< Previous| POWER 100 | 48 JUNE 2023 Kabir Mulchandani, debuting in the Construction Week Power 100 2023 list, is a renowned figure in the real estate, hospitality, and philanthropic sectors, and the driving force behind the iconic FIVE Hotels and Resorts. As the founder and visionary behind FIVE Holdings, formerly SKAI Holdings, he has established a Dubai-based vertically integrated real estate development and hospitality group focused on delivering high-quality properties and luxurious lifestyle experiences. With a trailblazing spirit, FIVE has consistently pursued disruptive innovation in real estate and hospitality, setting new standards for sustainability within the luxury lifestyle sector. The company’s current and upcoming hotels showcase its commitment to the incorporation of sustainable practices with FIVE earning LEED Platinum green building certifications for all its operational hotels, in addition to other sustainability recognitions across its business and operations. FIVE invested in the distressed Bahar 4 project in JBR in 2010, starting their success story. Within six months, all units were sold, yielding a remarkable 46% profit, paving the way for continued achievements. Maintaining strong shareholder support has been paramount to FIVE’s performance and long-term vision. Over the years, FIVE has delivered outstanding returns, with a 77X increase in value in just 11 years. FIVE’s expansion beyond Dubai is exemplified by FIVE Zurich, in Switzerland. The Swiss community has embraced the FIVE concept, with in-house designed culinary destinations and Swiss design aesthetics fused with the distinct FIVE ‘sense of destination and place.’ Adding to its portfolio, FIVE will be ready to launch FIVE LUXE, JBR, in Q4 of 2023, featuring 498 hotel rooms and residences. The demand for FIVE properties remains strong, with notable sales achievements, including a $20.44 million penthouse sold at FIVE LUXE JBR and a five-bedroom penthouse in SENSORIA priced at $1712 per square foot. In an industry-defying move, FIVE Hotels and Resorts has forged a progressive partnership with the iconic Warner Music Group, unveiling FIVE Music. This venture integrates seamlessly into FIVE’s overarching ecosystem of entertainment, further solidifying its position as an ever-expanding hospitality group. Furthermore, FIVE recently introduced Fly FIVE, a new aviation experience for guests who want to book private charters within an ACJ TwoTwenty jet called the 9H-FIVE. Thanks to Mulchandani’s exceptional leadership and visionary approach, FIVE Hotels and Resorts has become a trailblazer in the industry, embodying the very essence of luxury, innovation, and creative collaborations, all while championing sustainability initiatives. KABIR MULCHANDANI Chairman & Founder, FIVE Holdings 7 “FIVE WILL BE READY TO LAUNCH FIVE LUXE, JBR, IN Q4 OF 2023, FEATURING 498 HOTEL ROOMS AND RESIDENCES”JUNE 2023 49 | POWER 100 | In the eighth position, Mounir Haidar, Co-Founder & Managing Partner of LEAD Real Estate Developers, is recognised for his outstanding achievements in the construction industry as the leader of Abu Dhabi’s high-end niche real estate development company. Haidar has successfully guided LEAD through another year of prosperity, progress and growth, firmly securing his place in the list of highly accomplished leaders in the Developers sub-category of the Construction Week Power 100 2023. Since its establishment in 2010, LEAD has conceptualised, built, and delivered projects worth in excess of $7.62 billion, cementing its leadership position in the high-end niche development market. Haidar attributes the organisation’s success to his growing team of industry experts and LEAD’s authentic and transformational vision for Abu Dhabi’s real estate market. Just this past year, Haidar led the company to achieve a 98% completion of the overall infrastructure works at Jubail Island, one of many milestones achieved in the last 12 months, thus creating a unique destination masterplan in the heart of the capital. Leading by example and exemplifying a strong corporate commitment to excellence and accountability, Haidar and the organisation celebrated the first official plot handover at Jubail Island this year, with future residents receiving their plots to start construction. Other significant achievements for Jubail Island include; recording sales of over $1.63 billion, with contracts worth about $1.47 billion already awarded for the project. Meanwhile, Marsa Al Jubail – a key development launched in the last 12 months, achieved a 50% completion rate. Aligning with Abu Dhabi’s vision, LEAD’s achievement of key milestones has seen the developer receive significant direct investment and sign numerous long-term partnerships and joint ventures as the company leverages strategic relationships with the government and private sector. In addition, Haidar has championed LEAD’s CSR advocacy values by safeguarding the environment at Jubail Island as part of its commitment to plant 1 million mangrove trees in the next decade. This pledge aligns with the real estate developer’s corporate values of excellence and accountability, as it seeks to master plan sustainable communities – where life, work and entertainment co- exist responsibly. A highly accomplished industry expert and respected community leader, Haidar is also Chairman of the Abu Dhabi Chamber of Commerce for the Construction and Real Estate Working Group committee, a role in which he aims to deliver vibrant communities to the capital and beyond. With Haidar’s trusted leadership, LEAD is unlocking the potential value of people, land and capital as the organisation delivers on its promise of building future generational living in the UAE and beyond. MOUNIR HAIDAR Cofounder & Managing Partner, LEAD and MD, Jubail Island Investment Company 8 “SINCE ITS ESTABLISHMENT IN 2010, LEAD HAS CONCEPTUALISED, BUILT, AND DELIVERED PROJECTS WORTH IN EXCESS OF $7.62 BILLION”| POWER 100 | 50 JUNE 2023 Rizwan Sajan, Founder and Chairman of Danube Group, has been recognised in the Construction Week Power 100 2023 list under the Developers sub-category. With an unwavering commitment to constant evolution, Sajan has been the driving force behind the company’s success. His receptiveness to change and visionary leadership have propelled Danube Group to achieve significant milestones. Beginning with a single store in Deira, Dubai, Sajan has steered Danube Group to become a multi-million dollar company with a global presence. Danube Properties, a subsidiary of Danube Group, has been at the forefront of the affordable luxury home segment in the UAE, with the iconic 1% payment plan. Notably, over the last 12 months, the company launched and sold out five projects on the day of its launch, demonstrating the strong demand and trust in the brand. Two of their notable projects include Fashionz by Danube and FashionTV, a luxurious residential tower comprising over 700 apartments across 65 floors, and Viewz, their largest real estate project to date. Viewz, in collaboration with DMCC, is anticipated to redefine luxury living through the inclusion of Aston Martin-furnished interior common areas and amenities. Danube Group has also been recognised for their commitment to transparency and trust. They became one of the first developers in the GCC region to deliver on-site Oqood to investors and buyers globally, showcasing their strong partnership with the DLD. The company’s remarkable growth is evident, with a growth rate of more than five times the previous year. In addition to its real estate ventures, Danube Group has launched Danube Sports World, the largest indoor sports facility in the Middle East, located on an 18,580 m2 plot of land in the shape of a massive inflated dome next to Habtoor City and Aykon City on Sheikh Zayed Road. In terms of CSR initiatives, Danube has made significant contributions towards philanthropic initiatives and community welfare, having donated AED 5 million ($1.4 million) towards the 1 Billion Meals Endowment initiative. Moreover, demonstrating their ongoing commitment to the welfare of blue-collar workers, the group has provided 100,000 meals daily during Ramadan at their accommodations and other camp centres across Sharjah, Dubai, and Abu Dhabi. The company has also played a pivotal role in the construction of a mosque in Dubai Motor City and Dubai Studio City, ensuring a place of worship for the community. Furthermore, the group remains dedicated to sustainability, aligning with Dubai’s ‘2023-the year of sustainability’ narrative by constructing environmentally friendly, comfortable, and sustainable homes and communities. Supported by a growing family of over 4,000 staff, Danube Group continues to expand its global footprint and increase its annual revenue. Sajan’s leadership and the company’s commitment to excellence have positioned Danube Group as a prominent player in the industry, known for delivering exceptional quality and sustainable development. RIZWAN SAJAN Chairman & Founder, Danube Group 9 “TILL 2022, DANUBE PROPERTIES HAS DELIVERED 11 PROJECTS - 4,555 UNITS WITH THEIR ICONIC 1% PAYMENT PLAN”JUNE 2023 51 | POWER 100 | Featuring in the Power 100 list, Talal Moafaq Al Gaddah, Senior Executive Vice Chairman of MAG, is one the youngest developers in the region, whose leadership and management skills are unifying the corporate direction and strategy of MAG, and propelling it to new heights. His real estate portfolio is valued in excess of $4.08 billion today. Al Gaddah’s ambition for MAG is founded on his aspiration to transform the UAE’s real estate market and economy with a new wave of investors from inside and outside the country — a feat he has achieved by attracting customers with developments that carefully meet their needs and convert their dreams into reality. Seeing an opportunity for innovation in Dubai’s market, Al Gaddah developed a revolutionary new luxury well-being real estate and hospitality concept, Keturah, which is set to redefine the sector. Keturah launched at The Ritz-Carlton Residences, Dubai, Creekside, with Keturah Resort, the first development in the region to pursue a WELL Health- Safety Rating certification. With this launch, his goal is to create a development that combines luxury with well-being and a true sense of community. Al Gaddah’s second launch, as part of the Keturah brand, is Keturah Reserve in Meydan, another first in the Middle East, portraying a ‘Bio Living’ concept. Bio Living completely immerses residents in landscaped nature to significantly improve their physical, mental and emotional health. In addition, the project is a space for residents to connect with their families, themselves, and with all aspects of their lives. In the last 12 months, MAG has completed 2,000 units across three projects. Furthermore, all 93 available townhouses at Keturah Reserve were sold for a total of $81.6 million, whereas at ‘The Ritz-Carlton Residences, Dubai, Creekside,’ part of the Keturah Resort, penthouses with 360-views of the Dubai skyline, the two-bedroom Sky apartments, and two mansions out of the available 12 were sold. Additionally, all units at MBL Royal Residence, the mixed-use luxury tower in JLT by MAG, were sold out within 75 days with sales totalling $200 million. Al Gaddah’s innovative projects and impressive sales figures have solidified his reputation as a trailblazer in the UAE’s real estate market, demonstrating his unwavering commitment to transforming the industry. TALAL MOAFAQ AL GADDAH Senior Executive Vice Chairman, MAG 10 “IN THE LAST 12 MONTHS, MAG HAS COMPLETED 2,000 UNITS ACROSS THREE PROJECTS”| POWER 100 | 52 JUNE 2023 Next up on the developer’s list is John Pagano, CEO of Red Sea Global and AMAALA. Under Pagano’s leadership, Red Sea Global aims to create a ‘world-class luxury destination’ that showcases the natural beauty and cultural heritage of the region Known for his visionary leadership is PNC Menon, the Founder and Chairman of real estate developer Sobha Realty. Menon is highly regarded in the while adhering to strict environmental sustainability principles. The project encompasses more than 90 pristine islands, along with protected coral reefs, stunning beaches, and diverse marine and terrestrial ecosystems. Pagano brings a wealth of experience from the hospitality and tourism industry to his role, and since 2018, has led RSG’s growth from the ground up. Today, he is creating unique eco-luxury, sustainable, regenerative tourist destinations that will contribute to transforming the global tourism industry and to the diversification of the Saudi Arabian economy Moreover, under his leadership, Red Sea Global has marked significant achievements after awarding multiple million-dollar contracts for its projects. real estate industry for several reasons including his keen understanding of market trends, eye for design, and commitment to the highest quality products. During the last 12 months, Sobha has launched a pipeline of new projects that aim to transform Dubai’s construction landscape. These include The S Tower, Sobha Reserve in Dubai Land, Sobha Hartland II, and Sobha One to name a few. One of its most well-known development is the Sobha Hartland project, a self-sustainable community located in the Mohammed Bin Rashid City that prioritises the protection of the environment by reducing carbon footprint significantly. Hussain Sajwani is the founder of DAMAC Properties, a global property developer known for its work on commercial buildings and luxury residentials. As a leader, Sajwani has spearheaded the company’s innovative approach by leveraging cryptocurrency and technology to offer cutting-edge solutions to their customers in the beginning of last year. Since identifying a market opportunity in 2002, Sajwani’s establishment of DAMAC has positioned it as one of the largest property development firms in the Middle East region. Their impressive portfolio encompasses projects in prominent global cities such as Dubai, Abu Dhabi, Doha, Amman, Jeddah, London, and more. With a successful background in private equities, mergers, and acquisitions, Sajwani, known for his astute business acumen and investment prowess, holds both majority and minority stakes in publicly traded companies. JOHN PAGANO PNC MENON HUSSAIN SAJWANI CEO, Red Sea Global Founder & Chairman, Sobha Realty Founder, DAMAC 12 11 13JUNE 2023 53 | POWER 100 | Carlos Wakim, the CEO of Bloom Holding, marks his debut in the Construction Week Power 100 2023 list, spearheading the company’s remarkable construction milestones and positioning it as a foremost developer in the real estate industry. Under his visionary leadership, Bloom Holding has achieved significant success, marked by the launch of Bloom Living, an integrated and all-inclusive community located in Abu Dhabi. Bloom Living, spread across a sprawling 2.2 million m2, is an iconic gated community comprising more than 4,500 homes. The launch of Bloom Living signifies a significant milestone for Bloom Holding, representing its commitment to creating a modern, cosmopolitan, and multicultural hub in Abu Dhabi. Bloom Holding has also experienced exceptional sales success with Bloom Living. The first phase, Cordoba, sold out within a remarkable four hours of its market release, reflecting the trust and confidence that the people of the UAE place in the Bloom brand. The second phase, Toledo, also achieved substantial success, solidifying Bloom Holding’s reputation as a trusted and respected developer in the region. In addition to the launch of Bloom Living, Bloom Holding has completed Aldhay, the fifth phase of the esteemed Bloom Gardens master-planned community. Impressively, Aldhay was completed six months ahead of schedule, showcasing the company’s commitment to delivering projects efficiently and exceeding customer expectations. Through ongoing projects, Bloom Holding continues to demonstrate its dedication to growth and innovation. For example, Cordoba is on track to be completed in Q4 2024, offering 257 units. Similarly, Toledo is progressing as planned and is set to be completed in Q2 2025, featuring 405 units. Additionally, Bloom Holding is making strides in Egypt with an international school spanning 40,000 m2. Moreover, Bloom Holding has appointed Rotana to manage the hotel apartments within the prestigious Park View development on Saadiyat Island, further elevating their hospitality offerings and ensuring a seamless living experience for residents and visitors. Wakim’s exceptional leadership, coupled with Bloom Holding’s commitment to delivering unparalleled real estate projects, position the developer as a benchmark for comfort, convenience, and innovation. With a strong focus on quality, customer satisfaction, and driving positive change, Bloom Holding continues to shape the real estate industry landscape. CARLOS WAKIM CEO, Bloom Holding 14 “BLOOM HOLDING HAS ACHIEVED SIGNIFICANT SUCCESS, MARKED BY THE LAUNCH OF BLOOM LIVING, AN INTEGRATED AND ALL-INCLUSIVE COMMUNITY LOCATED IN ABU DHABI”| POWER 100 | 54 JUNE 2023 Rahail Aslam, Founder and Group CEO of Select Group, a prominent figure in the real estate development and investment industry, has successfully spearheaded notable milestones for the group over the past 12 months with several premium projects in prime locations across Dubai and London. Among recent launches are two highly anticipated projects within the waterfront master community in Business Bay, Peninsula: Jumeirah Living Business Bay and Peninsula Four, The Plaza. These developments exemplify Select Group’s dedication to creating exceptional living environments that deliver luxury and convenience. Select Group’s latest launch, The EDGE, has garnered significant attention with its two striking residential towers in the highly sought- after location of Business Bay. The EDGE represents the group’s ability to adapt and innovate, embodying a dynamic and vibrant design that caters to the needs of modern professionals. It also offers an exceptional experience for both investors and homebuyers, further establishing the firm’s reputation for delivering iconic developments. Part of Select Group’s growth trajectory is expanding its residential portfolio by acquiring ready-built residential developments, with the most recent acquisitions including Mushrif Village community in Mirdif and Residence 110 in Business Bay. The purchase of Mushrif Village marks a unique opportunity with freehold ownership made available to foreign individuals. Additionally, the strategic investment in Residence 110 underscores the group’s dedication to delivering exceptional living experiences in coveted locations. Select Group continues its commitment to sustainable growth, evident over the last 12 months with the launch of five new development projects in the UAE and the UK, the completion of 15 Northside Business Bay and 98 Baker Street in Marylebone, London, as well as its notable acquisitions including the most recent takeover of Fairmont Cheshire The Mere Golf Resort & Spa in Manchester, UK. Under Aslam’s visionary leadership, Select Group continues to thrive in the real estate industry, delivering exceptional projects, driving innovation, and embracing sustainability. With a robust pipeline of projects and a strong market position, the company remains a trusted and respected player in the industry. RAHAIL ASLAM Founder and Group CEO, Select Group 15 “SELECT GROUP CONTINUES TO THRIVE IN THE REAL ESTATE INDUSTRY BY DELIVERING EXCEPTIONAL PROJECTS”JUNE 2023 55 | POWER 100 | Atif Rahman is a well-recognised entrepreneur and influential figure in the UAE’s real estate and construction industry, having established himself as an expert in sustainable development and innovative financial engineering within the sector. Under Rahman’s leadership as the Founder and Chairman of ORO24, the organisation has experienced exponential growth, transforming from a startup into a recognisable brand within 15 months of operations. In addition to focusing on providing high-quality housing options and fostering a community-based lifestyle, ORO24 has also successfully addressed the growing demand for affordable housing in Dubai and positioned itself as a trailblazer in the market. Rahman is transforming the property development market with modular strategies, making real estate solutions accessible to all. His previous ventures have achieved significant success in a short period, solidifying his position as a regional property development leader. With two decades of pioneering experience in successful real estate development across residential, commercial, and hotel & serviced apartment sectors, Rahman boasts an impeccable track record. Over the course of his career, he has forged strong relationships with key stakeholders, including government entities, high-net-worth individuals, and financial markets, thanks to his expertise in land procurement, world-class project design, successful sales and marketing campaigns, and timely delivery with an unwavering commitment to quality construction. His comprehensive knowledge and experience has also enabled him to manage property development businesses holistically. Driven by financial re-engineering solutions, ORO24 distinguishes itself as a conventional real estate organisation fortified by governance and risk management. With a commitment to affordability, quality, and customer satisfaction, ORO24 offers contemporary and sustainable living spaces, setting itself apart in a competitive landscape. The company has launched five projects to date, including TORINO by ORO24, LEVANTO by ORO24, ELANO by ORO24, MOSQUE by ORO24, and the firm’s headquarters. Each project provides stakeholders with an unparalleled lifestyle experience, balancing affordability and quality. Rahman’s visionary leadership and ORO24’s commitment to excellence have positioned them as transformative forces in the real estate industry, reshaping the market with their innovative approach and unwavering dedication to customer satisfaction. ATIF RAHMAN Founder & Chairman, ORO24 16 “TO DATE, ORO24 HAS LAUNCHED FIVE PROJECTS, INCLUDING TORINO BY ORO24, LEVANTO BY ORO24, ELANO BY ORO24, MOSQUE BY ORO24, AND THE FIRM’S HEADQUARTERS”| POWER 100 | 56 JUNE 2023 Amr AlMadani, the CEO of the Royal Commission for AlUla (RCU), is a visionary leader driving the transformation and preservation of the ancient city of AlUla, situated in Saudi Arabia. With his strategic planning and development expertise, AlMadani is instrumental in turning AlUla into a globally renowned destination for tourism, culture, and heritage. As a key figure in realising Saudi Arabia’s ambitious Vision 2030 plan, AlMadani actively contributes to diversifying the country’s economy and Sameh Al Muhtadi serves as the Chief Executive Officer of RAK Properties, a renowned real estate development company that holds a prominent position in the UAE. Known for its exceptional residential and office projects, RAK Properties has significantly influenced the real estate landscape of both Ras Al Khaimah and the entire UAE. Assuming the role of CEO in September 2022, Al Muhtadi embarked on an ambitious journey aimed at propelling the growth of the company on both corporate and destination levels. With a clear vision and an unwavering commitment to RAK Properties’ mission, Al Muhtadi aspires to lead the company to unprecedented heights. Under Al Muhtadi’s leadership, RAK Properties has continued to invest in the development of remarkable residential and hospitality properties. The company has achieved noteworthy milestones, such as initiating the construction of Bay Residences and launching Julphar Residences on Al Reem Island in Abu Dhabi. Notably, Julphar Residences experienced overwhelming success, elevating its tourism sector. AlUla holds immense significance within this plan, as it represents a pivotal tourism and cultural hub. Under AlMadani’s guidance, the Royal Commission for AlUla has initiated an array of projects and collaborations aimed at enhancing tourism infrastructure, revitalising heritage sites, and curating immersive experiences for visitors. Notable achievements include the launch of three luxurious hotels, the establishment of the AlUla International Airport, and the development of the Banyan Tree AlUla resort. AlUla boasts an awe-inspiring landscape adorned with ancient tombs, historical sites, and breathtaking rock formations, such as the UNESCO World Heritage site of Madain Saleh. The region’s rich history, coupled with its natural beauty, offers a captivating experience for tourists and history enthusiasts alike. With AlMadani’s leadership, the Royal Commission for AlUla is steadfast in its commitment to showcasing AlUla’s with all units selling out completely within a mere two months. Furthermore, RAK Properties’ financial results for 2022 showcased robust revenue figures, reflecting significant progress in delivering residential developments and offering exceptional 5-star hospitality experiences. The company successfully delivered 207 villas in the luxurious beachfront community of Marbella on Hayat Island. Additionally, they completed the construction of 266 apartments in Julphar Residence on Abu Dhabi’s Reem Island. Furthermore, RAK Properties celebrated the grand opening of the exquisite 5-star InterContinental Hotel & Spas on Hayat Island, further solidifying their presence in the hospitality sector. In line with RAK’s vision for 2030, RAK Properties plays a pivotal role in shaping the lifestyles of UAE residents. The company places a strong emphasis on sustainable development, environmental practices, responsible social governance, and the creation of meaningful employment opportunities. treasures to the world while preserving its cultural heritage. Through sustainable development and strategic partnerships, AlMadani envisions AlUla as a must-visit destination, contributing to Saudi Arabia’s tourism aspirations and inviting the world to explore its hidden wonders. SAMEH AL MUHTADI CEO, RCU CEO, RAK Properties 17 AMR ALMADANI 18EGYPTIAN ARMED FORCES ENGINEERING AUTHORITY Ministry of Housing, Utilities & Urban Communities Supported by: EDITIONTH 5Next >