2014 Construction Week Power 100
Sun 22 Jun 2014 01:01 PM
Moafaq Ahmad Al Gaddah

Moafaq Ahmad Al Gaddah

Company: MAG Group

Designation: Chairman

Moafaq Al Gaddah Group has grown since its foundation in 1978 by its eponymous chairman to include more than 50 companies that employ over 2,000 people.

On the back of an improving property market in Dubai, Al Gaddah said in February that the group would be investing up to $4bn in Dubai real estate projects by 2020.

Syrian national Al Ghaddah says he never stopped believing in the UAE, and in fact, it still remains MAG’s only active market in the Middle East. In Dubai, one of its biggest deals is a joint venture with Dubai Healthcare City to develop a $217.8mn, 1mn ft2 project by the end of 2016.

It will include two hospitals, a clinic, residential complex, hotel apartments, retail, a mosque and a car park.

MAG is also developing a $190.5mn shopping mall specialising in interior design products in Al Barsha, which should open next year. Elsewhere, its $544mn Polo Residences project in Meydan, containing 106 townhouses and 29 low-rise apartment buildings, has had a main contractor appointed. It has nine Dubai projects on its books and plans to start building all of them this year.