< Previous78 JUNE 2024 | POWER 150 | Steering a leading real estate development company through rapid expansion and achieving key milestones showcases Masih Imtiaz’s success as CEO of Imtiaz Developments. His leadership is characterised by the ability to translate bold ideas into tangible results while paying attention to every detail of the company’s operations. Elevating Imtiaz through Dubai’s competitive real estate landscape, his strategic vision has been instrumental in the company’s growth and success. The past year has indeed been a banner year for Imtiaz Developments. The company won prestigious awards and achieved record-breaking sales of over AED1 billion ($272 million). Building on this momentum, the groundbreaking project, Westwood by Imtiaz, was delivered ahead of schedule, putting valued customers and investors in a prime position to maximise returns. Imtiaz is on track for continued growth across Dubai’s property real estate landscape. The company has expanded its development pipeline, with several fl agship projects, like Westwood Grande I, moving towards early delivery this year, and Westwood Grande II progressing steadily. Additionally, construction has been initiated on three exciting new projects: Pearl House I & II and Luxor by Imtiaz. These projects, each with unique features and designs, represent the company’s unfl inching focus on delivering a diverse range of high- calibre living spaces at various price points. Imtiaz Developments has developed conservative revenue projections for 2024, exceeding AED2 billion ($545 million). The strong performance in the fi rst quarter positions the company well to not only meet but potentially surpass this ambitious target. Masih Imtiaz CEO, Imtiaz Developments 30We design with purpose to create a better world For over seven decades, Meinhardt has been at the forefront of transforming cities through innovative planning, design, and engineering solutions. Today we are leading innovation and digital transformation to provide sustainable solutions. Meinhardt is acting as lead consultant for NEOM’S Sindalah Island Four Seasons Hotel and Resort info@meinhardtgroup.com | www.meinhardtgroup.com follow us80 JUNE 2024 | POWER 150 | Ahmed Alosaimi, the CEO of Thabat Real Estate Development Company, is known for his strategic leadership and dedication to innovation in the real estate sector. With extensive experience and a forward-thinking approach, he has guided Thabat to new heights. In the past 12 months, Thabat Real Estate Development Company has achieved signifi cant milestones. The company has successfully completed several major projects and initiated new ones, particularly in response to the growing demand in the residential sector. This strategic pivot to focus on residential projects has been fruitful, aligning Thabat’s off erings more closely with market needs. The dedication and exceptional eff orts of teams across all divisions have enabled the company to reach pivotal milestones. One of the company’s cornerstone achievements this year has been the Aseeb Project in Dammam. This project includes both ready units and off -plan villas, which have been met with substantial market demand. The ready units have been completed, and the off -plan units are currently under construction. Additionally, the expansion into Riyadh, marked by the inaugural project in Al-Narjis District, has shown promising early signs, with requests for seven out of the 24 villas even before the offi cial announcement. These projects collectively underscore Thabat’s robust performance and strategic market positioning. As of the end of 2023, Thabat maintains a healthy backlog of long-term contracts and new ventures at various stages of completion, providing a solid foundation for future growth. Furthermore, under Alosaimi’s guidance, Thabat has deepened its commitment to corporate social responsibility. Plans are underway to launch a community engagement programme, exploring partnerships with local entities to amplify their impact. Ahmed Alosaimi CEO, Thabat Real Estate 31JUNE 2024 81 | POWER 150 | Saleh Aloraini has been the Chief Executive Offi cer of Soudah Development since March 2022. With over 15 years of leadership experience in real estate and project management, he has held senior positions at prominent local and international investment and advisory organisations, managing various megaprojects. Soudah Development’s Soudah Peaks is an upcoming year-round luxury mountain tourism destination, set at 3,015m on Saudi Arabia’s highest peak. This unique destination off ers visitors memorable and authentic experiences rooted in local traditions, history, architecture, and cultural heritage. His Royal Highness Crown Prince Mohammed bin Salman, Prime Minister and Chairman of Soudah Development’s Board of Directors, announced the masterplan last year. The masterplan aligns with a sustainable environmental framework, recognising the importance of preserving the region’s biodiversity and unique natural resources, which include over 200 heritage sites. Under Aloraini’s leadership, Soudah Development has forged signifi cant partnerships, including a Memorandum of Understanding with King Khalid University and an agreement with Parsons Corporation to provide all project management and site supervision services. Additional partnerships include a Memorandum of Understanding with the Royal Institute of Traditional Arts (Trita) to implement crafts and traditional arts projects, and an agreement with the Saudi National Committee of the International Council on Monuments and Sites (ICOMOS) to strengthen cooperation. Soudah Development is committed to translating climate ambition into tangible sustainability eff orts. The company aims to restore, rewild, and revitalise the region’s extraordinary biodiversity by planting one million trees by 2030. Highlighting a key milestone in reintroduction and conservation eff orts, the company announced the birth of three Ibex inside King Abdullah National Park in Soudah, following the release of 23 Ibex into the wild last year in collaboration with the National Center for Wildlife. These eff orts align with the Saudi Green Initiative and the environmental sustainability goals of Vision 2030. As an integral part of Saudi Arabia’s tourism landscape, the destination aims to captivate a global audience, off ering culturally rich experiences that soar high above the clouds. Soudah Development will deliver 2,700 hospitality keys, 1,336 residential units, and 80,000m2 of commercial space for Soudah Peaks. Saleh Aloraini CEO, Soudah Development 3282 JUNE 2024 | POWER 150 | At the helm of Aark Developers, Rahul Kumar Gupta has steered the company into new realms of innovation and luxury in the UAE’s real estate sector. Known for its commitment to delivering exceptional living spaces, Aark Developers blends creativity with practicality, transforming ordinary locations into vibrant communities. The company’s portfolio showcases a diverse range of properties valued at over $1.41 billion (AED5.2 billion), each designed with an eye for detail and a focus on aesthetic excellence. From the sophisticated Gardenia Livings in Arjan, Dubai, to the innovative Aark Residences in Dubailand, Aark Developers’ projects are renowned for their unique design and lifestyle off erings. Sora Beach Residences, Aark’s transformative $1.2 billion (AED4.4 billion) fl agship project on Al Marjan Island, Ras Al Khaimah, stands as a pinnacle of this approach. This luxury development, spanning over 31,215 m2, combines stunning architecture with exquisite interiors, fostered by collaborating with globally renowned brands. The design not only enhances the natural beauty of its coastal setting but also off ers residents unparalleled quality of life and comfort. Under Gupta’s leadership, Aark Developers consistently pursues a vision that goes beyond constructing buildings—they create spaces that foster community, enhance well-being, and sustainably integrate with their environment. This philosophy is vividly illustrated in the upcoming Aark Terraces in Dubailand, promising a harmonious blend of nature and modern architecture. The family-oriented mindset behind Aark’s developments ensures something for everyone, making their properties ideal for creating lasting family memories. As the company progresses, its dedication to crafting spaces that inspire and engage is evident in every project undertaken. This approach ensures that each development is not just economically viable but also enriches the lives of its residents and the broader community. Aark Developers remains at the forefront of the industry, driven by a passion for innovation and an unwavering commitment to quality. With a robust pipeline of future projects, Aark is poised to continue redefi ning luxury living in the UAE, off ering spaces that are not just lived in, but truly loved. Rahul Kumar Gupta Chairman, Aark Developers 33JUNE 2024 83 | POWER 150 | Eng Ali Al Kuwari CEO, Msheireb Properties 34 Eng Ali Al Kuwari, CEO of Msheireb Properties, has led the company through a remarkable year, marked by major achievements, prestigious awards, and signifi cant project completions. Under his leadership, Msheireb Properties has hosted high-profi le international events, including the offi cial media centre for the 2023 AFC Asian Cup and the 2024 Innovation By Design summit. Msheireb Downtown Doha is now fully operational, attracting global tech giants like Google Cloud and Microsoft, and will soon feature a Materials Library in the Doha Design District. Josef Kleindienst, CEO of Kleindienst Group, has overseen a year of remarkable achievements in 2023. Among the notable milestones reached include the successful completion and handover of the Côte d’Azur Monaco project and the Nice hotel within it, demonstrating Kleindienst Group’s adherence to deadlines and quality standards. Furthermore, Kleindienst Group’s agreement with RAK for a super yacht shipyard and the establishment of new diving spots highlight its plans to expand off erings and promote sustainable tourism. Satish Sanpal, Chairman of ANAX Holding, has led the company through a remarkable period of growth and achievement over the past year, particularly through its subsidiary ANAX Developments. Under his leadership, the fl agship project, Vento Tower, has become a focal point of success. Sanpal has emphasised innovation and sustainability in his projects, prioritising energy-effi cient systems, waste reduction, and local sourcing. This approach aligns with ANAX Developments’ values and appeals The company has also launched innovative projects, such as an immersive educational experience on Roblox in partnership with Metahug and family wellness initiatives at the Zulal Wellness Resort. Moreover, Msheireb Properties reported a signifi cant revenue growth in 2023 and anticipates increased occupancy and revenue in 2024. In terms of CSR initiatives, Al Kuwari expressed the company’s commitment to community welfare and sustainable development by creating educational campaigns, community engagements like Autism Day and Qatar Family Day. In terms of projects, the completion and handover of voco™ Monaco Dubai and Nice hotels signifi cantly boosted their portfolio’s value, with an average current property value of approximately AED3,500 per sq. ft. As it exits 2023, Kleindienst Group maintains a focus on quality and client satisfaction, with plans to manage sold and unsold inventory effi ciently and enhance branding to meet market demands. Moreover, under Kleindienst’s leadership, the company also prioritises CSR initiatives in line with the UAE’s sustainability goals. to environmentally conscious investors and homebuyers, supporting the UAE’s mission to become one of the most sustainable countries globally. Looking ahead, ANAX Developments plans further projects in Al Furjan, Meydan, and Warsan, showcasing the company’s growth trajectory. The inaugural Vento Tower represents an investment of $128 million (AED470 million) and features luxurious amenities such as a hotel-style lobby, concierge service, private balconies, and panoramic views. Josef Kleindienst CEO, Kleindienst Group Satish Sanpal Chairman, ANAX Holding 36 3584 JUNE 2024 | POWER 150 | Khalid bin Hassan Al-Qahtani has been leading Rikaz since its establishment in 1997. Under his guidance, the company has developed a wide range of residential, commercial, and hospitality projects across Saudi Arabia, including Downtown Rikaz, Basateen Al Doha, Eshbiliyah, and Al-Mosa Industrial. Located in Al Khobar, Rikaz stands out as a market leader and one of the largest integrated real estate developers in Saudi Arabia. The company’s unique approach and methodology, which have been instrumental in its continual evolution, diversifi cation, and value-building through projects across various sectors, are a testament to its innovative thinking. With a team of highly skilled and experienced professionals, supplemented by industry experts and strategic investment partners, Rikaz has a strong track record of success, consistently delivering projects that surpass economic targets. Over the past 12 months, Rikaz has made signifi cant strides. They developed the commercial and residential arm, ZAYA, and signed a fund with SEDCO Capital. In addition, the company embarked on a full-fl edged logistical business venture, establishing a signifi cant partnership with Alinma Bank and Alinma Investment. This ambitious project led to the launch of their fl agship initiative, The Node. Through this endeavour, they successfully attracted substantial foreign investments into the Saudi market, facilitated by ARCAPITA. The developer also strengthened its hospitality vertical, including a project with the Saudi Tourism Investment Company (ASFAR) in Al Hassa covering 500,000m2, and three assets with a 600-key hotel room in Aseer province with a PIF subsidary. Additionally, the developer is working on an urban eco-resort in Riyadh with Rafal, which will be operated by Kerten Khalid bin Hassan Al-Qahtani Chairman and CEO, Rikaz 37JUNE 2024 85 | POWER 150 | Hospitality, as well as various other resort and branded residence projects. Some of the projects Rikaz has spearheaded include, but are not limited to, the Al-Qanadeel Project in Mecca is a mixed-use development spanning 2.1 million m2 with 1,922 residential and commercial plots, complete with comprehensive utility networks and provisions for schools, mosques, and green areas. The Capital Club Riyadh, located in the King Abdullah Financial District, is set to be the fi rst private business club in Saudi Arabia, off ering an exclusive platform for networking and business. Arkaziya Mall in Dammam features a 15-screen cinema, lifestyle and casual restaurants, a food hall, a kids’ education and entertainment centre, and various retail shops. In 2022, Rikaz experienced a signifi cant boost in its revenues, doubling its fi nancial performance. The following year, the company successfully stabilized its revenue streams, with projections for 2024 aiming for a tenfold increase compared to 2023. This impressive fi nancial performance not only underscores Rikaz’s strong market position but also highlights its promising growth potential, making it an attractive prospect for potential investors. Under The leadership of Al-Qahtani, Rikaz has made signifi cant strides in the realm of corporate social responsibility. The company has partnered with Tarmeem Charity to restore homes for families in need, supporting recruitment for Tarmeem through Haka Resources. They have also collaborated with Benna Charity to enhance the lives of orphans, providing support in housing, transportation, and employment. Furthermore, Rikaz co-hosted the Samaya Competition with Imam Abdul Rahman bin Faisal University, the Ministry of Housing, and Rikaz Properties challenged designers to create a model for sustainable residential neighborhoods. The winning design will be used to develop housing projects in the Eastern Province that prioritise both environmental responsibility and the quality of life for residents. Rikaz continues to make a positive and lasting impact on the community, believing in the importance of the private sector’s contribution to supporting national development. With a clear vision for the future, Rikaz aims to shape the landscape of the kingdom, creating vibrant communities and contributing meaningfully to the nation’s economic growth. “IN 2023, RIKAZ EMBARKED ON A LOGISTICAL BUSINESS VENTURE, ESTABLISHING A SIGNIFICANT PARTNERSHIP WITH ALINMA BANK AND ALINMA INVESTMENT, LEADING TO THE LAUNCH OF ITS FLAGSHIP INITIATIVE, THE NODE”86 JUNE 2024 | POWER 150 | Andrea Nucera, Managing Director and CEO of Reportage Properties since its inception in 2014, debuts on Construction Week Middle East’s Power 150 list, refl ecting his impactful leadership in the real estate sector. One of the largest private developers in the UAE, Reportage Properties has achieved signifi cant milestones in the past year, solidifying its leading position in real estate development with projects in the UAE, KSA, Egypt, Turkey, Morocco, Uganda, and Rwanda. With branches in Abu Dhabi and Dubai, as well as seven other locations worldwide, the company has surpassed previous records in sales and customer acquisition. This achievement includes the launch of 29 projects in the UAE and seven diverse projects in strategic global locations. During the past year, Reportage Properties successfully delivered its sixth project, OASIS 2, located in Masdar City, renowned as the world’s sustainability capital. Additionally, in the UAE, the developer has launched several new projects, and others are in the process, including Reportage Village, Taormina Village, Verdana Community in Dubai, Marlin, Selina Bay, Royal Park, Perla Heights in Abu Dhabi, and the Najd project in Saudi Arabia. Reportage’s projects cater to a wide range of customer needs, demonstrating the company’s commitment to innovation and excellence. In 2023, Reportage Properties achieved a new milestone by surpassing $1 billion in sales. Looking ahead to 2024, the company aims to double this fi gure, driven by its vision for growth and expansion Under the guidance of Nucera, Reportage Properties has been a beacon of corporate social responsibility. The company has not only sponsored prestigious sporting and cultural events but also actively engaged with the community. These initiatives, such as the Abu Dhabi International Chess Festival and the Polo sport in UAE, refl ect Reportage’s deep-rooted commitment to fostering community engagement and promoting cultural awareness. Under Nucera’s leadership, the company continues to propel towards unprecedented success, setting new benchmarks in the real estate industry worldwide. Andrea Nucera Managing Director & CEO, Reportage Properties 38WWW. FROST-AE.COM Book a free AC checkNext >