Dubai-based developer Emaar Properties with an asset base of $21.7 billion and revenue at $3.7 billion has been named the top real estate company in the Arab world by Forbes Middle East at an event in Dubai, UAE.

Emaar tied with Damac Properties for profit earnings of $1.2 billion, while Jabal Omar Development came out on top for highest market value at $14.1 billion.

Forbes Middle East recently organised the event to recognise the prolonged success of the region’s real estate sector. It ranked for the first time the Arab World’s Top 100 real estate companies and consultants and celebrated business leaders and the vision of top enterprises and their contribution to the economic development of the Arab world.

Khuloud Al Omian, editor-in-chief at Forbes Middle East, said: “The real estate market in the region is undergoing a transformation. The market is now witnessing a shift from high-end luxury buyers to the middle-class segment of affordable consumers. With the turmoil witnessed in the GCC, the UAE’s real estate market still is robust and has proven adaptive to change.”

“The Arab world’s leading real estate companies have shaped our landscapes and built our world-famous skylines. The sector has continued to achieve revenues worth billions by diversifying and providing thousands of luxury and affordable properties to house the increasing populations and rapidly rising visitor numbers.

“With upcoming global events, the real estate sector is expected to remain one of the key factors in the region’s economic development and the sector will continue to be amongst the fastest growing in the world,” he added.

Forbes Middle East’s top 10 public real estate companies:
1.    Emaar Properties
2.    Damac Properties
3.    Aldar Properties
4.    Barwa
5.    Ezdan Holding
6.    Jabal Omar Development Company
7.    United Development Company
8.    Talaat Moustafa Group Holding
9.    Dar Alarkan Real Estate Development Company
10.  Douja Promotion Addoha Group

Top five private real estate companies
1.    Qatari Diar
2.    Dubai Properties
3.    Wasl Asset Management Group (Wasl Properties)
4.    Nakheel
5.    Arenco Real Estate

Top five real estate consultants
1.    Tamleek Real Estate Company
2.    Better Homes
3.    Edwards and Towers Real Estate Brokers
4.    Allsopp and Allsopp
5.    Harbor Real Estate

Top five international real estate consultants
1.    JLL
2.    CBRE
3.    Cluttons
4.    Knight Frank
5.    Chestertons

Methodology

The top public real estate companies were determined using information from the respective companies’ annual reports and their base country’s stock market website. Position in the ranking was derived using the following metrics: Market value; assets; profits; and revenues.

The top private real estate companies were determined using information from questionnaires provided to the respective companies, as well as the companies’ websites and research reports provided by real estate consultants. Position in the ranking was derived using the following metrics: estimated revenue; number of employees; and date of establishment.

Forbes Middle East is the licensed Middle Eastern version of the world-renowned Forbes magazine and extends the Forbes brand of journalism across the Arab world. – TradeArabia News Service