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Emaar biggest GCC developer

Emaar biggest GCC developer
JABAL OMAR
4250
-0.19% 20.80 -0.04
Aldar
ALDAR
1.09% 5.58 0.06
Emaar
EMAAR
0.98% 8.23 0.08

Ezdan Holding
ERES
0.13% 0.80 0.00
Emaar Properties recently topped a new list for the largest 25 property development companies in the Gulf Cooperation Council (GCC) with a market capitalisation of AED 76.7 billion ($20.9 billion) superseding Ezdan Properties, whose market capitalisation stood at $14.5 billion. The report by ConstructionWeekOnline.com, also noted that Emaar’s share soared by 133% within a 12-month period.

The list revealed that Ezdan Properties struck 627 deals in June, of which 446 were for land plots, indicating an increase in activity by developers rather than from sales.

Ranking in third place was Saudi Arabia’s Jabal Omar Development with a market capitalisation of $12.9 billion. The firm was primarily established to invest $3.2 billion in projects located at the holy city of Makkah. The contract entailed 40 residential towers to accommodate 160,000 Islamic pilgrims, and a large prayer area. Accommodation options will include two five-star hotels with 935 rooms and six three-star hotels with 1,255 rooms, whereas residential buildings will house 100,000 people along with 520 restaurants and 4,360 commercial and retail units, Construction Week Online revealed.

The UAE’s Abu-Dhabi based Aldar Properties came in at fourth place with a market capitalisation of $8.81 billion. The Company boasts many of the UAE’s capital’s iconic projects such as the F1 facilities on Yas Island, the Shams Abu Dhabi community on Reem Island and Al Raha Beach.

Coming in as a new entry at number 5 is Damac Properties, with a market capitalisation of $4.55 billion. The developer was established in 2002. Moreover, it is the first real estate company in the Middle East to list on the London Stock Exchange, offering Global Depository Receipts (GDRs). Damac is currently considering a dual listing on the Dubai Financial Market (DFM).