The real estate sector in the United Arab Emirates is developing at a tremendous speed. According to some experts, there was a 90% increase in high-end real estate in autumn 2022 compared to the same period a year earlier. Considering this level of growth, there are only a few large construction companies operating in the real estate market. So what are the top 10 real estate developers in UAE? Read on to learn more about the main developers and their flagship projects.
Emaar Properties
History. Let's discover one of the leading developers in Dubai. Emaar Properties is a development company founded in 1997 by businessman Mohamed Alabbar. The company became the first joint-stock company in the UAE offering shares to foreign nationals.
Emaar International is a subsidiary established in 2004, with an eye on Emaar’s expansion into foreign markets. In partnership with the designer Giorgio Armani, the company launched a chain of luxury hotels using the designer brand’s name. Does Emaar real estate developer operate only in Dubai and UAE? In addition to the UAE, Emaar Properties has taken an extensive share of the real estate market in North Africa and the Middle East.
Portfolio. What are the famous buildings of this one of the top UAE developers? The company’s most iconic property is the Burj Khalifa, the tallest building in the world. The tower stands at a height of 828 metres and cost more than 5.5 billion AED ($150 million) to build.
Burj Khalifa. Photo: Peter Myers (Flickr)
The company also built one of the largest shopping malls in the world, the Dubai Mall. Its total area is about 1,200,000 square metres and it houses over 1,200 shops.
Emaar Properties has developed some of Dubai’s most popular areas like Downtown Dubai and Dubai Marina. Downtown Dubai is known for the Dubai Fountain, a performing fountain covering 12 hectares. In Dubai Marina, the company has completed an 88-storey residential skyscraper, 23 Marina Tower. That's why Emaar Properties is one of the top 10 real estate developers in Dubai.
Nakheel
History. Nakheel is another one of the top 10 developers in UAE. Nakheel was founded in 2003 as a subsidiary of Dubai World. In 2011, after experiencing financial difficulties, the company restructured its debts and resumed payments to creditors. In 2013, Nakheel received significant funding from the state and began a massive construction project in the Palm Jumeirah which brought the company $1 billion in profit.
Mohammed Ibrahim Al Shaibani, a senior UAE official, heads the company. The developer plans to restart construction frozen during the crisis of 2008 (Palm Jebel Ali, Palm Deira).
Portfolio. What has this one of the top developers in Dubai built? Nakheel Properties has developed the Palm Jumeirah, one of the world’s largest man-made islands covering 5.72 square kilometres. All properties on the island were sold in record time, three days after sales were launched.
Palm Jumeirah. Photo: Zicarlo van Aalderen (Flickr)
The company is also engaged in the construction of retail, entertainment, and commercial properties. The most prominent is International City in the residential area of Dubai Al Warsan. This is a complex of residential buildings and tourist areas that can accommodate 60,000 people.
Jebel Ali Village is another upscale residential development by the company. It consists of four residential complexes surrounded by hills and green spaces next to the Sheikh Zayed Road. It offers mostly three- and four-bedroom townhouses. The complexes are equipped with sports areas, playgrounds, and outdoor pools. So, Nakheel is one of the biggest Dubai developers that made a range of successful projects.
Dubai Properties
History. Let's dive into another one of the top builders in UAE. Dubai Properties has been in business since 2002. The company became famous for the construction of Jumeirah Beach Residence, a residential community on the coast of the Persian Gulf.
The company rebranded in 2004 and became part of the Dubai Holding.
Khalid Al Malik is the head and chief executive officer of the company. In addition to the real estate sector, Malik successfully leads a bank, deals with urban planning (he is a member of the Dubai Council for the Future Cities) and has investments in Morocco, Malta, and other countries. Dubai Properties has representative offices in 13 countries all over the world.
Portfolio. This one of the top 10 developers has built some famous projects in Dubai. In the Business Bay district, the company has built:
- Executive Towers, a complex of 10 residential buildings, one business centre and a hotel.
- Vision Tower, a 51-floor tower designed by TVS.
Executive Towers. Photo: Joi Ito (Flickr)
Meraas
History. The next one of the real estate developers in Dubai is Meraas. Meraas is a holding company founded in 2007. The company is engaged in various projects in hospitality, retail, food, and entertainment. Sheikh Ahmed bin Saeed Al Maktoum, the chairman of the Meraas conglomerate, is a businessman and a member of the ruling family.
Portfolio. Meraas became renowned in 2021 as the developer of a 250-metre Ferris wheel on the artificial Bluewaters Island (now closed).
Let's explore other properties built by this one of the Dubai largest developers. Another of the company’s properties that has received widespread publicity is Port de la Mer built in the "heart" of Palm Jumeirah. It is a hotel complex combined with a yacht club.
Port De La Mer - La Voile (Housearch)
The Nikki Beach Residences is a complex of townhouses, flats, and penthouses built in partnership with the hotel brand Nikki Beach Hotels & Resorts on the Palm Jumeirah. All houses and apartments here are designed in a minimalist style using natural materials.
Meydan
History. Meydan is another one of the property development companies in UAE. Meydan is the construction company of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, vice president of the United Arab Emirates. Initially, the company specialised mostly in private villas and townhouses.
Portfolio.
Let's discover the Dubai real estate made by this one the most famous developers. This company’s premier development is the Meydan racecourse. It was built in 2010 on the Meydan City complex. In the same area, next to the racecourse, the company built a cinema, a five-star Meydan Hotel, and a horse racing museum.
Meydan City. Visualization: meydan.ae
Meydan built the Meydan Metropolis Business Park in 2010 in collaboration with Guangsha Middle East. It consists of 16 commercial buildings that were sold long before the construction of the facility began. So, Meydan is one of the most demanded property developers in Dubai.
SOBHA Limited
History. SOBHA continues the list of top 10 builders in Dubai. SOBHA is an Indian company founded in 1976 by entrepreneur Puthan Menon (P.N.C. Menon). The developer first entered the UAE market as an interior design company. The company, now operating under the name Sobha Realty, built its first complexes in 2003.
Portfolio. What was built by this one of the top real estate developers in UAE? Sobha Hartland is a mix of villas, apartments, and townhouses in the suburbs of Dubai. There are two international schools, parks, cafes, and restaurants.
Sobha One is a residential building located in the city centre near Ras Al Khor Road. The complex offers cosy apartments and duplexes ranging from one to four bedrooms. Rent for 1-bedroom apartments starts from 1,400,000 AED ($380,000) per year.
Sobha One (Housearch)
Deyaar
History. Deyaar is last but not least company in the top 10 property developers in Dubai. Deyaar started as the property management unit of the Dubai Islamic Bank. The company was reorganised in 2001 and Deyaar became a joint-stock company with a registered capital of 13,000,000 AED ($3,540,000).
In 2007, Deyaar became a public joint-stock company and was listed on the Dubai Financial Market. The company’s turnover is now 5 billion AED ($136 million). The company won the “Best in Technology and Innovation” award in 2019 and came second on the list of the top real estate developers of the year. So, Deyaar seems one of the promising Dubai property development companies.
Portfolio. Regalia Tower is the company’s flagship building in the Business Bay area. This is a residential complex with a shopping mall. There is a swimming pool, car parking, and shops inside the complex. The building is surrounded by green space and playgrounds for children.
Regalia Tower. Visualization: deyaar.ae
What else was made by this one of the top property developers in Dubai? The Citadel Tower is another property developed by Deyaar and is located in Business Bay, on the banks of Dubai Waters. It is a 42-floor commercial building, built in postmodern style. Its height is 201 metres and the building has a total area of 55,000 square metres. Rental prices for offices of 82 sq. m start from 800,000 AED ($217,000).
