< Previous88 JUNE 2024 | POWER 150 | Diana Nilipovscaia is a trailblazer in the traditionally male-dominated real estate market. Her exceptional business acumen was instrumental in launching MERED’s fi rst project, swiftly establishing the brand’s presence in the luxury sector. With 16 years of experience in real estate development and consulting, Nilipovscaia has broken barriers, setting a precedent for future generations of women in property development. In 2023, MERED made a remarkable entry into the UAE market, launching the ICONIC Tower project within a year. Located in Dubai Internet City, the 286.4m tower will feature 310 luxury apartments and world- class amenities, redefi ning ultra-luxurious living in Dubai. MERED’s collaboration with renowned partners, including Pininfarina, Mirage Leisure & Development, Hirsch Bedner Associates (HBA), Dutch Foundation Dubai (DFD), Omnium International and Valor Hospitality Partners, underscores the project’s signifi cance. These partnerships bring unparalleled design, engineering, and hospitality expertise to the ICONIC Tower, ensuring it becomes a global icon of luxury living. MERED’s ICONIC Tower will off er 310 exclusive apartments with amenities such as a private lounge, gym, cinema, infi nity pool, outdoor terraces, jacuzzi, ice spa, and sauna. It will also provide 421 parking spaces, including premium air- conditioned boxes, combining elegance and technology. Under Nilipovscaia’s leadership, MERED integrates sustainable construction technologies, aligning with the UAE’s sustainability goals. The ICONIC Tower will feature electric vehicle charging plugs, contributing to the nation’s objective of having 50% electric vehicles by 2050. MERED is dedicated to creating sustainable, value-driven communities through extensive training on green building standards and cutting-edge technologies. Nilipovscaia’s visionary leadership continues to propel MERED towards excellence, setting new benchmarks in luxury real estate and sustainable development. Diana Nilipovscaia CEO, MERED 39JUNE 2024 89 | POWER 150 | For the fi rst time, Abdulsalam Al- Majed, CEO of Al Majdiah Residence, has been recognised in the annual Construction Week Middle East’s Power 150 list. Al Majdiah Residence is a pioneering company in the Saudi real estate fi eld, playing an integral role in the market by building high-quality residential villas and commercial buildings. In the last 12 months, Al Majdiah Residence has made signifi cant achievements. The company expanded its real estate portfolio by acquiring several strategically located lands in Riyadh and other regions of the kingdom, totalling over 300,000m2. These acquisitions are concentrated in the most important neighbourhoods of the capital, Riyadh, and include the launch of the Madinah and Al- Khobar projects. Additionally, Al Majdiah completed and developed several specialised real estate projects, with the total number exceeding 2,000 residential units. The company participated in several real estate funds with an investment value of approximately SAR7 billion ($1.87 billion). They also implemented governance procedures by developing strict regulations and systems to ensure proper management and oversight. Among the most important projects sold during this period, the total value amounted to SAR1.1 billion ($293 million). Since its inception, the developer has completed over two million m2 of development, implementing 180 projects and delivering 16,000 residential units, with a total value exceeding SAR17 billion (approximately $4.5 billion). Currently, Al Majdiah Residence continues to work on residential products, with ongoing eff orts to diversify these off erings to include townhouses and villas. The company is also developing a strategy to launch new and diverse products, such as commercial properties and towers, to cater to a broader market. Over the past year, Al Majdiah Residence has actively pursued corporate social responsibility initiatives, including the Al- Majdiah Residence 123 project benefi ting the ‘Ta’alam’ Association and participating in an aff orestation event in the King Khalid Royal Reserve, among other initiatives. Abdulsalam Al-Majed CEO, Al Majdiah Residence 4090 JUNE 2024 | POWER 150 | Imran Farooq Group CEO, Samana Developers Atif Rahman Founder & Chairman, ORO24 41 42 Under the adept leadership of Imran Farooq, who serves as the Group CEO of Dubai-based Samana Developers, the company has achieved remarkable strides in the past year. Farooq’s strategic direction led to a substantial growth of 400% in 2023, with sales soaring to $817.4 million (AED3 billion). This remarkable achievement can be attributed to the astute investments made in automation technologies such as Oracle Fusion and Salesforce, driving sustained growth and fostering a transition towards a paperless offi ce environment by the year’s end. Farooq’s innovative approach introduced a comprehensive 360-degree, 24/7 sales experience, facilitating seamless transactions across diff erent time zones, benefi ting not only direct customers but also brokers and partners alike. Throughout 2023, he oversaw the successful completion of key projects including Samana Hills, Samana Golf Avenue, Atif Rahman is a renowned entrepreneur and infl uential fi gure in the UAE’s real estate and construction sector, recognised for his expertise in sustainable development and innovative fi nancial engineering. As the Founder and Chairman of ORO24, Rahman has led the organisation through a period of remarkable growth, propelling it from a startup to a prominent brand in just 15 months. ORO24, under Rahman’s guidance, not only focuses on delivering high-quality housing options and fostering community-centric lifestyles but also addresses the increasing demand for aff ordable housing in Dubai, positioning itself as a pioneering entity in the market. Rahman’s approach to property development, characterised by modular strategies, aims to make real estate solutions accessible to a wider audience. His past ventures have achieved signifi cant success, establishing him as a leader in regional property development with two decades of pioneering and Samana Park Views. Moreover, the accelerated handover of Samana Santorini and Samana Miami underscores the company’s unwavering commitment to timely project delivery. Under Farooq’s dynamic and visionary leadership, Samana Developers experienced a notable surge in revenue in 2024, further bolstered by an impressive 98.5% collection rate. Demonstrating his commitment to corporate social responsibility (CSR), the company successfully sponsored Al Nasr Sports Club and generously provided complimentary Iftar meals to construction workers during Ramadan, thereby fostering community engagement and support. Farooq’s strategic foresight, coupled with his eff ective governance, continues to drive Samana Developers to unparalleled heights within the real estate sector, fi rmly establishing the company as a beacon of success and innovation. experience across residential, commercial, and hotel sectors. With a track record of successful real estate projects, Rahman has built strong relationships with key stakeholders, including government entities, high-net-worth individuals, and fi nancial markets. His expertise spans land procurement, project design, sales and marketing, and timely project delivery. Driven by fi nancial re-engineering solutions, ORO24 stands out as a conventional real estate organisation strengthened by robust governance and risk management practices. Committed to aff ordability, quality, and customer satisfaction, ORO24 off ers contemporary and sustainable living spaces, distinguishing itself in a competitive market. With fi ve projects launched to date, including TORINO by ORO24, LEVANTO by ORO24, ELANO by ORO24, MOSQUE by ORO24, and the fi rm’s headquarters, each endeavor promises stakeholders an unparalleled lifestyle experience, blending aff ordability with uncompromising quality.JUNE 2024 91 | POWER 150 | Mark Phoenix CEO, Sankari Properties 43 At number 43 on the list is Mark Phoenix, CEO of Sankari Properties, a new family-run offi ce on the UAE property developer scene bringing four decades of experience to the table and a hefty investment portfolio. Over the past year, Sankari has been laying the groundwork for its fl agship ultra- luxury residential twin tower project located in Marasi Marina, Business Bay, which is expected to be completed in 2027. The developer currently has a development portfolio of $1.9 billion (AED7 billion). The development will include the 10 exclusive Debuting on our list this year is Waleed Al Mogbal, the Managing Partner of real estate developer, City Heights. With a motto ‘Creating Beautiful Residential & Commercial Spaces at an Aff ordable Price’, City Heights was formed as a joint consortium between Construction & Planning Co. Ltd (C&P®), the regionally renowned construction and fi t-out company known for building and furnishing exquisite iconic mega properties in Saudi Arabia, and Roof Real Estate Investment Spearheaded by CEO & Founder Nader Hassan Al Amri, First Avenue for Real Estate Development has substantial experience in undertaking innovative and distinguished development projects and providing advisory services across the commercial, hospitality, and residential sectors. The company’s revenue in 2023 grew by 16% to $63.4 million and expects to maintain the same growth rate this year by building a sustainable income portfolio with quality assets. Currently, First Avenue has a portfolio size of $400 million. In the past 12 months, First Avenue managed successful exits of multiple projects, while also building on its pipeline of new developments. fl oating water homes with panoramic vistas of the Dubai Canal and Downtown Dubai. In 2023, the fi rm’s primary focus centred on assembling a core team and building collaborations with design partners—Foster + Partners and Portia Fox—to develop a blueprint for the fl agship project. For 2024, Sankari has ambitious revenue projects, anticipating $544 million (AED2 billion) in sales. Founder Dr Abdulkader Sankari has pledged to contribute a total of $13.6 million (AED50 million), over a period of fi ve years in eff orts to give back to the community. & Development Company, the Kingdom’s leading real estate brokers for clients such as Dar Al Arkan, Al Akaria and Rafal Real Estate Development Co. In the last 12 months, the developer has launched a number of successful high-end residential and commercial projects, including Alyasmin Residence, as well as multiple towers, malls, with a mix-use portfolio of projects worth around $266 million (SAR 1 billion). At the start of 2023, Its commercial plaza in Al-Qirawan district in Riyadh commenced operations and was fully leased. The company launched a commercial tower on King Salman Road in Riyadh. It also acquired land in Riyadh and Jeddah for planned commercial and residential projects. In 2023, First Avenue developed a fresh graduate training programme to help young people transition smoothly to a profession in the real estate sector, off ering them a collaborative platform for innovation. The fi rm also sponsored a number of educational and sports initiatives aimed at enriching local youth as part of CSR eff orts. Waleed Al Mogbal Managing Partner, City Heights Nader Hassan Al Amri CEO & Founder, First Avenue 45 44| POWER 150 | 93 JUNE 2024 CONSULTANTS94 JUNE 2024 | POWER 150 | Campbell Gray serves as the CEO of AtkinsRéalis in the Middle East and Africa, a dynamic region where his leadership has signifi cantly fortifi ed the company’s footprint and performance. Over the past 12 months, AtkinsRéalis has not only expanded its project portfolio but also achieved remarkable fi nancial growth, refl ecting its strategic focus on sustainable and innovative solutions. In the fi rst quarter of 2024, the company reported revenues of $325.4 million in the Asia, Middle East, and Australia (AMEA) region, marking a substantial 57.2% increase from the previous year. This growth was primarily driven by increased activity in the buildings and places market in the Middle East, showcasing the company’s eff ective execution of its “Pivoting to Growth Strategy.” The strategy emphasises leveraging end-to- end capabilities to deliver high-value products and services locally, resulting in 140 new project wins. Over the past year, the fi rm has secured signifi cant projects such as The New Murabba and Mukaab in Riyadh, as well as multiple collaborations with Aldar and NEOM, positioning AtkinsRéalis among the top three global consultancy fi rms in the UAE and Saudi Arabia. Subsequently, its regional team continues to grow with more than 4,000 employees from over 70 nationalities and 1,700 new hires in 2023. September 2023, in particular, marked a pivotal moment with the rebranding of the SNC-Lavalin Group, including Atkins and Faithful+Gould brands, to AtkinsRéalis. This rebranding symbolises a unifi ed global identity, enhancing its ability to deliver integrated solutions across 36,000 professionals in over 50 countries. According to Gray, the new name represents the company’s ability to provide one integrated off ering to its clients and partners seamlessly. In recent years, AtkinsRéalis repositioned the company by exiting parts of the business that were not profi table or aligned with its strategy. It did so by correcting underlying issues that aff ected its performance, as well as doubling down on high-growth markets. To help bring clients’ visions to life, AtkinsRéalis is investing in its design capabilities by establishing an architecture Campbell Gray CEO, AtkinsRéalis in the Middle East & Africa 1JUNE 2024 95 | POWER 150 | studio that brings together top-notch talent and embeds AI tools and purposeful design practices to create liveable, sustainable and adaptable places fi t for the future. In terms of project wins, AtkinsRéalis has secured over 600 live projects in the Middle East, with key wins including The New Murabba Masterplan, the world’s largest modern downtown in Riyadh, where it will be providing advisory, architecture, master planning, and engineering services. Another signifi cant achievement is the King Salman Park District Cooling Services project, where the company is delivering engineering, procurement, and construction services for a district cooling plant, utilising BIM and data analytics for effi cient project delivery. Additionally, AtkinsRéalis is providing program management consultancy services for the Historic Jeddah Development Program to preserve and enhance the historic site, ensuring compliance with protection measures throughout the project lifecycle. With robust fi nancial performance recorded in Q1 2024, AtkinsRéalis’ backlog continues to grow, indicating a strong pipeline for future growth. The company’s strategic initiatives are expected to sustain this upward trajectory, with projections for continued revenue growth for the rest of the year. Moreover, there is a pronounced commitment to ethical and sustainable growth, driven by the company’s Engineering Net Zero strategy. Key CSR initiatives include the Sustainability Management Action Plan (SMAP), which embeds sustainability in the very core of the business. Some of the highlights of the initiative include recycling existing paper and plastic waste in its UAE offi ces, conducting bespoke training sessions to upskill employees in ESG best practices, and achieving 9.8% women in senior leadership roles. The company also focuses on Equality, Diversity & Inclusion (ED&I) initiatives to support underrepresented groups, fl exible working policies, and a diverse hiring approach, proving its progressive attitude towards a healthier and safer working environment. Speaking of working environments, AtkinsRéalis also prioritises health, safety, and well-being through comprehensive policies and leadership engagement programs that facilitate safety-related events and awareness sessions. At the forefront of digital innovation, AtkinsRéalis utilises data-driven tools and technologies to enhance project delivery. Automation and AI integration expedite project timelines and improve effi ciency, such as reducing working hours for the New Murabba masterplan. Virtual Reality (VR) tools are also being used by the company to enhance design review processes and collaboration through immersive experiences. All in all, AtkinsRéalis has signifi cantly strengthened its position in the Middle East under Gray’s leadership. The company’s focus on sustainable growth, digital transformation, and strategic leadership appointments has driven impressive fi nancial results and expanded its project portfolio. With a continued commitment to innovation and CSR, AtkinsRéalis is well-positioned for future growth and success in the region. “IN NOVEMBER 2023, WE WERE AWARDED THE GREAT PLACE TO WORK CERTIFICATION IN THE UAE AND SAUDI ARABIA, HIGHLIGHTING OUR COMMITMENT TO CREATING A POSITIVE AND INCLUSIVE WORK ENVIRONMENT”96 JUNE 2024 | POWER 150 | Hamed Zaghw, Chief Executive of AECOM’s Middle East and Africa operations has driven signifi cant achievements over the past 12 months, whilst ensuring excellence in project delivery. His focus on quality, ethics, and responsiveness to client needs has been key to AECOM’s regional success. Under Zaghw’s leadership, AECOM has adapted to evolving industry priorities, securing signifi cant roles in Saudi Arabia’s booming sports and events sector. Noteworthy projects include a new stadium for the Asia Cup 2027 and the PMC appointment for vertical assets on New Murabba. Despite the large opportunity landscape in Saudi Arabia, Zaghw has not lost sight of the wider GCC market. In the UAE, Zaghw secured major assignments with key clients such as Aldar, enhancing social infrastructure in Abu Dhabi and Al Ain. In Qatar, AECOM continues vital infrastructure works with ASHGAL and fi nalises the Abu Samra Land Border Crossing, which is diversifying the country’s economy. With AECOM continuing its delivery of NEOM Spine, Zaghw has invested in rail infrastructure, resulting in the award of design work for the rail link between the UAE and Oman. AECOM’s Sustainable Legacies strategy, now in its third year, exemplifi es its commitment to sustainability. They were appointed as the sustainability advisor and marine supervisor for a unique UAE development focused on marine restoration and ecotourism. AECOM supports local communities through various CSR activities. They planted nearly 100 Ghaf trees in the UAE, marking the beginning of COP28 in Dubai last year, where AECOM served as the sustainability advisor. Zaghw also champions diversity and inclusion, with initiatives such as the Advance programme, which welcomed around 200 graduates, 39% of whom are female. Other steps towards a more gender-balanced workforce include the creation of a Women in Civil Infrastructure annual workshop, which Zaghw actively participates in, and last year’s signifi cantly improved maternity benefi t. AECOM is also promoting localisation, with 18% of UAE graduates being Emirati, a number set to double next year. In Saudi Arabia, nearly 25% of the business is local to the kingdom, and they recently collaborated with the Saudi Human Resources Development Fund and educational partners, such as the University of Tabuk, to recruit local candidates to work on their country’s transformative projects. Hamed Zaghw CEO for Middle East and Africa, AECOM 2DELIVERING THE KINGDOM'S FOREMOST CULTURE AND LIFESTYLE DESTINATIONNext >