The Gulf region’s robust construction sector shows no signs of slowing down, with several leading developers making remarkable progress on mega projects in 2023. According to the Gulf News‘ recent report on the top GCC developers, these companies continue to drive economic growth and diversification through bold new developments.
Top Developers in the GCC for 2023
- ROSHN Cements Position in Saudi Arabia
Saudi Arabia’s national developer, ROSHN, has rapidly gained prominence since its inception in 2019. This year, the company unveiled three major residential projects – MARAFY, WAREFA, and ALFULWA – furthering its vision for community expansion nationwide. With integrated developments spanning Riyadh, Jeddah, and Al-Ahsa, ROSHN aims to boost homeownership in the kingdom. Its partnership with the Public Investment Fund (PIF) has enabled swift execution of projects aligned with Vision 2030.
- Emaar – A Proven Leader in Dubai’s Property Market
With iconic structures like Burj Khalifa under its belt, Emaar Properties retains its reputation as a leader shaping Dubai’s skyline. 2022 saw the developer report robust sales growth and revenue figures. Emaar maintains its edge through design excellence, build quality, and innovation. Recently, the company announced several new launches, including The Oasis waterfront project and Address Beach Resort Marassi in Egypt.
- NEOM’s Futuristic Saudi Giga-Projects Push Boundaries
Anchored by the PIF, NEOM steers Saudi Arabia’s most ambitious giga-projects, located along the Red Sea coast. THE LINE, its proposed vertical city housing 9 million residents, exemplifies the boundary-pushing vision. Another audacious initiative is the Shushah Island coral garden, billed as the world’s largest. With a $500 billion budget, NEOM continues to drive transformation through groundbreaking sustainable developments.
- Nakheel Focuses on Architectural Icons in Dubai
Best known as the creator of Palm Jumeirah, Nakheel has long contributed architecturally exemplary projects to Dubai’s landscape. Recently, the developer unveiled plans for new waterfront communities like Dubai Islands and an expansion of Palm Jebel Ali. Guided by Dubai’s 2040 Urban Master Plan, Nakheel remains committed to enhancing quality of life through thoughtful design.
- Wasl Delivers Continued Growth in Dubai
As a government-backed developer, Wasl Properties has actively grown Dubai’s residential, commercial, retail, and hospitality assets since 2008. In 2022, the company delivered over 3,800 new leasing units and 753 freehold homes. The completion of the W Dubai – Mina Seyahi hotel also highlights Wasl’s continued expansion in hospitality. Ongoing construction across its portfolio demonstrates the developer’s role in advancing Dubai’s real estate landscape.
- Aldar Strengthens Its Presence in Abu Dhabi
With new launches on Al Maryah Island and a joint venture with the Abu Dhabi Housing Authority, Aldar Properties retains its position among Abu Dhabi’s elite developers. The company’s 2022 financial results also underscore its strength, with profits up 35% year-on-year amid surging revenues. Aldar’s dedication to quality and innovation cements its reputation in the capital.
- Diriyah Authority Makes Strides in Historic Restoration
As custodian of the UNESCO World Heritage site in Diriyah, the Diriyah Gate Development Authority achieved key milestones in restoring the historic heart of Riyadh. The project’s first phase received LEED Platinum certification, the highest sustainability honor. This commitment to green development mirrors Saudi Arabia’s Vision 2030 while preserving Diriyah’s rich legacy.
- Meraas Ushers in a New Era of Luxury Living in Dubai
Meraas is a leading Dubai-based master developer and part of Dubai Holding Real Estate. In the past year, it has introduced iconic projects like Port de la Mer, Design Quarter, Sur La Mer Bluewaters Bay, Bulgari Lighthouse, and Bulgari Ocean Mansions. These redefine modern luxury living in Dubai, particularly along the beachfront. Adhering to green building standards, Meraas showcases sustainable innovation in its portfolio. Its developments feature over 9,000 residential units and will be launched in phases. Meraas is elevating Dubai’s premium real estate landscape through its curated projects.
- Red Sea Global Progresses on Mega-Project
Red Sea Global marked 2022 by making significant construction advances on the anticipated Red Sea Project. With support from Saudi Arabia’s Public Investment Fund, Red Sea Global is moving forward with infrastructure and hospitality components of the $500 billion gigaproject. When complete, the regeneration initiative will comprise resorts, residences, and recreational facilities.
These leading GCC developers continue to orchestrate economic diversification through iconic projects. Their boundary-pushing vision paired with strong execution places them at the helm of the region’s real estate expansion. As these companies deliver their robust development pipelines, they will reshape Arabian skylines for generations to come.
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