< Previous58 JUNE 2024 | POWER 150 | Ghada Alrumayan serves as the Group Chief Marketing Offi cer at ROSHN, where she has overseen signifi cant achievements and initiatives over the past year, positioning ROSHN as a national champion in the real estate sector and enhancing Saudi Arabia’s global standing. Under her leadership, ROSHN has achieved numerous ISO qualifi cations and globally recognised kitemarks, including being the fi rst GCC developer to secure ISO 9001 for Quality Management and the fi rst Saudi gigaproject to join the United Nations Global Compact on responsible business practices. Additionally, ROSHN earned the Top GCC Developer award from Construction Week Middle East and three awards at the Saudi CX Awards, refl ecting its customer-centric approach. Alrumayan has spearheaded several key projects during this period. The most notable is the launch of ALDANAH in Dhahran, bringing over 2,500 homes to the market. During Ramadan, ROSHN announced ALMANAR in Makkah, set to provide 4,149 residential units. The fourth phase of SEDRA in Riyadh was also launched, featuring 4,860 new homes, signifi cant public spaces, and the kingdom’s largest Sports Dome. ROSHN Front, acquired in 2003, continues to attract over 10 million annual visitors with its mixed-use lifestyle and commercial spaces. Additionally, ROSHN broke ground on MARAFY in Jeddah, a mixed-use development designed to house 130,000 residents around a manmade canal, and announced ALFULWA in the Eastern Province, a project designed to accommodate 100,000 people with 18,000 residential units. Alrumayan has also driven ROSHN’s CSR initiatives through the YUHYEEK program, which has directly benefi ted over 340,000 individuals through 46 initiatives and 27 strategic partnerships. Highlights include a SAR25 million donation to EHSAN for community development, home renovations, and accessibility initiatives. Health-focused CSR activities include collaborations with the Zahra Association for Breast Cancer Awareness and the Saudi Autism Society. Ghada Alrumayan Group Chief Marketing Offi cer, ROSHN 5JUNE 2024 59 | POWER 150 | Mounir Haidar, Co-founder and Managing Partner of LEAD Real Estate Developer, has made signifi cant strides in the construction industry, steering LEAD, Abu Dhabi’s premier real estate development company, towards new heights. In April 2023, the groundbreaking ceremony for Jubail Terraces in Souk Al Jubail village marked a key milestone. Construction General Contracting House Ltd secured the $89 million (AED327 million) contract to develop 242 stylish studio, one-, two-, and three-bedroom apartments in low-rise blocks. The commercial areas will feature over 18,000m2 of offi ce space and 8,000m2 for retail outlets, off ering prime leasing opportunities. By July, Jubail Island’s infrastructure saw substantial progress, with the water network connected and electrical substations activated. Spinneys, a leading supermarket, announced plans to open an outlet on the island, and Gordonstoun School revealed plans to establish its fi rst Gulf region campus. In November, LEAD Development also initiated a unique internship programme with Cranleigh School Abu Dhabi. Continuing, Jubail Island welcomed world- class amenities, including entertainment, dining, recreational, and educational facilities, as the development neared the handover of the fi rst properties. Momentum has continued into 2024, with Jubail Island announcing an agreement with Kids First Group’s Redwood Nursery to operate the fi rst Redwood Center of Excellence in Abu Dhabi, another world-class educational facility on the island. The developer also announced Bada Al Jubail, a private island featuring luxurious mansions, a yacht marina and club, private beaches, cycle tracks, and jogging paths. This $1.08 billion (AED4 billion) development spans 446,000m2 with 8km of beach frontage. LEAD Development successfully handed over the fi rst residential units in Nad Al Dhabi village, with 700 units slated for handover by Q4 2024, expanding the vibrant Jubail Island community. Currently, LEAD Development manages a pipeline of work worth approximately $3.54 billion (AED13 billion). Sales on Jubail Island continue to surpass expectations in 2024, attracting buyers and investors seeking luxury, world-class amenities, and strong investment opportunities. Future projects include the Mabel Marbella Residences in Spain’s Golden Mile, promising high-end living in one of Europe’s most coveted real estate markets, developed in partnership with Mabel Capital and others. Guided by Haidar, LEAD Development’s approach to Jubail Island is visionary. As a low- density, low-impact project, it aims to set new standards for sustainable living, conserving and enhancing the natural environment while fostering community and cultural appreciation. Mounir Haidar Co-founder and Managing Partner, LEAD Real Estate Developer and Managing Director, Jubail Island Investment Company (JIIC) 660 JUNE 2024 | POWER 150 | HE Hesham Al Qassim CEO, Wasl Asset Management John Pagano Group CEO, Red Sea Global & AMAALA 7 8 Coming in at number seven is HE Hesham Al Qassim, CEO of Wasl Asset Management and Vice Chairman of the Dubai Real Estate Corporation. Formed in 2008 by the merger of two government organisations—Dubai Development Board and Real Estate Department—Al Qassim manages the group’s real estate, hospitality, and leisure portfolio. In the past 12 months, Wasl has embarked on ambitious projects designed to meet market demand as well as fulfi l the UAE’s economic agenda, including investing in sustainable real estate development, collaborating with Food Tech Valley, and launching solar photovoltaic and energy retrofi tting technologies to support the transition to a clean future. The company achieved a new record this year, having sold all 600 units of Park Views Residences Tower A within 36 hours of launching sales. Wasl witnessed a similar response to Securing the 8th position is John Pagano, the esteemed Group CEO of Red Sea Global (RSG), a renowned developer of gigaprojects. Under his visionary leadership, RSG has undertaken monumental initiatives, further solidifying its commitment to sustainability and innovation. Over the past year, RSG embarked on a groundbreaking endeavour, conducting one of the world’s largest environmental surveys spanning 250km along the Red Sea coastline. This initiative underscores the company’s unwavering dedication to preserving and safeguarding the environment for future generations. Additionally, RSG made history by launching the world’s fi rst zero-carbon 5G network at Six Senses Southern Dunes, in collaboration with Zain KSA, aligning seamlessly with the objectives outlined in Saudi Arabia’s Vision 2030. Among its notable achievements, RSG successfully completed the installation of 760,000 PV panels at The Red Sea’s solar several other projects unveiled over the past 12 months, including the Nook, Gardenia Townhouses, and Hillside Residences. Currently, Wasl’s portfolio includes more than 51,000 residential and commercial units spread across Dubai, while the hospitality portfolio has 7,960 rooms across 32 hotels and hotel apartments. Recently, Wasl set a new Guinness World Record title for the Highest Running Track on a Building. Situated 157m above the ground, Sky Track is a 335m rooftop running track located on the 43rd fl oor of 1 Residences at Wasl1, Za’abeel. The company has been at the helm of Dubai’s Food Tech Valley project, which has signed an agreement at COP28 with ReFarmTM to start construction on a 900,000 sq. ft. game-changing “GigaFarm”. The site will be capable of growing up to 3,000 tonnes of produce annually and recycling more than 50,000 tonnes of food waste. farms, marking a signifi cant milestone in advancing the region’s renewable energy infrastructure. Furthermore, RSG’s distinguished portfolio includes groundbreaking projects such as Six Senses Southern Dunes, lauded as the fi rst LEED Platinum resort in Saudi Arabia, and the opulent St. Regis Red Sea Resort. These iconic developments showcase RSG’s capabilities as a mega and gigaproject developer in Saudi Arabia. Moreover, the company remains deeply committed to corporate social responsibility, embodying its ethos of making a positive impact on society and the environment. RSG actively implements various initiatives, including vocational training programs aimed at empowering local communities, extending support to the local market, and promoting sustainable agriculture through initiatives like The Red Sea Farm Cooperative. Through these endeavours, RSG continues to exemplify its leadership in driving sustainable development and fostering social progress.JUNE 2024 61 | POWER 150 | Rizwan Sajan, the visionary Founder and Chairman of Danube Group, popularly known as Dubai’s 1% man, has earned a place in the Construction Week Middle East’s Power 150 2024 list in the Developers sub-category. Sajan’s relentless dedication to implementation has been instrumental in the company’s achievements. His forward- thinking approach and openness to change have driven Danube Properties up to reach impressive milestones. In FY 2023, Danube Properties launched nine projects, with over 90% sold out. The company ventured into ready-to-move- in projects with the launch of Eleganz, experiencing a fi ve times growth compared to the previous year. Projects were launched in strategic Dubai locations, including Business Bay, JLT, and Maritime City, in addition to JVT, JVC, Furjan, and Arjan. Danube Properties now boasts a development portfolio of 17,453 units valued at over AED20 billion ($5.45 billion). In 2023, the company sold over 4,000 off -plan units, ranking among Dubai’s top three developers by units sold. In 2023, Danube Properties obtained BCC for three projects: Wavez, Jewelz, and Olivz. The company plans to hand over Olivz, Pearlz, and Gemz in 2024, and Opalz and Petalz in 2025. By the end of 2023, Danube Properties had completed and delivered 13 projects, with 18 more slated for delivery in the coming years. The company achieved sales worth AED10 billion ($2.72 billion) in FY 2023. In terms of CSR initiatives, the company contributed AED10 million ($2.72 million) to the Mother’s Endowment Campaign and AED200,000 ($54,458) to Dubai Police for Ramadan Games. The group also inaugurated a 3,445m2 mosque in Dubai Studio City and allocated real estate units worth AED25 million ($6.81 million) to support MBRGI programmes. Under Sajan’s leadership, Danube Group signed a cooperation agreement with Dubai SME to boost market opportunities and foster growth for Emirati-owned SMEs. Additionally, a similar agreement was signed with the Dubai Land Department to support UAE National Brokers. Rizwan Sajan Founder and Chairman, Danube Group 962 JUNE 2024 | POWER 150 | Kabir Mulchandani Founder & Chairman, Five Holding Ahmad Gamal Ismail CEO, Majid Al Futtaim Properties 10 11 Kabir Mulchandani, Founder and Chairman of FIVE Holding, emerges as a visionary leader, spearheading groundbreaking projects that redefi ne luxury and sustainability in the real estate landscape. Over the past 12 months, Mulchandani’s leadership has propelled FIVE Holding to remarkable achievements, notably with the launch of FIVE LUXE, a prime beach property off ering unparalleled luxury and sustainability features. This iconic development, boasting 222 hotel rooms, opulent residences, and cutting-edge facilities, epitomises Mulchandani’s commitment to blending luxury with eco-consciousness. Furthermore, the introduction of SENSORIA, an ultra-luxe residential tower within the FIVE LUXE community, showcases Mulchandani’s unwavering dedication to excellence. With innovative features such as a solar façade and private transparent acrylic pools, SENSORIA epitomises luxurious living and sustainability. The project’s exceptional market performance, evidenced by the rapid sales and premium Ahmad Gamal Ismail, the visionary CEO of Majid Al Futtaim Properties, steers the company with adept leadership, commanding a retail and leisure empire in the region. With a formidable workforce exceeding 44,000 employees and assets totaling $18 billion, Ismail brings a wealth of experience and strategic acumen to the table. His tenure, spanning 16 years within the company, has been marked by a progression through various pivotal roles, highlighting his deep commitment to Majid Al Futtaim’s enduring growth and prosperity. In his current capacity, Ismail adeptly oversees the multifaceted operations of Majid Al Futtaim Properties, which encompasses a diverse portfolio spanning shopping malls, hotels, and communities across the region. His strategic leadership plays a pivotal role in driving the company’s ongoing success and growth trajectory. Prior to assuming this pivotal role, Ismail served as the driving force behind Majid pricing, refl ects Mulchandani’s strategic acumen in meeting market demand and exceeding expectations. Under Mulchandani’s guidance, FIVE Holding has also embraced corporate social responsibility initiatives, making signifi cant contributions to healthcare, education, and environmental conservation. From funding life-saving surgeries to promoting literacy programs and environmental sustainability, Mulchandani ensures that FIVE Holding remains a socially responsible corporate entity, enriching communities and making a positive impact on society. As FIVE Holding continues to thrive under Mulchandani’s leadership, the company’s future prospects remain promising, with ongoing projects like SENSORIA poised to set new benchmarks in luxury real estate and sustainability. Through his visionary leadership, Kabir Mulchandani cements FIVE Holding’s position as a trailblazer in the industry, driving innovation and positive change. Al Futtaim - Ventures, where he skillfully led seven distinct business verticals. These included Leisure and Entertainment, Cinemas, Lifestyle, and more, showcasing his versatile expertise across a broad spectrum of industries Under Ismail’s stewardship, Majid Al Futtaim Properties has achieved notable milestones, including a remarkable 20% year-on-year revenue growth in 2023, propelled by record-breaking footfall and high occupancy rates. Furthermore, the fl agship residential community, Tilal Al Ghaf, reported a gross sales value of $1.3 billion (AED4.7 billion), underscoring the sustained demand for luxury and ultra-luxury segments. As Ismail continues to navigate the dynamic challenges of the industry, his leadership remains instrumental in shaping the future trajectory of Majid Al Futtaim Properties, driving innovation, and delivering unmatched value to stakeholders across the region.64 JUNE 2024 | POWER 150 | Over the past 12 months, DAMAC Properties has celebrated its most successful year yet, achieving signifi cant milestones in its two-decade history. Under the leadership of Hussain Sajwani, DAMAC has seen robust sales and expansive geographic growth. Key developments in 2023 included the launch of DAMAC Bay 1 and 2, Canal Heights 1 and 2, Canal Crown, Coral Reef, Volta, and DAMAC Casa, alongside multiple clusters in the upcoming DAMAC Lagoons, the UAE’s fi rst pre-certifi ed LEED Platinum community. The opening of DAMAC Hills Mall and Edge Rotana at DAMAC Hills 2 also marked signifi cant achievements. The developer’s extensive residential and hospitality portfolio now includes over 75 towers, multiple branded residences, expansive communities, hotels, and hotel apartments across 12 global cities. Noteworthy projects such as DAMAC Tower Nine Elms London, Europe’s fi rst Versace- branded luxury residence, and the upcoming Mandarin Oriental Bolidhuff aru Reef Resort, scheduled to open in Q4 2025, underscore their global reach. DAMAC made substantial progress in numerous key projects, launching around 15 towers, primarily branded residences, in the last two years. DAMAC Hills 2 was recognised as one of the highest-transacted properties, and the DAMAC Lagoons Views project, which sold out within 24 hours of its launch, is a testament to the company’s market appeal and strategic success. DAMAC also enhanced its data centre division, EDGNEX Data Centres by DAMAC, with substantial investments across the Middle East, particularly in Saudi Arabia, aiming to deliver a total capacity of 65MW by 2025. For 2023, DAMAC has maintained a robust backlog, refl ecting its strong market position and customer trust. Revenue fi gures for 2024 are anticipated to be strong, with projections driven by high presale rates and ongoing projects, particularly in the luxury segment. In terms of CSR, the Hussain Sajwani – DAMAC Foundation (HSDF) has committed to education and community support, contributing AED5 million ($1.36 million) to the ‘1 Billion Meals’ campaign and AED20 million ($5.45 million) to the Dubai Schools Project. DAMAC’s sustainability eff orts include affi liations with the Emirates Green Building Council and the UN Global Compact. Their CSR initiatives during Ramadan 2024 and participation in environmental exhibitions further highlight their dedication to social responsibility and environmental stewardship. Hussain Sajwani Founder, DAMAC Properties 12JUNE 2024 65 | POWER 150 | Carlos Wakim, the CEO of Bloom Holding, is a seasoned leader who has steered the company towards remarkable success. His strategic vision and wealth of experience have been instrumental in Bloom Holding’s signifi cant strides. At Bloom Holding, he leverages his industry expertise to drive the company’s strategic objective of expanding its portfolio in the UAE and internationally. He embraces Bloom Holding’s customer-centric, long-term approach by spearheading new projects that off er attractive returns on investment and long-term rental yields for end-users. Under Wakim’s guidance, Bloom Holding has expanded its real estate, hospitality, and education portfolio. He led the successful launch of Bloom Living, a fully integrated and all-inclusive community in Abu Dhabi. The iconic $2.5 billion (AED9 billion) gated community features more than 4,500 homes, including a selection of villas, townhouses, and apartments. Bloom Living has been thoughtfully designed so that all the facilities and services are within walking distance for every resident, including multiple uninterrupted, interconnected parks, a clubhouse, a town centre that off ers an array of exquisite restaurants and cafés, places of worship and two international schools, among other amenities. In the past 12 months, Bloom Living has launched four phases: Casares, Granada, Seville, and Olvera. Construction began on three phases: Cordoba, Toledo, and Casares. All phases are on track to be delivered according to schedule. Bloom Holding has witnessed remarkable success in the launched phases of Bloom Living, with all villas and townhouses now successfully sold out, underscoring the project’s appeal as a sought-after destination for premium community living. Recently, Bloom Holding announced its inaugural expansion into Europe by co- developing a luxury residential project in Spain, spanning over 100,000m2 of land in Marbella. Bloom Holding’s upcoming projects also include a 40,000m2 state-of-the-art international school in Egypt, expected to bring global educational experiences into the Egyptian market. Additionally, Bloom Holding has announced a guaranteed annual return on investment of up to 8% over fi ve years for its hotel apartments at Bloom Arjaan by Rotana, due to open in Q4 2024. Throughout the past year, the company has also completed and handed over Aldhay project six months ahead of schedule. Bloom Holding’s CSR initiatives include energy-saving measures and various conservation programmes implemented through its facilities management arm, refl ecting Bloom Holding’s commitment to a better future. Carlos Wakim CEO, Bloom Holding 1366 JUNE 2024 | POWER 150 | Francis Alfred, Managing Director of Sobha Realty for over seven years, is a dynamic professional known for delivering exceptional quality and timely project completion. His leadership has been pivotal in the strategic global expansion and diversifi cation of Sobha Realty. In the past year, Sobha Realty launched several high-profi le projects, achieved impressive customer satisfaction ratings, and recorded sales of $4.22 billion (AED 15.5 billion). Sobha Realty is now the second most recalled brand among premium real estate intenders in the UAE. Additionally, Sobha Realty signed a multi-year Principal partnership with Arsenal Football Club, enhancing its global brand presence. In the last 12 months, Sobha Realty successfully handed over Waves and Waves Grande and launched Skyscape Avenue at Sobha Hartland II, Sobha Orbis, and 310 to 360 Riverside Crescent (six towers at Sobha Hartland II). The total value of these projects exceeds $1.55 billion (AED 5.7 billion), showcasing their ability to deliver large-scale developments. Skyscape Avenue is scheduled for handover in Q4 2028, while the Sobha Orbis is expected to become the epitome of modern urban living in the most sought-after area of Motor City in Dubai. In 2023, Sobha Realty achieved a 51% increase in sales of Dubai-based properties and handed over 1,819 units. Driven by expansion plans and market trends, they predict sales of $4.9 billion (AED 18 billion) for 2024. Under the guidance of Founder and Chairman of Sobha Group PNC Menon, Sobha Realty has committed $109 million (AED 400 million) for Mothers’ Endowment Campaign, spearheaded by His Highness Sheikh Mohammed bin Rashid Al Maktoum, and donated $1.36 million (AED 5 million) to BAPS Hindu Mandir. In India, they provided free housing to 220 women-led families and pledged $120 million (AED 440.7 million) for the Sabarmati Riverfront Development. In Oman, they pledged $25 million (AED 91.81 million) to construct houses for orphans and needy families. Francis Alfred Managing Director, Sobha Realty 14JUNE 2024 67 | POWER 150 | Sameh Al Muhtadi CEO, RAK Properties Nadhmi Al-Nasr CEO, NEOM 15 16 Sameh Al Muhtadi assumes the role of Chief Executive Offi cer at RAK Properties, a distinguished real estate development fi rm that holds a prominent position within the UAE, especially in the Northern Emirates. Renowned for its exceptional residential and commercial projects, RAK Properties has signifi cantly infl uenced the real estate landscape in Ras Al Khaimah and beyond. Taking the helm as CEO in August 2022, Al Muhtadi embarked on an ambitious journey aimed at propelling the company’s growth both corporately and at the destination level. With a clear vision and an unwavering commitment to RAK Properties’ mission, Al Muhtadi aims to lead the company to unprecedented heights. Under his leadership, RAK Properties continues to invest in the development of remarkable residential and hospitality properties. Noteworthy milestones include initiating the construction of Bay Residences At the forefront of Saudi Arabia’s most prominent gigaproject stands Nadhmi Al-Nasr, serving as the CEO of NEOM. His illustrious career commenced in 1978 at Saudi Aramco, where he initially worked in engineering services. Throughout his tenure, Al-Nasr undertook various roles, culminating in overseeing the execution of Saudi Arabia’s Master Gas System. Subsequently, he assumed pivotal managerial positions, including overseeing the Shaybah Development Project, demonstrating his multifaceted expertise in the energy sector. Beyond his tenure at Saudi Aramco, Al-Nasr expanded his horizons by spending 13 years collaborating with international engineering and consulting fi rms across the United States, United Kingdom, Netherlands, and Japan. This global exposure enriched his understanding of diverse operational environments and industry best practices. In March 2006, Al-Nasr’s exceptional leadership and strategic acumen led to his appointment as the vice president of and launching Julphar Residences on Al Reem Island in Abu Dhabi. Notably, Julphar Residences experienced overwhelming success, with all units selling out completely within a mere two months. Additionally, the company successfully delivered 207 villas in the luxurious beachfront community of Marbella on Hayat Island and 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. Aligned with RAK’s vision for 2030, RAK Properties plays a pivotal role in shaping the lifestyles of UAE residents. The company emphasises sustainable development, environmental practices, responsible social governance, and the creation of meaningful employment opportunities. Engineering Services at Saudi Aramco, a testament to his remarkable contributions to the organisation. He assumed this esteemed position in April 2006, marking the beginning of a new chapter in his distinguished career dedicated to driving innovation and excellence in the energy sector. Presently, he spearheads the ambitious NEOM project, which aims to create one of the most sophisticated and forward-thinking smart cities globally. The NEOM vision encompasses hyper-connected communities and a self-sustaining food system, refl ecting a commitment to cutting-edge innovation and sustainable development. Just this year, NEOM launched a total of eight projects including Aquellum, Xaynor, Zardun, Raffl es Trojena, Gidori, Elanan, Treyam, and Jaumur. Moreover, sustainability is at the forefront of NEOM’s mission, showcasing an unwavering commitment to social responsibility and a promise to safeguard its most valuable resources; its people and the planet. Next >