Following the recent announcement of the Forbes Billionaires List 2015, we look at top real estate tycoons in the Middle East*.
Prince Alwaleed Bin Talal Alsaud, Saudi Arabia
Net worth: $22.7 Billion
Prince Alwaleed Bin Talal Alsaud of Saudi is the Middle East’s richest real estate tycoon according to the Forbes 2015 Billionaire List. A member of the Saudi royal family. He is the chief executive officer of Kingdom Holding Company and invests in hotels and real estate. His hotel management companies include Four Seasons Hotels and Resorts, Movenpick Hotels and Resorts and Fairmont Raffles Holding. He has invested in some of the world’s most iconic super-luxury hotels, namely owning the world-renowned five-star Four Seasons Hotel George V in Paris and part ownership of London’s famous Savoy Hotel.
Majid Al Futtaim, United Arab Emirates
Net worth: $US 6.2 Billion
Majid Al Futtaim is the second richest person in the UAE, quite a title and runs one of the largest commercial property developers in the region. His Majid Al Futtaim Group operates in 12 countries in the MENA region. His property portfolio is inclusive of 17 shopping malls and 11 hotels. His retail developments attracting some 175 million shoppers per year.
Bahaa Hariri, Lebanon
Net worth: $US 2.3 Billion
The son of assassinated former Lebanese Prime Minister Rafik Hariri, Bahaa Hariri is a key property developer in Jordan, Saudi Arabia and Lebanon. The founder of Horizon Group, Hariri is working with the Jordanian government on commercial and residential development in central Amman. In 2014, a $US 423 million project called The Boulevard, located in Amman’s downtown district Abdali, was unveiled. Other projects currently under development include the upscale mixed-use Verdum Gardens site and Place Verdun mall, both in Beirut.
(*research by global property platform Lamudi)