space, for you and your loved ones. 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