The UAE may be home to the Burj Khalifa – the world’s tallest tower – and have an array of outlandish projects planned in the coming years, such as an underwater hotel and a Taj Mahal replica, but lesser-known neighbour Qatar dominates the list of the biggest real estate firms in the Gulf, an Arabian Business report found.
Qatar, which is already planning to spend up to US$100bn on infrastructure projects over the next decade in the run up to hosting the FIFA World Cup in 2022, tops the list as the home to the biggest real estate company across the Gulf.
With a market cap of US$47bn, the top ranking Qatari firm is nearly 70 bigger than rival Emaar Properties, the globally recognised builder of the Burj Khalifa.
While the UAE has 11 companies within the top 50 and accounts for 25.7 percent of the total market cap for the top 50 firms, Qatar is the main driving force, with its four firms collectively accounting for a massive 31.8 percent.
Kuwaiti firms account for 13.5 percent of the top 50’s combined market cap, but in terms of firms it represents 25, or half, or all the companies that made it into the rankings.
Completing the list was one company from Bahrain, while the fast growing Saudi market – soon to be home to the world’s tallest tower when the 1km Kingdom Tower is completed – accounted for 28.4 percent of total market cap and a total of nine firms.
In total, the top 50 firms listed on the Gulf’s main stock markets had a market cap of US$55.77bn.