< PreviousPOWER 150 88 JUNE 2025 Over the years, Sweid & Sweid’s name has become synonymous with top- quality projects built to high-end specifi cations, with its commercial assets attracting an impressive roster of the world’s leading multinational tenants. The past year has marked a new chapter for the company’s growth. In Dubai, Sweid & Sweid completed 6 Falak, a Grade-A offi ce space in Dubai Internet City, which now serves as its regional headquarters, amongst many other international fi rms including MSD Pharmaceuticals, Paypal and Roland Berger. 6 Falak was later sold to Aldar Properties in one of the UAE’s most high-profi le commercial transactions of the year. The fi rm has also recently commenced construction of Sweid One, a 500,000 square-foot Grade-A offi ce tower in Jumeirah Lake Towers that will off er one of the most amenitised work environments within the DMCC district. In addition, Sweid & Sweid has announced the acquisition of Aurora Tower, a 27-storey offi ce building in Dubai Media City, which is home to numerous notable tenants including Spotify, Universal Music Group, etc. A repositioning of the asset is now underway to upgrade the operational performance and enhance the common areas to global standards. In the United States, Sweid & Sweid completed RiverPark 10, an 825,000 square-foot logistics facility in Atlanta, Georgia, marking the company’s fi rst foray into the U.S. industrial sector. It has also completed the fi rst units at The Nelson, a 370-apartment residential development in South Austin, Texas, part of the fi rm’s growing U.S. multifamily portfolio. With a clear vision and strategic approach, Maher Sweid continues to drive Sweid & Sweid towards heights, regionally and internationally. At Sweid & Sweid, we apply a detail-oriented approach to everything we do” MAHER SWEID FOUNDER & MANAGING PARTNER, SWEID & SWEID 28 CW_June2025_68-124_Developers (Power 150)_13613998.indd 8804/06/2025 19:43POWER 150 JUNE 2025 89 Kalpesh Kinariwala, Founder of Pantheon Development, has steadily expanded the company’s footprint in the UAE’s residential real estate sector, with a focus on delivering accessible, quality-driven developments. Over the past year, he has led Pantheon into a new phase of growth with a landmark $381 million (AED1.4 billion) investment in Ras Al Khaimah with One RAK Central, marking the company’s fi rst major move outside Dubai’s Jumeirah Village Circle (JVC). Under Kinariwala’s leadership, Pantheon successfully completed Elysee I, II and III in JVC. The developer launched One RAK Central in Ras Al Khaimah, and is planning to introduce VOXA in Jumeirah Village Triangle (JVT) soon—an innovative concept for the area. These developments refl ect the company’s continued focus on early delivery, strong design sensibility and lifestyle-driven off erings Pantheon Development ended 2024 on a high with over 1,500 units sold, featuring projects like One RAK Central and a series of mixed-use developments. The company continues to report strong growth in 2025, with multiple launches on the horizon. With this momentum, Pantheon is set to expand into additional emerging locations in the second half of the year. The goal is to complete two million square feet of built-up area by the end of the year. Beyond project delivery, Kinariwala has pushed forward Pantheon’s community-focused ethos. Recent CSR efforts have included the creation of wellness-integrated residential spaces, prioritising sustainability and healthier urban living. As the company prepares for its next phase of growth, Kinariwala remains focused on scaling Pantheon’s model of design-led, accessible residential development across new markets in the UAE. VOXA aims to create a wellness- driven, luxury community in one of Dubai’s most exciting locations” KALPESH KINARIWALA FOUNDER, PANTHEON DEVELOPMENT 29 CW_June2025_68-124_Developers (Power 150)_13613998.indd 8904/06/2025 19:44POWER 150 90 JUNE 2025 CW_June2025_68-124_Developers (Power 150)_13613998.indd 9004/06/2025 22:15POWER 150 JUNE 2025 91 Over the past year, Ajay Bhatia, Founder and CEO of SOL Properties, has fi rmly positioned the company among Dubai’s most active and ambitious developers. With a clear focus on luxury and community-driven developments, Bhatia has steered the launch and progress of projects worth more than $3.27 billion (AED12 billion) in Gross Development Value (GDV), demonstrating a strong market performance across multiple segments. This includes the Fairmont Residences Solara Tower in Downtown Dubai, SOL Levante Jumeirah Village Triangle and an upcoming $2.6 billion (AED8 billion) ultra-luxury project on the West Crescent of Palm Jumeirah. At the same time, the company has maintained traction across other market segments. Oakley Square Residences in Jumeirah Village Circle, positioned as aff ordable luxury, was completed and handed over, fully sold. Ocean House on Palm Jumeirah, another high-end residential project, has also sold out and is now under construction. At the contracting front, Bhatia’s parallel role leading Bhatia General Contracting, a fi rm celebrating its 50th anniversary, has only strengthened his position in the industry. In the last 12 months alone, the company has been awarded major construction contracts, including 1,050 villas in Al Khawaneej under the MBRHE housing program, valued at $405 million (AED1.5 billion). Other wins include the Tilal Al Furjan project with Nakheel and Naya at District One, awarded by Meydan, with a contract value of $142 million (AED529 million). The company’s completed work over the same period, including Oakley Square JVC, the Dubai Edition hotel Downtown, and the Radisson Beach Resort on Palm Jumeirah, brings the total delivered value to around $1.134 billion (AED4.2 billion). Combined revenues from SOL Properties and Bhatia General Contracting reached $700 million (AED2.59 billion) in 2024, with a forward- looking projection of $871 million (AED3.2 billion) for 2025, due to the steady pipeline of projects. Sustainability is also embedded into new projects, aligning with the UAE’s Green Agenda 2030. For instance, Fairmont Residences Solara Tower incorporates energy-effi cient technologies and sustainable materials to minimise environmental impact. Bhatia General Contracting has also contributed to community infrastructure by constructing facilities like the ambulance complex for the Dubai Government and the Hatta Border Port Crossing complex, enhancing public services and connectivity. Furthermore, they invest in their employees’ growth and wellbeing, providing regular training to enhance their industry knowledge and skills. With a dual portfolio that spans development and construction, Bhatia is not just building homes, he’s helping defi ne the next chapter of Dubai’s urban future. In 2024, our combined revenue from SOL Properties and Bhatia General Contracting reached approximately $700 million (AED2.59 billion)” AJAY BHATIA FOUNDER AND CEO, SOL PROPERTIES 30 CW_June2025_68-124_Developers (Power 150)_13613998.indd 9104/06/2025 22:22POWER 150 92 JUNE 2025 CW_June2025_68-124_Developers (Power 150)_13613998.indd 9204/06/2025 19:44POWER 150 JUNE 2025 93 Ajlan bin Ajlan bin Abdulaziz Al Ajlan is a businessman who combines deep-rooted experience with a world-class education. He holds an MBA from London Business School and a qualifi cation from Edinburgh Napier University. Under his leadership, the group has expanded into a multi-sector empire operating in 25 countries with over 15,000 employees, and investments spanning real estate, mining, energy, logistics, technology and tourism. In the past year alone, Ajlan & Bros Group has launched major residential developments in East Riyadh (four million square metres), North Riyadh (three million square metres), and West Dammam (18 million sqm). Looking deeper, the group’s footprint is evident in nearly every key region—Al- Qirawan, Taybah, Makkah, Jeddah, and, of course, the capital. Currently, over 20,000 housing units are under construction—a fi gure that refl ects not only ambition, but also execution. What sets Ajlan & Bros Group apart is its deep alignment with Saudi Arabia’s national transformation strategy, demonstrated across every sector it touches. In mining, the group secured a license to explore zinc and copper in Al Khnaiguiyah, partnering with UK-based Musheko. In energy, it is spearheading renewable projects like Taybah (2) and Qassim (2), which together will deliver 3.6 gigawatts of clean energy. In technology, the launch of its fi ntech venture, Techmo, is already fostering partnerships with global tech leaders. These are not standalone initiatives—they are part of a cohesive strategy to localise industries, create jobs, and reduce Saudi Arabia’s reliance on oil. Ajlan & Bros Group stands out for its disciplined, long-term strategy—prioritising steady growth, unwavering quality, and a commitment to reliability. This clear focus on building and delivering results has earned the trust of institutional investors and global partners alike, who view the group as a dependable partner for joint ventures and large- scale investments. The company is currently constructing one of the world’s largest precious metals refi neries, while also contributing to clean energy and infrastructure eff orts that address one of Saudi Arabia’s most critical future challenges: water security. With a vast workforce, Ajlan & Bros Group has become a leader in localisation, providing real employment opportunities, managing in-house training programs, funding student development and collaborating with universities to prepare graduates for real-world careers. Sustainability is embedded into the group’s operations through carbon fi bre recycling, semiconductor partnerships and environmental initiatives with Aramco. By balancing heritage with innovation, Ajlan & Bros Group perfectly embodies the kind of enterprise envisioned by Saudi Vision 2030: a well-established company that embraces innovation and excellence. Currently, over 20,000 housing units are under construction, a fi gure that refl ects not only ambition, but also execution” AJLAN BIN ABDULAZIZ AL AJLAN CHAIRMAN, AJLAN & BROS GROUP 31 CW_June2025_68-124_Developers (Power 150)_13613998.indd 9304/06/2025 19:44POWER 150 94 JUNE 2025 CW_June2025_68-124_Developers (Power 150)_13613998.indd 9404/06/2025 19:44POWER 150 JUNE 2025 95 Over the past 12 months, BNW Developments, led by Vivek Anand Oberoi and Ankur Aggarwal, has signifi cantly expanded its footprint in the UAE’s real estate sector, with a focused strategy on ultra-luxury and branded residential projects. Under Aggarwal’s leadership as Chairman and Founder, the company has launched several key projects, formed international collaborations, and strengthened its visibility in a highly competitive market. A major highlight of the year was BNW’s partnership with The Indian Hotels Company Limited (IHCL) to develop the Taj Wellington Mews Residences in Ras Al Khaimah. This marked IHCL’s entry into the emirate and BNW’s debut in branded residences. Impressively, 97 units were sold within 24 hours of launch, underscoring the increasing demand for high-end living in emerging markets like Ras Al Khaimah. In addition to Taj Wellington Mews, BNW unveiled a diverse lineup of projects: Aqua Arc – a prime waterfront development on Al Marjan Island; Aquino – an in-house BNW development off ering 1, 2, and 3-bedroom residences; Acacia by FashionTV – a branded lifestyle collaboration; Orvessa – developed in collaboration with Michel Adam; Esplora – a 16-storey ultra-luxury tower in the heart of Jumeirah Village Circle (JVC); and Pelagia – a resort-style residence on Al Marjan Island with integrated high-end retail and 1 to 4-bedroom units. BNW’s current development portfolio exceeds $816 million (AED3 billion), with Assets Under Management (AUM) reported at approximately $5.44 billion (AED20 billion), achieved between 2022 and 2024. The company ended 2024 with no project backlog and plans further launches in 2025. With Ras Al Khaimah’s luxury real estate segment gaining global interest and tourism numbers projected to triple by 2030, BNW anticipates continued growth this year, with additional high- margin projects and expanded international collaborations on the horizon. At BNW Developments, corporate social responsibility is integrated into the core business strategy. In January 2025, the company co-hosted the “Change Maker Awards” alongside the ESG Research Foundation to recognise achievements in sustainability and governance. Community engagement initiatives included Ramadan and Eid charity drives, and the “BNW Legends Cup”, a cricket tournament featuring international players designed to inspire youth participation. BNW also advanced women’s empowerment by launching skilling and employment programs for women from marginalised communities, enabling economic independence and confi dence. Aggarwal’s leadership refl ects a strategic balance between commercial ambition and purposeful brand building, positioning BNW Developments as a fast-growing force in the regional and international real estate space. Taj Wellington Mews Residences, a branded residential project developed in collaboration with IHCL, will off er 342 ultra-luxury units” ANKUR AGGARWAL CHAIRMAN & FOUNDER, BNW DEVELOPMENTS 32 CW_June2025_68-124_Developers (Power 150)_13613998.indd 9504/06/2025 19:45POWER 150 96 JUNE 2025 CW_June2025_68-124_Developers (Power 150)_13613998.indd 9604/06/2025 19:45POWER 150 JUNE 2025 97 ANAX Developments is a subsidary of ANAX Holding, and Satish Sanpal, the chairman of the company has demonstrated a combination of strategic foresight and hands-on leadership that continues to shape the company’s trajectory in Dubai’s competitive real estate market One of the most signifi cant achievements for ANAX in the last 12 months came with the rapid sales success of the Al Furjan project, where 90% of units were snapped up within just two months following its launch. This rapid uptake refl ects not only the quality of the development but also Sanpal’s sharp market insight and ability to align off erings with current demand. Adding to this momentum, ANAX is in the process of fi nalising a high-profi le collaboration with a renowned lifestyle brand, a partnership that promises to set new standards in Dubai’s branded residences segment. Under Sanpal’s leadership and guidance, ANAX Developments will launch three projects this year in Dubai Islands, Meydan, and Warsan, collectively valued at $300 million (AED1.1 billion). These developments underline the company’s diversifi ed portfolio and commitment to meeting the varied needs of Dubai’s property buyers. Going forward, ANAX is looking at a clear and encouraging outlook. The company currently carries no project backlog, indicating effi cient project management and a focused approach to development cycles. The recently launched projects are on track, with handovers planned for 2026 and 2027, ensuring a steady pipeline of quality off erings for the market in the coming years. Financially, ANAX Developments remains optimistic about its growth trajectory. The chairman emphasises that Dubai’s real estate market continues to off er promising opportunities, and the company is targeting steady year-on-year revenue growth. Central to this strategy is ANAX’s substantial land bank across prime locations in Dubai, which forms the foundation for an ambitious new landmark project. Beyond business success, Sanpal places considerable emphasis on corporate social responsibility (CSR), embedding it as a core aspect of ANAX’s corporate identity. Known widely for his philanthropic contributions, Sanpal actively channels his leadership towards social and environmental causes through both ANAX’s brand and the Sanpal Foundation. The foundation has been instrumental in driving impactful initiatives across multiple countries, reinforcing a genuine commitment to community welfare. ANAX Developments also champions sustainability in its projects. For instance, EVORA incorporates rooftop solar panels, while Vento Tower exemplifi es eco-conscious design from inception, including the careful selection of contractors and consultants who share the company’s values. These eff orts refl ect Sanpal’s understanding that responsible development is key to long-term value creation, not just for investors, but for the broader community and environment. ANAX Developments will launch three projects this year in Dubai Islands, Meydan, and Warsan, collectively valued at AED1.1 billion” SATISH SANPAL CHAIRMAN, ANAX HOLDING 33 CW_June2025_68-124_Developers (Power 150)_13613998.indd 9704/06/2025 22:23Next >