RIYADH: NEOM CEO Nadhmi Al-Nasr has been ranked third in Forbes Middle East’s “Most Impactful Real Estate Leaders” list, underlining the Kingdom’s prominence in the sector.

The giga-project chief was placed beneath Mohamed Alabbar from UAE-based Emaar Properties and Talal Al-Dhiyebi, CEO of Abu Dhabi-headquartered Aldar Properties.

The Kingdom had the second-most entries on the list, with 23 Saudis appearing in the publication’s rankings. 

This is a testament to the major investments the nation has made in its real estate sector, a statement from Forbes noted.

“Governments, corporates, and semi-government developers are investing in real estate projects throughout the region, particularly in Saudi Arabia, Egypt, and the UAE. These projects are giving a huge boost to the regional construction sector, which also has a positive outlook over the next few years,” the statement said. 

Demonstrating this, several leading Saudi companies landed within the top 20 of the list. 

Among them was David Grover, the CEO of Saudi Arabia’s Public Investment Fund subsidiary, ROSHN Group, who ranked eighth place.

This is a testament to the giga-project’s vital role in enabling the achievement of Vision 2030 through the expansion of the private sector and the creation of job opportunities.  

Similarly, the CEO of the Kingdom’s National Housing Co., Mohammad Al-Buty, ranked 13th, while the founder of Dar Al-Arkan Saudi Development Co., Yousef Al-Shelash, was placed 14th in an evaluation of 100 regional companies. 

The criteria for the rating system are based on the company’s financials, value of projects completed, and reputation of project delivery, as well as the land bank units held by the developer.

Entities featured on the list based on this methodology include nine countries in the region. The UAE leads with 33 companies named, six of which are in the top 10. 

Saudi Arabia followed with 23 companies, while Egypt came third, with 20 companies in the ranking. 

This is driven by the fact that real estate sale transactions in the nations of the Gulf Cooperation Council between January and October 2023 reached $171.6 billion, up 21.1 percent year-on-year, according to a report by Kamco Invest.

In 2024, the property sector continues to have promising long-term potential. Robust economic growth, expanding population, and government investment could all contribute to increasing demand for real estate, the statement by Forbes highlighted.