| Amit Jain | Khalid Al Malik |
| Anand Raheja | Mohammed Al Tair |
| Catherine Workman | Robert Booth |
| David Grover | Sachin Kerur |
| Hussain Sajwani | Talal Al Dhiyebi |
| Jonathan Timms | Talal Moafaq Al Gaddah |
| John Pagano | Waqas Al Adawi |
Amit Jain
Group CEO
Emaar Properties
Amit Jain was named the group chief executive officer (CEO) of Emaar Properties in 2017, a title that he held until the company removed all job titles in July 2020 (his current title is now Corporate Office). Before becoming the CEO of the company, Jain had served as the chief operating officer, but had also been handling the CEO’s responsibilities since the previous CEO, Abdullah Lahej, stepped down in April of 2016.
Jain joined Emaar back in 2006 when he started out as group chief financial officer later becoming group chief operating officer and eventually CEO, Dubai Operations, in 2015. He has more than 22 years of experience in the retail and banking sectors. Prior to his career in Emaar, Jain worked as the head of finance at Dubai Bank, and manager, audit at Emirates Bank, and he also worked for the multinational company Ernst & Young for eight years.
Jain graduated from Delhi University with a Bachelor of Commerce. He is a Chartered Accountant from the Institute of Chartered Accountants of India, and he holds a CFA Charter from the CFA Institute in the United States. Jain has made regular appearances in lists in Dubai-based publications, including Forbes’ Top CEOs in the Middle East, and Arabian Business’ Indian Power List.
One of the largest real estate developers in the UAE, Emaar Properties is responsible for some of the county’s most famous iconic projects such as the Burj Khalifa, the Dubai Mall, and Dubai Opera. It was founded in 1997, and now operates in 36 markets all over the world, including the Middle East, Europe, and North America.
Earlier this year, plans emerged of a prospective merger between Emaar Properties and Emaar Malls. With the unanimous support of the board of both companies, it’s set to be completed by the end of 2021, and will reinforce Emaar Properties’ position as MENA’s largest integrated and diversified real estate company.
The founder of Emaar Properties, Mohamed Alabbar, said in February of 2021 that the year looked to hold a “world of opportunities,” despite seeing year-on-year profits drop by almost $1bn. In 2020, the master developer reported a net profit of $712m, down 58 percent from the $1.7bn announced 12 months previously; while revenues dropped almost 20 percent, from $6.7bn in 2019 to $5.366bn. Emaar recorded overall property sales of $2.968bn, of which $1.721 was achieved in the UAE. The company has a total sales backlog of $9.986bn, with $6.735bn-worth in the UAE.
The company is currently developing over 26,000 residences here in the UAE, alongside 12,000 more units in international markets. “Despite the challenges of the pandemic, we remained focussed on progressing at great speed with all of our projects during 2020,” said Alabbar.
One positive for the company was the performance of its online fashion and beauty platform, Namshi. The ecommerce website saw year-on-year revenues climb 28 percent to $358m in 2020. Emaar’s international operation also delivered property sales of $1.25bn during 2020.
Anand Raheja
CEO
Dar Al Arkan
Anand Raheja is the chief executive officer of Dar Al Arkan Real Estate Development Company, one of the largest property development companies in Saudi Arabia. Based in Riyadh, the company has branches all over the country, including in Mecca, Jeddah and Medinah, as well as abroad.
Raheja was appointed as the firm’s CEO in May 2019, having been promoted from his previous role as CFO, a role which he’d held since 2018.
Dar Al Arkan has been involved in some of the biggest residential projects in Saudi Arabia, including Al Yarmouk, Al Aziziah Towers, and Al Falah. Since the company was established, it’s developed more than 15,000 housing units as well as over 500,000 sqm of retail space. The firm has been involved in developments in Saudi Arabia, Bosnia, and the UAE, and also owns and runs a digital real estate brokerage firm that deals in properties in 11 different countries.
Earlier this year, the firm released details about its latest project, Sidra, SR500 million ($133 million) luxury vacation and housing development in Bosnia. The development will incorporate contemporary villas inspired by local architecture as well as a clubhouse, café, supermarket, gym, spa, children’s playground and a five-star boutique hotel. It will be surrounded by 20,000 native trees, and is set to be the largest single real estate project in the country.
It recently signed a joint agreement with another Saudi Arabian real estate giant, SNASCO Real Estate, to develop a luxury residential tower on Jeddah Corniche, an area known for its residential and recreational destinations. The luxury tower will consist of 300 apartments and work on it is expected to start in the last quarter of the year. Jeddah Corniche stretches over 30 kilometres along the coast and features restaurants, retail outlets, hotels, an aquarium, a cultural centre, parks, and fountains. Dar Al Arkan also unveiled exclusive co-branded villas with the world-renowned designer Elie Saab to be part of the Shams Ar Riyadh project. The Shams Ar Riyadh project is located north of Riyadh, and extends over an area of more than 5 million square metres.
Catherine Workman
Partner and Head of Middle East Region
Pinsent Masons
With its presence in the UK tracing back to 1769, the London-headquartered international law firm Pinsent Masons has set up offices in the Middle East, Asia Pacific, Europe, Americas, and Africa. Catherine Workman heads the company’s Middle East chapter.
The firm has advised clients on Dubai Electricity and Water’s (DEWA) 900 MW Phase 4 of the Mohammed Bin Rashid Al Maktoum Solar Park in the UAE. Meanwhile in Saudi Arabia, where it operates in association with AlSabhan & AlAlaiji, it has advised on the Haramain High Speed Railway project on various aspects including the implementation of the project’s contracting and construction management.
Since joining her role as Partner at Pinsent Masons in 2019, Workman focused on a more “human style of leadership,” especially indulging in internal and external engagement within the company, breaking down hierarchical barriers. Workman placed trust and transparency at the fore, despite a dubious environment in the past year.
Moreover, in her capacity, Workman continues to champion all forms of diversity and inclusion. “It is my responsibility to ensure that the path is smoother for those who follow me in our business and others,” she said.
Externally, Workman has made a difference by taking on speaking slots at conferences as well as joining interest groups such as the British Business Group and the Saudi British Joint Business Council, all focused on enhancing Pinsent Masons’ brand recognition.
Among Pinsent Masons’ major successes in the past twelve months are its revenue growth, which is 10 percent ahead of the past year; internal promotions spearheaded by Workman; launch of the Mindful Business Charter in the Middle East; and the introduction of personality testing tools.
Pinsent Masons budgeted for further year-on-year growth of 16 percent on the expected out-turn for this year. The firm has big growth ambitions and part of this includes building up a plan for growth in the Saudi market.
David Grover
Group CEO
Roshn
David Grover is group chief executive officer at ROSHN.
He is responsible for overseeing the overall operations of ROSHN in Saudi Arabia.
ROSHN is a national community developer powered by PIF, committed to delivering high-quality communities to the people of Saudi Arabia, and in support of government efforts to increase the rate of home ownership to 70 percent by 2030. Under Grover’s leadership, ROSHN is developing communities across Riyadh, Jeddah, Asir and the kingdom’s eastern region.
Last month, ROSHN launched Himam, a leadership programme through which the developer aims to help create 170,000 jobs by 2030. In a statement to media, ROSHN said the initiative will provide up to 24 months of training for graduates followed by an opportunity within the organisation. “I aim to hone the leadership skills of fresh graduates to transform them into future business leaders. We believe that the basic pillar for improving business performance lies in training a new generation that possesses innovative skills and solutions to realize the kingdom’s future objectives,” Grover said in a statement.
Prior to joining ROSHN, Grover served as a co-owner and group board director at Mace Group in the UK. With a turnover of more than $2.5bn, that firm employed 6,500 people and operated through five global hubs, across 65 countries. David also held the position of chief executive officer of Mace Developments.
Joining the UK firm in 1992, David worked across most key aspects of the business, from consultancy to construction and development. David’s major achievements included setting up and driving the growth of the company’s development business; the establishment and management of the company’s Asia operations; and, significant experience in the delivery of complex, large-scale, high-profile development programmes in Europe and Asia including the London 2012 Olympic Games, Canary Wharf, the Shard and Paddington Basin, in addition to multiple infrastructure and mixed-use projects.
David holds a Master of Science in Construction Law from Kings College London and a Bachelor of Science in Quantity Surveying from the University of Birmingham.
What do you expect the long-term legacy of Expo 2020 to be for the UAE?
I believe that Expo 2020 will provide a once-in-a-lifetime platform for highlighting the unique strengths of not only Dubai and the UAE, but the entire Gulf region. The event will help attract FDI into sectors such as real estate, retail, e-commerce, technology and manufacturing long after its conclusion.
— David Grover, Group CEO of Roshn
Hussain Sajwani
Chairman
Damac Properties
Featuring in Construction Week’s Top 50 GCC Developers list, Hussain Sajwani, the founder and chairman of Dubai Financial Market-listed DAMAC Properties, is planning to take the real estate giant private through Maple Invest Co Ltd, a company owned by him and incorporated in the British Virgin Islands.
Sajwani announced the plans to take the developer private in June 2021. However, later that month, the company revealed its plans to postpone efforts to go private as Securities and Commodities Authority (SCA) has been undergoing a review of Maple Invest Co Ltd’s decision to acquire shares in the share capital of DAMAC Properties.
The real estate mammoth currently has 3.9 million sq m (42 million sq ft) under development in various projects, comprising a total of 33,000 units.
As of August 2021, DAMAC had 22 projects in various stages of development, with a majority of them being developed in Dubai followed by Qatar and London.
DAMAC’s flagship project in Europe, DAMAC Towers Nine Elms in London, has made significant progress and is slated for completion by the end of the year. With the façade and most exterior works complete, currently the focus has been on interior design by Versace Home.
Meanwhile, the developer’s 31-storey Burj DAMAC Seaviews Qatar with the mega Lusail City has reached mid-stages of construction. In November of last year, DAMAC opened the 2,294.7 sq m man-made Malibu Bay beach pool at its 3.9 sq km DAMAC Hills community in Dubai. DAMAC rebranded its AKOYA master development, the largest in its portfolio. Under the new name, DAMAC Hills 2, the community will create five towns including Sports Town, Water Town, Downtown, Motor Town, and Leisure Town.
DAMAC posted revenue of $200.3m (AED735.8m) in Q2 with total revenue of $375.1m (AED1.4bn) for the first six months of 2021 ending on 30 June.
Jonathan Timms
President
Diriyah Development Company
Jonathan Timms is the president of Saudi Arabia’s Diriyah Development Company (DevCo), a subsidiary of Diriyah Gate Development Authority (DGDA). With more than 30 years’ experience in property and real estate across the GCC and the Asia-Pacific region, Timms has delivered significant global projects across multiple asset classes, including shopping malls, commercial, residential and leisure projects.
DevCo was created as part of the authority’s accelerated growth plans, and has its own board, structure and team. Timms was appointed president in March this year. He joined DGDA at the beginning of 2019, working as chief design and development officer.
Before joining Diriyah, Timms was the head of development for Majid Al Futtaim. He’s also worked for Vicinity Centres in Australia, managing an asset portfolio worth over $20bn, as well as Tesco Property China, where he delivered more than 20 projects including over 10,000 residential units.
Under Timms’ stewardship, the DGDA project has transitioned from being a megaproject with a SAR20bn ($5.3bn) budget to grow nine-fold and become a gigaproject with a budget of SAR190bn, and is now one of the most complex and significant projects globally. The total built area being developed is now in excess of 9.5 million sq m, which makes Diriyah Gate one of the world’s largest developments to ever be undertaken.
As this is also one of the most high-profile projects under construction, Timms personally takes a leading role in the communication with the DGDA Board, including Crown Prince Mohammed Bin Salman. The plans for the project have increased exponentially since Timms came on board, with the number of hotels rising from six to 38, and the area increased from 1.5 million to 9.5 million sq m. As a sign of the confidence that’s been placed in Timms and DGDA, a recent royal decree also gave DGDA oversight of the King Saud University projects.
Currently, DGDA is responsible for implementing four masterplans, including the SAR70bn Diriyah Gate I, which is under construction; the SAR15bn Wadi Safar, also under construction; as well as the SAR85bn Diriyah Gate II, which has entered the detailed master planning stage and set to be unveiled at the end of the year; and the SAR 20bn Diriyah Gate III, which is currently in the concept phase. The gigaproject’s first asset, Bujairi Terrace, a premium dining destination overlooking the historical UNESCO World Heritage Site At-Turaif, is set to open in Q1 2022. It will be home to 20 restaurants, including four Michelin-starred brands, and many brands that are entering the kingdom and wider Middle East for the first time.
With an expanding scale of the Diriyah Gate project, DGDA’s DevCo is planning to increase its workforce to reach 950 in 2022 from its current 400 employees. In Timms’ words, Diriyah Gate has an ambitious accelerated timeline, with the majority of the four masterplans set to be delivered by 2025.
How are you planning to use the Expo 2020 as a business opportunity?
Expo 2020 presents an amazing opportunity for DGDA to participate in the KSA Pavilion, which at 13,000 sq m, is the second largest of all pavilions, and we look forward to fulfilling our strategic objectives of activating and amplifying Diriyah’s historical and cultural heritage narrative to such a large anticipated global audience. Expo 2020’s theme of ‘Connecting minds, creating the future’ really resonates with us here in Diriyah as we look to develop and incubate a high number of Saudis as international leaders of the future.
— Jonathan Timms, President of Diriyah Development Company
John Pagano
CEO
The Red Sea Development Company
Leading the development of two of Saudi Arabia’s billion-dollar gigaprojects is John Pagano, CEO of The Red Sea Development Company (TRSDC) and AMAALA. Currently, TRSDC is busy with the construction of the Coastal Village, which will house the resort’s 14,000 employees, with the project’s main elements set to be completed soon after. Infrastructure works have been advancing at The Red Sea Project, with the planned 80km of roads in process of being completed. Meanwhile, airside construction work has been completed on the airport, with 3,500 cubic metres of asphalt being laid on the 3.7km runway and taxiways.
In the past 12 months, TRSDC has awarded more than 600 contracts worth over $4.5bn (SAR17bn). TRSDC has become the first asset owner in the world to achieve the BIM Project Kitemark for its digital project delivery, and its adoption of Building Information Modelling (BIM) aligned to ISO19650.
For AMAALA, the current focus is on the Triple Bay district, which forms Phase 1 of the development covering 4,155 sq km in area. The Red Sea Project and AMAALA are two of the flagship Vision 2030 projects, contributing to the Kingdom’s ambition for a more diversified economy.
The overall site of The Red Sea Project stands at 28,000 square kilometres, the equivalent in size to the European country of Belgium. The first hotels in the development will be open in 2022, when the resort’s first guests are scheduled to arrive.
Upon completion in 2030, the entire destination will comprise 50 resorts, offering up to 8,000 hotel rooms and around 1,300 residential properties across 22 islands and six inland sites. It will also include luxury marinas, golf courses, entertainment and leisure facilities.
The hallmark of The Red Sea Project is its focus on sustainability and environmentally friendly tourism, and each property on the giga-destination will be unified by a commitment to sustainability. It will house its own water bottling facility, as well as a renewable energy plant, with plans to have the entire resort powered by sustainable energy.
Khalid Al Malik
CEO
Dubai properties
Khalid Al Malik is the CEO of Dubai Properties, where his main duties and responsibilities are spearheading the company’s strategy of developing and shaping Dubai’s landscape, through a combination of large-scale mixed-use developments and residential communities. Some of the company’s biggest and most famous projects here in the UAE include The Walk at Jumeirah Beach Residence, Business Bay, Bay Avenue, and Dubai Internet City.
Al Malik also serves as the managing director of Dubai Holding, leading the organisation’s real estate portfolio, which includes urban planning and infrastructure strategy and development as well as overseeing the land bank – one of the emirate’s largest.
He is also responsible for the company’s real estate investments in locations around the world such as Malta, Kochi, and Morocco, as well as managing Dubai Properties’ strategic relations with local and international investors, and its government affairs.
Earlier this year, Dubai Holding announced a multi-partnership deal to develop one of the world’s largest energy-from-waste (EfW) facilities. Along with the ITOCHU Corporation, Hitachi Zosen Inova, BESIX Group and Tech Group, it will build and operate the Dubai Centre for Waste Processing, a AED4bn ($1.1bn) project, under a 35-year concession period with Dubai Municipality.
In the past, Al Malik has held a number of positions within the Dubai government and private sector, including Director of Operations at the Dubai Development and Investment Authority, the CEO of Dubai Industrial City, and the CEO of Tatweer.
Al Malik currently sits on the board of organisations including SmartCity Malta, SmartCity Kochi, Empower, Noor Bank, Dubai Creek Harbour, and the UAE International Investment Council, and is a member of the Dubai Council for the Future Cities.
Al Malik holds a bachelor’s degree from the University of Arizona in the US.
Mohammed Al Tair
Acting CEO
RAK Properties
Spearheading the growth and development of RAK Properties is its acting CEO, Mohammed Al Tair, who manages a portfolio of more than $1.4bn (AED5bn) worth of projects that are currently under construction.
In the past 12 months, RAK Properties continued its strong performance in terms of profit, revenue, and asset valuation. The developer’s H1 2021 net profit spiked 348 percent to $32.6m (AED119.8m) from $7.3m (AED26.7m) last year, which reflects how the company strategically overcame the challenges in tough market conditions brought about by the impact of the pandemic.
Furthermore, overall revenues grew by 121 percent to reach $72.2m (AED265.1m) in the first half of 2021, compared to $32.7m (AED120.02m) in the same period last year.
Earlier this year, the developer sold Phase 1 of its waterfront project, Marbella, which features beachfront properties comprising two- and three-bedroom townhouses and four- and five-bedroom villas. At present, the developer is busy with accelerated construction activities at its $2.7bn (AED10bn) Mina Al Arab megaproject.
In July this year, it awarded a project management services contract to Hill International for the 5-star Anantara Resort Hotel, currently under development within Mina Al Arab. Another $136.1m (AED500m) contract was awarded to Al Ali Construction & Development for the construction, infrastructure, and landscape work.
The developer of residential projects including Bermuda Villas, Granada Villas, Malibu Villas, Flamingo Villas, Northbay Residences, Gateway Residence, Lagoon Views as well as Abu Dhabi’s RAK Tower in Reem Island, RAK Properties is on track with the construction of Marbella Villas and is scheduled to handover the project later this year.
RAK Properties is planning to open the InterContinental Ras Al Khaimah Resort and Spa, a hospitality project in Mina Al Arab by the end of 2021.Furthermore, it aims to target $108.9m (AED400m) revenues in 2021 compared to $66.3m (AED243.5m) in 2020.
Robert Booth
Managing Director
Ellington Properties
A veteran of the global property industry, Robert D. Booth has worked on some of the largest projects across five continents.
Robert holds a Master’s Degree in Real Property Development and Planning from the University of British Columbia in Canada, as well as a BA in Political Science, and he is a regular speaker at real estate conferences all over the world.
In his home country of Canada, he developed the country’s largest master-planned urban community, Vancouver’s Concord Pacific Place, for the Hong Kong magnate and philanthropist Li Ka-shing. Working as the Director of Development at Concord Adex Development Corporation, he also oversaw a $2bn development scheme in Toronto.
He moved to Dubai in 2001 to join Emaar Properties, where he worked in various senior roles including CEO of its North America region and CEO of the overall Real Estate division. He was involved in several of its biggest developments, including Arabian Ranches, Emirates Living, Emirates Hills, The Greens, and The Dubai Marina, bringing 40,000 residential units on to the market, but his crowning achievement was his involvement with the Downtown Dubai project, which he was involved with from day one.
Spearheaded by Robert Booth, Ellington Properties was founded in 2014. Despite the pandemic-induced hurdles, however, the developer has recorded several major successes over the past 12 months.
These included the handover of DT1 in Downtown Dubai, the launch of The Sloane in Jumeirah Village Circle (JVC), and the launch of Kensington Waters in Mohammed Bin Rashid City. The developer has shown an impeccable resilience to Covid-19, by achieving an 85 percent to 90 percent occupancy rate across its delivered projects in JVC, compared to an average of 75 percent in 2020.
The total development value of all of the Ellington Properties’ projects in the UAE is estimated at $525.4m (AED1.93bn).
Sachin Kerur
Managing Partner
Reed Smith
An industry veteran for construction law, Sachin Kerur is the managing partner for Reed Smith. Kerur has worked at Reed Smith for the last two and a half years, and is responsible for driving the firm’s strategy for the Middle East.
Throughout the last year, Kerur has ensured its teams remained as healthy and invigorated as possible throughout the Covid-19 crisis. Kerur revealed that the business has shown the maximum sincere empathy to clients and supported them.
Over the past 12 months, Kerur has acted on behalf of several development projects in the civil engineering sector, desalination industry, industrial services and re-modelling of major legislative frameworks in the UAE.
In the face of restricted client activities, Kerur has been instrumental in developing a number of outreach programmes for Reed Smith including the groundbreaking sponsorship of the Al Maha Emirati Women’s Rugby Association.
In line with the company’s commitment to pro bono legal services, the firm supported a number of small businesses in corporate and employment needs and has been working closely with a major charity regional institution on groundbreaking and exciting initiatives.
Kerur also participated in several of Construction Week’s conferences and events over the past 12 months including most recently being a panellist for their first physical conference since the pandemic – Dispute Resolution Question Time Dubai in February 2021, Leaders KSA where he joined key members of the industry to discuss ‘The Future of Construction’ for the Kingdom, Leaders UAE where he was among several other lawyers for the ‘Knowing your Rights’ panel and finally he was a judge for the Construction Week Awards 2020.
As the UAE emerges from the pandemic, Kerur has said that he expects an upturn in the economy and expects the business to mirror that growth. He added that the firm was confident that they could support their clients throughout the remainder of 2021.
Talal Al Dhiyebi
CEO
Aldar
At the helm of the Abu Dhabi Securities Exchange-listed Aldar Properties is its chief executive officer Talal Al Dhiyebi, who led the company to a sustained growth momentum across all of its diversified businesses.
In 2018, when he made it on to Arabian Business’ list of Real Estate Icons, he had been a driving force behind a landmark $8.1bn alliance between Aldar and Emaar, in which the two real estate giants agreed to work together to develop projects locally and internationally.
Earlier this year, Aldar announced that it would take over the management of $8.2bn (AED 30bn) worth of capital projects in Abu Dhabi. The projects include Riyadh City, Baniyas North, and developments in the Al Ain and Al Dhafra regions, as part of Abu Dhabi Executive Council’s approved framework between the Abu Dhabi government and the developer.
In H1 2021, the developer of the iconic Yas Island, recorded a 35 percent surge to reach $288.6m (AED1.06bn) net profit, compared to the previous year. Aldar’s half-yearly revenue in the first six months of 2021 stood at $1.2bn (AED4.23bn), as it recorded development sales of $639.8m (AED2.35bn) in the same period.
Earlier this year Aldar, along with a consortium of investors, submitted a non-binding offer to acquire a majority stake in one of Egypt’s Sixth of October Development and Investment Company (SODIC). In Q2 2021, the company received an approval from the Egyptian Financial Regulatory Authority (FRA) for a 30-day deadline extension to finalise the due diligence process and relevant procedures.
In August 2021, Aldar launched Yas Acres The Magnolias featuring 312 villas and townhouses, scheduled for handover in Q3 2024.
For Aldar, the launch of Magnolias follows the successful completion of the construction of properties in Redwoods, Aspens, and Cedars. These projects form Phases 1 and 2 of Aldar’s Yas Acres, while Magnolias forms Phase 3.
Talal Moafaq Al Gaddah
CEO
MAG Group
Talal Moafaq Al Gaddah runs MAG Lifestyle Development (MAG LD), a subsidiary of the highly successful MAG Group, which was formed by this father Moafaq Al Gaddah in 1978. The property development arm has helped cement its position as one of the top five real estate developers in the UAE.
With an existing real estate portfolio worth more than $3bn, MAG LD has already completed a series of high-rise towers, hotel apartments and industrial projects in Dubai, Abu Dhabi and Sharjah. As the CEO of MAG Lifestyle Development, Al Gaddah is responsible for overseeing the company’s overall direction as well as its organisational strategy.
Al Gaddah heads up the firm’s six departments, including finance, legal, project management, sales, marketing, and administration. The company, established in 2003, has grown from developing residential spaces to developing luxury high-rise residential towers and vast multi-billion dollar communities, and bringing real estate projects with the region’s first wellness-focused development.
With an existing real estate portfolio worth more than $3bn, MAG LD has already completed a series of high-rise towers, hotel apartments and industrial projects in Dubai, Abu Dhabi and Sharjah.
Over the years, the developer has changed the status quo of the property industry in the emirate. Some of the developer’s key projects include Mag City Meydan, a community development comprising residential apartments in Meydan District, and MBL Residence, a residential project within the heart of Dubai’s waterfront community.
Its portfolio also covers Jumeirah Lakes Towers; MAG 5, an all-inclusive residential community located in Dubai South, the emirate’s largest green belt area; and MAG 230, a high-end residential project in Dubailand, amongst others.
November 2020 saw the developer mark 65 percent completion of its $149.7m (AED550m) mixed-use MAG 318 project, which consists of fully furnished canal-front residences in the heart of Business Bay, Downtown Dubai.
Waqas Al Adawi
Vice Chairman
S&T Investment Holding
Having first appeared on the Construction Week Power 100 list in 2017, coming in at number 41, Waqas Al Adawi, the vice chairman of S&T Investment Holding, has appeared on the list many times. In 2020, he appeared in Cityscape Intelligence’s list of the most influential people in the Middle East and North Africa region, a list compiled based on nominations from across the real estate sector.
He has spent 13 years at the Oman-based property conglomerate, with over eight years in his current role. He’s currently working to revamp the firm’s technology adoption.
With a focus on infrastructure development, manufacturing, tourism, and mining in the region, S&T Investment Holding has already had significant opportunities to tap the market. In 2017, the firm’s revenue stood at more than $423.96m (AED1.56bn), and this rose to approximately $471m (AED1.73bn) in 2018.
In the UAE, the Oman-based conglomerate’s projects have involved working with the Royal Atlantis Resorts & Residences on Dubai’s Palm Jumeirah, where it was carrying out the interior fit-out of the 219 luxury apartments and all back-of-house areas in the luxury hotel. It also conducted fit-out works at the Fairmont Hotel and the Al Maryah Central mall projects in Abu Dhabi.
In Oman, meanwhile, the company also handled real estate development; construction; joinery; mechanical, electrical, and plumbing (MEP); and interior fit-out works at the mixed-use The Waterfront, a business and leisure destination, located in the heart of the diplomatic district of Muscat. The Waterfront is the firm’s first iconic development, developed over five storeys with three basement levels of car parking. It offers over 25,000 sq m of leasing space for commercial, business, retail and F&B outlets.
Civil and gypsum works, MEP, and fit-out works are also underway at Al Bustan Palace Hotel, Muscat, and at the JW Marriott, Muscat, with S&T carrying out complete joinery works.