Emaar shines in Forbes' Top 100 real estate list

Leading UAE master developer Emaar Properties has clinched the top spot in the list of leading 100 real estate companies in the Arab world which has been compiled by Forbes Middle East. The list was made up of the region’s most successful listed and unlisted developers, local real estate consultants, international consultants and - for the first time - Real Estate Investment Trusts (REITs). According to Forbes, the top 40 listed real estate developers have a combined market value of $90.5 billion, and brought in revenues of $18.1 billion in 2016 besides profits of $5.1 billion and assets worth $126.5 billion. Of the 40 unlisted real estate developers, 25 hail from the UAE, with eight of the top 10 based in the emirates, stated Forbes after unveiling the list at an exclusive event held in Dubai. Wasl Asset Management Group, founded in 2008, topped the unlisted firms category for the second year running, while Tamleek Real Estate Company emerged as the top real estate consultant. They are followed by Better Homes and Edwards & Towers Real Estate Brokers. London-headquartered Gulf Sotheby’s led the international consultants’ category. And of the top five REITs, Emirates REIT led with a net asset value of $493 million. Khuloud Al Omian, the editor-in-chief of Forbes Middle East, said: "The GCC’s real estate sector is one of the fastest growing in the world and is a key barometer for the economic growth of the region. By also ranking the largest REITs for the first time, we have highlighted the crucial role they play in making the sector more attractive for all stakeholders of the economy." The Top 10 listed real estate developers in the Arab World are: Emaar Properties; Ezdan Holding; Aldar Properties; Damac Properties; Barwa Group; Jabal Omar Development Company; United Development Company; Dar Alarkan Real Estate Development Company; Douja Promotion Addoha Group and Mabanee Company. The top 10 unlisted real estate developers are Wasl Asset Management Group (Wasl Properties); Dubai Properties; Arabian Centers; Majid Al Futtaim Properties; Al Futtaim Real Estate; Nakheel; Arenco Real Estate; Al Habtoor Real Estate; Bloom Holding and Sedco Development. The top slot in the list of real estate consultants has been clinched by Tamleek Real Estate Company followed by Better Homes; Edwards & Towers Real Estate Brokers; Allsopp & Allsopp; Harbor Real Estate; Ottomans International; Rocky Real Estate; Aqua Properties; Crompton Partners and Zabadani Real Estate. The top 5 international real estate consultants are Gulf Sotheby’s; JLL (Jones Lang LaSalle); Cluttons; CBRE and Knight Frank, while the top 5 REITs in the Arab world are Emirates REIT; ENBD REIT; Jadwa REIT; Al Haramain; Riyad REIT and Taleem REIT. Forbes Middle East said it assessed all listed real estate companies on the region’s stock exchange based on revenues, assets, profits and market value. All four metrics were given equal weight and 40 companies with the highest combined scores made it to the rankings. "For the top REITs, we collected information from stock exchanges and ranked the five largest based on net asset value. For unlisted real estate developers, we circulated a comprehensive questionnaire," said a company spokesman. "We ranked the corporates that responded to the questionnaire or disclosed information about themselves based on the value of projects under construction, number of employees and the age of the company. For local and international real estate consultants, we sent questionnaires and ranked respondents based on revenues, number of employees and the age of the company,"