Riyadh Real Estate Leader Ranked Third in Forbes Middle East List
In a recent announcement, NEOM CEO Nadhmi Al-Nasr has secured the third spot in Forbes Middle East’s prestigious “Most Impactful Real Estate Leaders” list, showcasing the Kingdom of Saudi Arabia’s significant presence in the industry.
Saudi Arabia Shines with Second-Most Entries on the List
With a total of 23 Saudis making it to the esteemed rankings, Saudi Arabia demonstrates its commitment to major investments in the real estate sector, as highlighted in a statement from Forbes.
Leading Saudi Companies Make a Mark in Top 20
Noteworthy mentions include David Grover, CEO of ROSHN Group, ranking eighth, showcasing the pivotal role of giga-projects in realizing Vision 2030. Additionally, Mohammad Al-Buty of National Housing Co. and Yousef Al-Shelash of Dar Al-Arkan Saudi Development Co. secured the 13th and 14th positions, respectively.
Criteria for Rating System and Regional Representation
The evaluation criteria for the rankings are based on financial performance, project value, reputation in project delivery, and land bank units held by developers. The list features companies from nine countries in the region, with the UAE leading with 33 companies, followed by Saudi Arabia with 23 companies and Egypt with 20 companies.
Promising Outlook for the Real Estate Sector in 2024
As real estate transactions in the GCC nations continue to rise, reaching $171.6 billion between January and October 2023, there is a positive outlook for the property sector in 2024. Factors such as robust economic growth, population expansion, and government investments are expected to drive increased demand for real estate in the region.