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REAL ESTATE

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REIMAGINED & REDESIGNED LEFT TO RIGHT: BRUNO GUÉLAFF MAHESH J. KALWANI STEPHAN SCHUPBACH

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The Pearl Island Qatar The Pearl Island stands as an extraordinary testament to innovation and grandeur, solidifying its position as one of the Middle East’s largest and most remarkable real estate developments

Luxury living reimagined and redesigned The Chedi Private Residences are bringing a new meaning to the phrase “luxury living.” We speak to the key players behind this spectacular project

The Real Deal Saudi Arabia’s real estate market is set to be worth nearly US$80 billion by the end of this year, fuelled by mega projects under Vision 2030

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Table of Content

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Happiness is not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort.

Franklin D. Roosevelt

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The Pearl Island

QATAR

The Pearl Island | Qatar

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THE PEARL ISLAND The Pearl Island stands as an extraordinary testament to innovation and grandeur, solidifying its position as one of the Middle East’s largest and most remarkable real estate developments. Spanning an impressive four million square meters of meticulously reclaimed land and adorned with 32 kilometers of new coastline, this visionary project accommodates an estimated 25,000 residences, currently embracing a thriving community of 52,000 residents Embodying the essence of integration and sustainability, The Pearl Island boasts a diverse range of features that seamlessly blend into its captivating landscape. Here, a rich tapestry of architectural marvels awaits, with a splendid array of apartments, villas, townhouses, and penthouses that cater to individual preferences. Moreover, the Island boasts an award-winning marina, inviting residents to embark on nautical adventures, while its pristine beaches provide a tranquil haven for relaxation and recreation.

The Pearl Island | Qatar

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Divided into ten distinct and architecturally themed precincts, The Pearl Island ensures a captivating living experience for its residents. Each precinct exudes its unique charm, harmoniously blending a variety of property types, including stylish studios, one to threebedroom apartments, and elegant villas. Thoughtfully planned pedestrian-friendly squares and plazas enhance the island’s allure, offering inviting spaces for social interaction and fostering a true sense of community. The meticulously landscaped gardens further add to the Island’s charm, providing lush green spaces that serve as havens of tranquillity.

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The Pearl Island | Qatar

Complementing its remarkable residential offerings, The Pearl Island presents a vibrant retail scene, with over 370 operational shops that span a staggering 165,000 square meters of leased retail spaces. These dynamic retail outlets showcase popular fashion brands, inviting coffee shops, enticing restaurants, and an array of other lifestyle offerings. Residents and visitors alike can indulge in an unparalleled shopping and dining experience that caters to every taste and desire.

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All humans are entrepreneurs not because they should start companies but because the will to create is encoded in human DNA.

Reid Hoffman, LinkedIn co-founder

Luxury living

REIMAGINED and REDESIGNED

The Chedi Private Residences are bringing a new meaning to the phrase “luxury living.” We speak to the key players behind this spectacular project.

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Majestic. A masterpiece. Game changing. These are just some of the words being used to describe the Chedi Private Residences. A curated collection of 117 exquisite homes designed for those who cherish tranquillity amid the vibrancy of the city. Every residence is more than just a living space; it is a sanctuary inspired by the revered Chedi brand, where peace and beauty intertwine.

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Perched in the prestigious heart of Dubai, The Chedi Private Residences on Sheikh Zayed Road redefines luxury living with architectural brilliance. The Chedi

stands out in the bustling cityscape with sleek, allwhite exteriors and spacious interiors flooded with light from floor-to-ceiling windows. With open-plan layouts and expansive social terraces, these sky villas offer a new standard of contemporary urban living. Soaring 240 meters over 52 floors, this architectural marvel, with its glass façade, is masterfully designed by the award-winning Studio Bruno Guélaff. But Guélaff is just one of four key players who have come together for a project that sees a mix of two-, three- and four-bedroom apartments as well as

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Interior design details include social kitchens created by Italian designer Pedini, Miele appliances, travertine floors and countertops, and bathrooms fitted with smart mirrors along with Kohler and Hansgrohe fixtures.

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In a special report, we speak to the four key players behind a project that is not only already the talk of Dubai, but one that is set to redefine luxury living in the region.

The Resort Social level offers facilities including a 60-metre lagoon-inspired pool, cabanas, a wellness club, a private cinema, a health club with a gym, spa, saunas and plunge baths, private padel courts, a jogging track, a barbecue area with a lounge garden and a fitness centre.

The Sky Social level, located 240 metres above ground, comprises an adults-only infinity pool, a sky bar, a sky café, a sunken lounge and an Omakase dining experience.

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penthouses and duplexes. Developed by Al Seeb Properties, who have worked closely with Chedi Hospitality, the project – when complete in 2029 – promises to be more than just a stunning building.

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We’re no longer just developing properties but creating a landmark that contributes to Dubai’s iconic skyline and global reputation.

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“A METICULOUS FUSION OF ARCHITECTURAL EXCELLENCE” As vice chairman of Al Seeb Properties, Mahesh J. Kalwani has been the driving force of the project.

In terms of scale, we’ve maintained steady growth while prioritizing quality over rapid expansion. Our team comprises industry veterans with expertise across architectural design, project management, and hospitality integration. Currently, our flagship development is The Chedi Private Residences, marking our strategic entry into the luxury branded residences segment. We also have several retail and mixeduse developments in various planning stages that align with Dubai’s urban development vision.

multiple shopping destinations under the Al Safeer Group demonstrated our ability to create commercially viable spaces that resonate with consumers.

Most recently, our partnership with The Chedi for branded residences marks a defining moment, positioning us in the luxury segment and reflecting our commitment to elevating Dubai’s residential offerings.

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Another significant milestone was our expansion into commercial properties, which broadened our portfolio and strengthened our position in the market. Our integration of hospitality principles into property development represented a pivotal shift in our approach, emphasizing experiential value beyond physical structures.

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Can you tell us more about Al Seeb Properties – an overview of its current size, main areas of activity and projects underway? Al Seeb Properties operates as the real estate development arm of Al Safeer Group of Companies. We’ve established ourselves as a significant player in the UAE property market with a diverse portfolio spanning retail, commercial, and now luxury residential developments. Our current operational footprint includes several shopping destinations that fall under the Al Safeer umbrella, along with commercial properties throughout the region.

Al Seeb has been operating for 30 years – what have been the major milestones in this journey? The 30-year journey of Al Seeb Properties has been defined by strategic evolution and adaptation to market dynamics. Our inception coincided with the UAE’s early efforts to diversify beyond oil, allowing us to participate in the nation’s transformative growth. Key milestones include our early focus on retail developments, which established our foundation in the real estate sector. The successful launch and operation of 21

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More specifically, the Chedi Private Residences is your inaugural entry into branded luxury living. What made you decide to enter this market? Our decision to enter the branded luxury living market stemmed from a convergence of market evolution and our own organizational readiness. We recognized a significant shift in luxury homebuyers’ preferences—increasingly, discerning buyers seek not just premium physical spaces but comprehensive lifestyle experiences with the assurance of world-class service standards. My background spanning both retail and hospitality sectors provided unique insights into this trend. The branded residence model perfectly bridges real estate development with hospitality excellence—a space where we saw tremendous opportunity to differentiate ourselves. Additionally, Dubai’s position as a global luxury destination created the ideal environment for this venture. The city attracts a sophisticated international audience that appreciates branded living concepts that have proven successful in markets like London, New York, and Singapore.

When the opportunity to partner with The Chedi presented itself, the timing aligned perfectly with our strategic vision. Their impeccable reputation for refined elegance and exceptional service standards matched our aspiration to create truly distinctive living environments. You describe it as a “bold step forward” – can you expand what you mean by this? When I describe The Chedi Private Residences as a “bold step forward,” I’m referring to multiple dimensions of this venture that represent significant advancement for Al Seeb Properties. First, it marks our strategic elevation into the ultra-luxury segment—a considerable leap from our previous developments. This requires meeting exceptionally high standards across design, materials, construction quality, and service integration. Second, the branded residences model itself represents a sophisticated approach to development, requiring seamless coordination between property development and hospitality operations. This integration demands a level of organizational complexity we’ve embraced as part of our evolution. Third, the scale and prominence of this project significantly raises our profile in the market. We’re no longer just developing properties but creating a landmark that contributes to Dubai’s iconic skyline and global reputation. Finally, the financial commitment required for a development of this caliber demonstrates our confidence in both our vision and Dubai’s continued growth trajectory. It’s a statement of our ambition and long-term perspective on the market.

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Can you tell us more about the project, in terms of what you see as some of its main attractions? The Chedi Private Residences represents a meticulous fusion of architectural excellence, premium location, and The Chedi’s renowned hospitality DNA. Among its most compelling attractions is the architectural concept, which balances contemporary design with subtle references to regional aesthetics. The structure itself is designed to maximize views while creating a sense of exclusivity and privacy for residents. Inside, the residences feature expansive layouts with ceiling heights that exceed industry standards, creating an immediate sense of grandeur. The interior design philosophy emphasizes understated luxury—premium materials selected for both beauty and longevity, with bespoke finishes that feel both sophisticated and comfortable.

The location itself is another significant attraction, offering both connectivity to Dubai’s major business and leisure destinations while providing a sense of retreat from urban intensity. What are the current timelines, in terms of current progress and completion dates/phases? The Chedi Private Residences development is progressing according to our carefully structured timeline. We’ve completed the design and planning phases with all necessary approvals secured. Ground breaking is expected to commence between Q3 and Q4 of 2025, following our comprehensive pre-construction preparation work.

The amenities suite elevates daily living with facilities that rival five-star resorts: infinity pools with panoramic views, a comprehensive wellness center with spa facilities, private dining areas for entertaining, and concierge services managed according to The Chedi’s exacting standards.

We’ve implemented a phased development approach to ensure quality control at every stage. The structural framework is scheduled for completion by Q4 2027, with interior fitting and finishing work to follow. The landscape and exterior elements will be developed concurrently with the later stages of interior work.

What truly distinguishes this project, however, is the integration of The Chedi’s hospitality philosophy into residential living. Residents benefit from personalized services typically associated with the world’s finest hotels—from valet and housekeeping to bespoke experiences curated by dedicated staff who understand individual preferences and anticipate needs.

Based on this timeline, we anticipate the first phase of residences will be ready for handover in Q1 2029, with full project completion following shortly thereafter. Our sales timeline has been aligned with construction milestones, with an initial release of units already generating strong market response.

Perhaps most importantly, we recognized that true luxury increasingly means sustainability and wellness. We’ve incorporated advanced environmental systems that significantly reduce resource consumption while enhancing resident comfort, and wellness features that promote physical and mental wellbeing.

Dubai is a very thriving real estate market, but that also means it is extremely competitive. How do you stand out from the crowd? What in your view makes this project both unique and special? In Dubai’s competitive landscape, The Chedi Private Residences distinguishes itself through several key differentiators. First, our partnership with The Chedi brings a hospitality pedigree that few branded residences in the market can match. Their distinctive approach to service— unobtrusive yet anticipatory—creates an atmosphere of refined comfort rather than ostentatious luxury.

These elements combine to create a residential offering that appeals to buyers seeking substance beyond status—a home that enhances their quality of life rather than simply signaling their achievement.

Second, we’ve taken a deliberately different approach to design. While many luxury developments in Dubai emphasize visual spectacle, we’ve focused on creating living spaces that balance aesthetics with genuine livability. Our residences feature thoughtful spatial planning, superior acoustic engineering, and climateresponsive design elements that enhance daily living.

First, the emirate’s continuous infrastructure investment creates genuine value enhancement, unlike markets where appreciation outpaces real development. Projects like Dubai 2040 Urban Master Plan provide a coherent framework for growth rather than haphazard expansion.

Third, we’ve implemented a strict density control philosophy, limiting the number of residences to ensure exclusivity and allow for more generous private spaces. This approach contrasts with the market trend toward maximizing unit count and creates a more intimate residential community.

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Throughout this process, we’ve prioritized transparent communication with buyers, providing regular updates on construction progress. While we’re committed to these timelines, we’ve also built in contingency planning to accommodate any unforeseen circumstances without compromising quality.

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Additionally, our location strategy targeted an area that offers both established infrastructure and growth potential, providing residents with immediate convenience while protecting long-term investment value.

Do you see the current boom in Dubai property continuing or do you feel the market has peaked? The Dubai property market demonstrates remarkable resilience and structural strength that suggests sustained growth rather than a speculative peak. Several fundamental factors support this outlook.

Second, Dubai has successfully diversified its economy beyond its traditional sectors, attracting talent across financial services, technology, healthcare, and creative industries. This economic diversification creates organic housing demand from resident professionals, not just investment interest. Third, recent regulatory improvements have matured the market considerably. Measures controlling supply, transparent transaction processes, and protections for buyers have created a more stable environment compared to previous cycles.

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That said, we recognize market segmentation is increasingly evident. While certain segments may experience periodic adjustments, the luxury sector—particularly for products offering genuine quality and innovation—shows consistent demand from both regional and international buyers. Our development strategy acknowledges this nuanced reality. Rather than pursuing aggressive expansion across all segments, we’re focusing on creating exceptional value in the luxury residential sector where buyer discernment favors quality over quantity.

Sustainability will transition from being a feature of our developments to becoming their defining characteristic. We’re investing in research partnerships to incorporate emerging green technologies and circular economy principles into our projects, setting new standards for environmentally responsible luxury. Geographically, while Dubai remains our primary focus, we’re exploring selective opportunities in other Emirates and potentially key international markets where our design philosophy and service integration approach would represent a meaningful contribution to the local property landscape. Throughout this growth, we’ll maintain our commitment to creating spaces that foster genuine community and enhance residents’ wellbeing—ensuring that commercial success follows from delivering exceptional living experiences rather than driving our decisions.

In summary, while specific neighborhoods or product categories may face temporary oversupply, Dubai’s fundamental attractiveness as a living and investment destination remains compelling for the foreseeable future. What is your long-term vision for the company – where do you see it in ten years? In the next decade, I envision Al Seeb Properties evolving into a boutique luxury developer recognized for creating living environments that transcend conventional real estate categories. Rather than pursuing aggressive volume growth, our trajectory focuses on developing a carefully curated portfolio of exceptional properties that each contribute something distinctive to Dubai’s urban landscape. The success of The Chedi Private Residences will serve as a foundation for expanding our branded residence collaborations, potentially bringing other distinguished hospitality brands into residential partnerships. However, we’ll maintain selectivity in these relationships, ensuring each brand partnership offers a truly differentiated living experience. Beyond branded residences, we aim to pioneer new residential concepts that anticipate evolving lifestyle preferences. This includes exploring communities built around specific wellness philosophies, creative districts that integrate living and working spaces for the cultural sector, and multigenerational developments that accommodate changing family dynamics.

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“A TOWERING EXPRESSION OF ELEGANCE”Bruno Guélaff – Design Director, Studio Bruno Guélaff, is the architectural brains behind the project.

Can you tell us more about BG Group – where it stands today in terms of key projects underway, and a look back at its origins? BG Group was born from a powerful partnership between myself and Khalid Kaluti. We first crossed paths as clients—each admiring the other’s work—and quickly realized that together, we could build something exceptional. Our shared vision was to create a transparent, trustworthy Design + Build company delivering an elevated, full-service experience for clients seeking high-end residential projects. Today, BG Group handles a portfolio of bespoke villa projects across Dubai, from Dubai Hills to Pearl Jumeirah, offering a full turnkey service. We cover everything from architecture and interior design to MEP, home automation, landscaping, pools, lighting, and kitchens via our Italian brand, Pedini. We pride ourselves on having a deeply involved, award-winning team of architects, engineers, and craftsmen who ensure that each project is executed with precision and care.

It has been quite a journey to this stage – looking back what have been the highlights and biggest challenges? The journey has been incredibly rewarding. One of the biggest highlights has been seeing the impact of our work on families—designing not just houses but true homes. Winning ‘Architect of the Year 2024’ was another proud moment, a testament to years of dedication. As for challenges, balancing innovation with functionality and staying ahead in such a fastmoving market like Dubai has always required deep focus. But it’s this pressure that drives our creativity. The Chedi Private Residences is described by you as “an architectural marvel.” Please expand on what you mean by this? The Chedi Private Residences is a landmark project that redefines branded residential living. Architecturally, it’s a towering expression of elegance—soaring 240 meters with a sleek, modern glass façade and bold structural articulation. From the outset, our goal was to design not just a building but an experience. Every detail, from the grand proportions to the spa-like bathrooms, terraces, and smart systems, is meant to evoke emotion and offer serenity within a bustling urban context. It’s a harmonious blend of innovation, luxury, and timeless design. Can you take us through the process of designing such an impressive property – in particular, the inspiration behind this? The inspiration stemmed from The Chedi brand itself—its legacy of blending cultural authenticity with modern refinement. We looked at how their properties around the world create atmospheres of calm and beauty. That DNA became the soul of this tower. We aimed to bring villa-style living into a high-rise context, with expansive layouts, seamless indoor-outdoor connections, and refined material palettes. Our studio led the entire design scope—from architecture to interiors to landscaping—ensuring a fully integrated vision.

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What are the features that you are most proud of? There are many, but I’d say the proportions of the spaces— 3.2-meter-high ceilings, expansive terraces, and the flow of each residence—is what I’m most proud of. The triplex Penthouse, with its plunge pools and sweeping views, is a standout. I’m also incredibly proud of how we created a true lifestyle ecosystem within the building, from the rooftop infinity pool to the Omakase restaurant, spa, and residentexclusive amenities. It’s a complete world in itself.

It is notable that all units – even the smallest – are significantly larger than those of similar concepts by competitors. What was the thinking behind this? It was a conscious decision. In a market saturated with cookiecutter layouts, we wanted to offer something extraordinary. Every unit, regardless of size, had to feel generous and luxurious. These are homes, not just apartments. The layout encourages comfort, social interaction, and tranquility—values that align perfectly with The Chedi brand and with how we approach design at our studio.

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You are known to be very hands on – what was your level of involvement in this project? Extremely hands-on. From the first concept sketches to the selection of materials, spatial layouts, lighting studies, and even branding touchpoints—our studio oversaw every element. My involvement ensures that there’s a single creative vision carried through from macro architecture to the finest interior detail. It’s what allows us to maintain a consistent sense of emotional and spatial harmony throughout.

Can you tell us more about the project, in terms of what you see as some of its main attractions? Its location on Sheikh Zayed Road offers prime connectivity, but what sets it apart is the integration of The Chedi lifestyle— understated elegance, wellness, and world-class hospitality. The amenities are curated, not just added: lagoon-style pools, rooftop fine dining, a cinema, children’s zones, private padel courts, and spa facilities. Each element is infused with intent, curated to offer both beauty and function.

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What is your long-term vision for the company – where do you see it in ten years? In the next decade, our vision is to continue refining and elevating the design and build experience in the region. Together with my partner Khalid Kaluti,

There’s nothing else like it that combines such expansive layouts, refined detailing, and a full lifestyle offer within a branded residence.

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What advice would you give to those who want to follow in your footsteps? Be curious. Study everything—design, sociology, psychology, even music and food. Design is about how people live, and the more you understand human behavior, the better you’ll be. Stay humble, stay hands-on, and don’t rush. Good design takes time, empathy, and conviction. Find your own language and let your work speak through emotion, not just aesthetics.

Do you see the current boom in Dubai property continuing or do you feel the market has peaked? I think there’s still momentum, especially in the luxury sector. Buyers today are more informed and selective. They’re not just looking for properties— they’re looking for experiences, service, design, and longevity. Projects that deliver on all fronts will continue to thrive. Our focus is on building timeless spaces that hold long-term emotional and investment value.

we’re focused on crafting truly exclusive residential villa projects while also expanding into select commercial developments that align with our design philosophy. It’s not about volume—it’s about creating spaces that reflect the highest level of detail, craftsmanship, and emotional connection. We want every BG project to be a benchmark for quality, creativity, and integrity in the Design + Build space.

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Dubai is a very thriving real estate market, but that also means it is extremely competitive. How do you stand out from the crowd? What in your view makes this project both unique and special? We stand out because we don’t compromise. Whether it’s a single villa or a 52-floor tower, the level of attention, design integrity, and personalization is the same. The Chedi Private Residences sets itself apart through scale, curation, and brand legacy. There’s nothing else like it that combines such expansive layouts, refined detailing, and a full lifestyle offer within a branded residence. It’s the first of its kind, and we’ve ensured it stays in a category of its own.

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“BRINGING THE CHEDI ETHOS TO LIFE” Stephan Schupbach’s role as CEO of Chedi Hospitality has seen him lead many spectacular projects. This project is sure to be another landmark achievement.

Can you tell us more about Chedi Hospitality, including what you see as the key brands under it? Chedi Hospitality is more than a collection of properties — we are legacy builders, shaping a portfolio of distinctive brands defined by cultural authenticity, refined aesthetics, and heartfelt service. At the heart of our collection is the award-winning Chedi Hotels — including The Chedi Muscat, recently voted the No. 1 Hotel in the Middle East by Condé Nast Traveller readers, and The Chedi Andermatt, named Luxury Design & Lifestyle Resort of the Year 2025.

The Chedi Private Residences looks truly spectacular. What are the key features you feel contribute to this? The Chedi Private Residences are designed as a seamless extension of our brand’s soul, a place where timeless elegance meets curated living. Every element, from architecture to atmosphere, is intentionally crafted. The residences feature a floor-to-ceiling views, a refined interiors that balance modern sensibility with natural warmth and an exceptionally expansive layout. Yet what truly elevates them is the seamless integration of intuitive, discreet service and a serene atmosphere.

One of the most powerful expressions of our philosophy is The Chedi Private Residences — private sanctuaries where timeless design meets curated living. These residences extend the Chedi lifestyle into everyday life, offering elegant, tranquil spaces supported by thoughtful, discreet service. We’ve also introduced Serai, a vibrant brand currently under development. Built for the modern explorer, Serai is grounded in cultural immersion and active pursuits. This strategic diversification aligns with our ethos, A Voyage Unbound — reflecting our commitment to transcending traditional boundaries and creating experiences that go far beyond the expected. As legacy builders, we take the long view. Every decision, from architecture and placemaking to service rituals and storytelling is driven by purpose. For us, luxury isn’t defined by excess, it’s defined by meaning. Our mission is to create spaces and experiences that leave a lasting emotional imprint for our guests, our teams, and the communities we’re privileged to be part of.

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Tell us more about bringing the brand ethos to this project – what are the key “Chedi” lifestyle features that can be found? Bringing The Chedi ethos to life means honoring our philosophy of understated luxury and emotional resonance. At The Chedi Private Residences, this is expressed in many ways: the seamless indoor-outdoor living, the sense of stillness woven into the design, and the access to signature amenities such as spa and wellness offerings, private dining, bespoke concierge services and 24/7 intuitive service where limitations are met by a thoughtful ‘can do’ attitude. Every touchpoint is designed to offer balance, beauty, and an atmosphere of quiet sophistication — all hallmarks of the Chedi lifestyle. Can you tell us more about the project, in terms of what you see as some of its main attractions? This project offers a rare intersection of tranquillity and accessibility. Located in one of Dubai’s most desirable residential communities, it provides the privacy and serenity

one expects of The Chedi, while being moments away from the city’s energy and culture. The architecture is boldly modern yet warmly inviting, with clean lines, open spaces, and refined detailing. The integration of world-class wellness, culinary offerings, and curated lifestyle experiences further elevates the everyday into something truly exceptional.

What made you partner with Al Seeb for this project? We are highly selective about the partners we choose not only in terms of capability but in alignment of values. Al Seeb brings a rare combination of deep local knowledge, forwardthinking development standards, and a genuine respect for creating something that endures. Equally important is the human dimension: we seek partners who resonate with the Chedi culture grounded in mutual respect, personal engagement and shared sense of purpose. That alignment allows us to operate as one team, united by trust, and committed to building something that reflects our collective vision.

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What are the current timelines, in terms of current progress and completion dates/phases? The project is currently in the development phase, progressing steadily and in line with our established milestones. We are now in the final stages of design detailing. It’s a process being undertaken with the utmost care to ensure every element reflects the distinctive Chedi standard of excellence. Groundbreaking is scheduled for later this year, with project completion and handover anticipated by 2029. We are also pleased to share that 50% of the inventory has already been sold at the initial offering, reflecting a strong market interest. Dubai is a very thriving real estate market, but that also means it is extremely competitive. How do you stand out from the crowd? What in your view makes this project both unique and special? What sets this project apart is the soul behind the structure. In a market filled with spectacle, we offer substance. The Chedi Private Residences are not about trend, they’re about timelessness. Designed for the discerning individuals who value

discretion and beauty, the residences pair elegant architecture with thoughtful service in highly personalised, residential context. The living spaces not only exceed industry norms in scale, but also offer a rare sense of freedom, comfort and tranquility. This rare combination of scale, design integrity and the trusted Chedi brand of hospitality results in compelling value proposition with long -term investment appeal. Do you see the current boom in Dubai property continuing or do you feel the market has peaked? Dubai’s evolution continues to be a story of resilience, innovation, and reinvention — a journey shaped by the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum. Having lived and worked in Dubai for over 30 years, I’ve witnessed firsthand how His Highness’s foresight and ambition have transformed the city into a global benchmark for excellence. It is through his leadership that we are continually inspired and privileged to contribute to this remarkable growth.

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While no market moves in a straight line, I firmly believe Dubai’s trajectory remains strong. This is not just a boom, it’s a maturing market, sustained by investor confidence, long-term stability, and an exceptional quality of life. Today’s discerning buyers are looking beyond short-term returns toward meaningful, lasting value. Projects like The Chedi Private Residences are a response to that shift grounded in authenticity and belief in the vision that continues to define Dubai’s future. What is your long-term vision for the company – where do you see it in ten years? Our vision is to continue building legacies. In ten years, I see Chedi Hospitality not only celebrated for its exceptional hotels and residences but also recognized as a pioneer in reimagining what luxury truly means. We aim to create aspirational, bucket list-worthy experiences that inspire and resonate deeply, defining a new frontier in luxury living. As we expand into destinations that reflect our ethos, we will nurture offerings that transcend hospitality — shaping meaningful journeys through lifestyle, culture, and a profound sense of belonging. At the heart of it all will remain our commitment to A Voyage Unbound — journeys not measured in miles, but in meaning. There is no shortage of great offerings in this project. What is your personal favourite? It’s difficult to choose just one, but what resonates most with me is the integration of wellness throughout the project. The way we’ve designed the flow of the residences — from private sanctuaries to communal wellness spaces — encourages a daily rhythm of balance and care. It’s not about occasional indulgence, but a holistic way of living well. That, to me, is the true luxury. You have had a long and distinguished career in this field. Looking back, what have been the highlights and also the biggest challenges? The highlights have always been the people. The teams I’ve had the privilege to lead, the visionaries I’ve learned from, and the guests whose lives we’ve quietly touched. Turning vision into places that hold memory and meaning has been the most fulfilling part of the journey.

Equally important has been the grounding presence of a stable family. Their unwavering support has brought balance amidst the demands of a fast-moving industry and reminded me of what truly matters. The challenges have often come during times of great change but those are also the moments that shaped my resilience and reaffirmed my belief in leading with clarity and care. This industry tests you, but it also gives you the extraordinary gift of building something that lasts, both professionally and personally. What advice would you give to those who want to follow in your footsteps? Lead with purpose, not ego. In this industry, as in life, humility goes a long way. The most respected leaders I’ve worked with weren’t the loudest in the room; they were the most grounded, the most attentive. Listen more than you speak. Seek to understand before being understood. True leadership is about service to your team, your guests, and the values you represent. Always stay curious. This is an ever-evolving industry, and the ability to adapt with grace is what keeps you relevant. Don’t be afraid to innovate or question what’s always been done, but let innovation be guided by intention, not trend. What we create should not only be new, it should be meaningful. And finally, remember that true luxury is never loud, it’s quiet, intentional, and deeply human. If you want to build something lasting, focus on substance over spotlight. That’s where the real legacy lies.

Bringing The Chedi ethos to life means honoring our philosophy of understated luxury and emotional resonance.

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“PASSION FEEDS PASSION” Mark Burns, Chief Design & Construction Officer for Chedi Hospitality, has been heavily involved in the creation of many of the project’s USPs.

You have worked on some of the world’s most iconic projects – which ones truly stand out? Each project has brought it’s own level of uniqueness to a long career, whether the first project in the 1980’s in London to the most recent in Dubai, each has delivered their own standout moments and memories. The projects that stick in the memory the most are not the ones that are necessarily aesthetically based but are the ones that have created emotions and memories that stand the test of time. I have also had the privilege to work with some of the hotel design industry’s most iconic personalities from architecture to interior design through to the numerous specialists that offer an important role in the successful activation of any project. There have been a number of standout locations across the globe that stick in the memory as first experiences including Chile, France, Grenada, Seychelles, Morocco, India and Japan. This is not to in anyway dilute the amazing experiences in numerous other countries but these stick to mind.

With many projects lasting many years, i feel that the most rewarding project thus far is the ongoing career. From a design perspective, what is it that makes a project “iconic”? We believe it is important for the design to connect to the project’s conceptual narratives whilst ensuring The Chedi experience. And making sure that the design moments consider emotion as important as aesthetic to elevate the journey. Our design principles demonstrate the importance of a restrained, culturally connected approach that delivers a unique experience whilst connecting with a series of recognized brand design pillars. This uninvasive and considered philosophy has seen our properties remain at the forefront of luxury hospitality for many years even with many newer properties coming to market. Our properties see a high percentage of returning guests identifying with the Chedi design approach being preferred over many newer design directions, this feedback allows us to further enhance on the current experiences further improving the longevity of the design. Tell us more about the many Chedi projects you previously worked on - which ones are you most proud of? All of our projects bring their own rewards through a well considered collaborative approach with our owner’s and design partner’s. The understanding of project development challenges in an ever evolving market is key to our continued demonstration of sustained performance and longevity. Each project, demonstrates in it’s own unique way, the importance of understanding in the Chedi Culture and how to best intertwine this in each of our unique locations that in turn have allowed each of our properties to be uniquely identifiable whilst connecting with the Chedi experience.

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Turning to this latest project, what are the stand out features? I think the initial impact of the facade in relation to the adjacent buildings as well as many other buildings in the city identify a uniqueness and create a note of curiocity whilst maintaining a level of restraint.

Transitional spaces have been designed to consider an effortless flow for the residents and their guests throughout the development, deliberate positioning of amentiies through three floors allow for complete separation of any service requirements to the residencies or public spaces.

Careful consideration has been given to the sence of arrival for both guests and visitors, balancing the seamless process whilst maintaining the level of intimate privacy required.

The service and maintenance requirements have been well considered throughout the building. Carefully curated processes have allowed for deliberate and discreet acccess points that mitigates any impact to our residents and guests throughout the building.

Working with renowned brand partners the amenities levels offer a number of exciting experiences for all ages with defined wellbeing activites forming a core pillar in many of the facilities. This is also balanced with an exciting new concept on the rooftop of the building that will be exclusive to residents and their guests. By maximising the sea facing windows the residents shall retain a connectivity to the surrounding location whilst maintaining a “sanctuary in the sky” which is an important consideration for our first launch in Dubai.

The building considers state of the art technology that not only seamlessy integrates with an enhanced level of luxury living but also allows for our residents to have a closer control of energy management within their properties offering a transparency into the building performance as well as their own sky villas. The sustainability programming for this development will follow the Chedi brand guidelines that form a key driver to minimising our short and long term environmental impact.

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The design is such that there are significant spaces even in the so-called “smallest” units – what is the reasoning for this? Is this one of the many USPs? Spacial considerations in all areas of the project have been developed to best reflect the Chedi brand and expectations of the Chedi guest. We believe that ultra luxury vertical living should offer a similar experience to a more traditional villa style and as such the residenses in particular have been sized to reflect a Chedi perspective on luxury living with an understanding of the requirements in each resident having a unique personal approach to experience curation. The public spaces have also been specifically designed to offer each resident the opportunity to both connect with other residents within community activated areas or more private experiences.

cultural understanding and design trends that allow us to ensure each property remains unique. Time for me is an ultimate luxury, and to be able to use a vast majority of it on such a passion allows me to consider our supporting role to be a privilege. With this mindset we seem to be able to find extra time in the day to achieve our goals. From a design point, how much as AI changed the process? Whilst AI is still comparitively new within the creative curration we can already identify the efficiencies it brings to the design processes and procedures which in turn offers a greater opportunity for a more collaborative approach with our residents during the design process and in turn create a clearer connection for the owners to their properties. We are excited to see how the innovations that will be a result of the AI data processing will further benefit the uniquenss of our projects in the future, and how we as a brand can embrace and collaborate with the opportunities presented. We are mindful however that our brand has always identified a “people first” culture and a sustained personal involvement is critical for us moving forward.

This approach replicates how guest experiences are curated within our hotels and offers a clear connection to our portfolio. The luxurious, seamless finishes and well appointed facilities offer the perfect canvas for each resident to either choose from a selection of Chedi pre-defined styles or their own preferred direction. You have 35 years of experience in this field – how has the industry changed over this time? I think the biggest change that effects our design process is the level of importance now given to Sustainability and Environmental Impact in our decision making. Whilst a sustainability programme was always a part of the development guidelines this subject now drives a majority of key decisions.

Time for me is an ultimate luxury, and to be able to use a vast majority of it on such a passion allows me to consider our supporting role to be a privilege.

With our design partners we have seen that with a collaborative embrace of sustainability programming and undiluted luxury experiences can be achieved with little recognized impact. Having worked on so many exciting projects, how do you manage to find inspiration each time? What keeps you motivated? Our industry is contagious, passion feeds passion and having the fortune to work across the globe on unique developments with creative masters offering continual learning opportunities that richly enhances both 43

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This is the key to life: the ability to reflect, the ability to know yourself, the ability to pause for a second before reacting automatically. If you can truly know yourself, you will begin the journey of transformation.

Deepak Chopra

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The Real

DEAL Saudi Arabia’s real estate market is set to be worth nearly US$80 billion by the end of this year, fuelled by mega projects under Vision 2030. It’s the phrase that the entire world has become familiar with: Vision 2030. Launched in 2016, it seeks to reduce Saudi Arabia’s dependence on oil, diversify its economy, and develop public service sectors such as health, education, infrastructure, recreation, and tourism. But nearly a decade later, it has also become the driving force for Saudi Arabia’s real estate industry. Mega-projects like NEOM, the Red Sea Project, and Diriyah Gate are designed to drive economic diversification and attract tourism.

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Development of the tourism sector is also underway with Saudi Arabia heavily investing in tourism infrastructure to bring in large numbers of tourists, both religious and recreational.

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There have also been many related benefits including increasing the number of women in the workforce and promoting the growth of the digital economy and innovation. In essence, Vision 2030 is a roadmap for Saudi Arabia’s future, aiming to create a more prosperous, diversified, and vibrant economy. So far, especially when it comes to real estate, the numbers suggest this is very much on track.

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The residential real estate sector is a major contributor to this expansion, with an estimated market size of US$203.62 billion in 2025. This sector is anticipated to grow at a CAGR of 8.77%, reaching US$310.00 billion by 2030.

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As of 2025, Saudi Arabia’s real estate market is experiencing significant growth, driven by the Kingdom’s Vision 2030 initiative and substantial infrastructure investments. The market is projected to reach US$74.99 billion in 2025, with expectations to grow at a compound annual growth rate (CAGR) of 7.89% to reach US$109.63 billion by 2030.

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Over the past decade, Saudi Arabia’s real estate industry has experienced significant growth. In 2014 the real estate market was valued at approximately US$67.2 billion. Which is why it is not surprising that Saudi Arabia is now opening up the real estate market to foreign investors with new regulations. One of the key conditions is that the property must be located outside the boundaries of the holy cities of Makkah and Madinah. Additionally, the real estate must not be purchased or sold for commercial speculation.

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The cost of land and construction must be no less than SR30 million, and the project must be located outside Makkah and Madinah. Moreover, the development must commit to utilizing the land within five years.

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And of course, the government is actively seeking foreign direct investment (FDI) in the real estate sector. Programs like the Premium Residency Permit are designed to attract wealthy individuals and investors. The regional headquarters program is also increasing demand for commercial real estate in Riyadh.

Experts point out that Saudi Arabia has a young and growing population, with a significant portion moving to urban centers. This is creating a strong demand for housing, particularly in major cities like Riyadh, Jeddah, and Dammam. As a result, a number of government initiatives have come through in recent years. The Sakani program and the Real Estate Development Fund are providing financial support and incentives to increase homeownership among Saudi citizens. Regulatory reforms, including changes to tax laws and land ownership regulations, are aimed at attracting foreign investment and streamlining the development process.

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Whilst some of the details still need to be ironed out, it does show a willingness to make this a truly global market.

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But just how is the real estate market broken down? The residential sector is the largest segment of the market, driven by strong demand for housing from both Saudi citizens and expatriates. The government is working to increase homeownership rates, with a target of 70% by 2030. There’s a growing demand for both affordable housing and luxury properties. Condominiums and apartments are seeing very strong growth, as well as villas. There is a growing concern about affordability, as price increases are outpacing many potential buyers’ income growth. The commercial sector is also expanding rapidly, driven by the growth of businesses and the influx of foreign companies. Demand for office space, retail space, and logistics facilities is increasing. Riyadh is seeing particularly strong growth in the commercial sector, as it becomes a regional business hub. But the country also has an impressive industrial and logistics sector. Saudi Arabia is investing heavily in its logistics infrastructure to become a regional trading hub. This is driving demand for industrial parks, warehouses, and distribution centers.

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But like any market in any country, success brings new challenges:

While progress has been made, some bureaucratic processes can still create hurdles for investors. But make no mistake – the numbers make it beyond any doubt that the real estate industry in Saudi Arabia is heading only one way: up.

And as often seen, there are increasing financing constraints: Access to affordable financing can be a challenge for both developers and homebuyers.

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There are also oversupply risks: There’s a potential risk of oversupply in certain segments, particularly in the luxury market.

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Affordability is becoming the biggest one, with rising property prices and borrowing costs making it difficult for many Saudi citizens to purchase homes.

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THE BIG ONES

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NEOM A US$500 billion futuristic mega-city in northwest Saudi Arabia, NEOM is envisioned to be powered entirely by renewable energy. It includes The Line, a 170 kilometers-long linear city designed to house nine million residents, and OXAGON, the world’s largest floating structure aimed at revolutionizing industrial cities with zero carbon emissions.

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The Red Sea Project Covering over 28,000 square kilometers along the Red Sea coast, this luxury regenerative tourism destination features an archipelago of more than 90 islands, dormant volcanoes, and ancient archaeological sites. The development emphasizes sustainability, aiming to create eco-friendly resorts and preserve the natural habitat.

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Qiddiya Located near Riyadh, Qiddiya is set to become a major entertainment and cultural hub. It will feature attractions like the world’s fastest roller coaster at Six Flags Qiddiya, a large water park, and various sports and entertainment facilities, aiming to establish Saudi Arabia as a global tourist destination.

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Diriyah Gate This project focuses on revitalizing the historic area of Diriyah, the birthplace of the Saudi Kingdom. It includes the development of hotels, museums, cultural venues, and traditional marketplaces, preserving the area’s rich heritage while creating a vibrant tourism hub.

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AMAALA An ultra-luxury tourism destination on the Red Sea coast, AMAALA will offer over 3,000 hotel rooms across 25 hotels and luxury residential properties. The development focuses on wellness, art, and culture, aiming to attract high-net-worth individuals.

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Jeddah Tower Set to surpass 1,000 meters in height, Jeddah Tower is poised to become the world’s tallest building, surpassing Dubai’s Burj Khalifa by over 172 meters. It will serve as the centerpiece of the expansive Jeddah Economic City development, which spans 1.5 square kilometers.

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New Murabba A new downtown district in Riyadh, New Murabba will cover 19 square kilometers and include over 25 million square meters of built space. At its center will be The Mukaab, a 400-meter cube-shaped structure serving as an immersive cultural destination.

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Image courtesy of www.vision2030.gov.sa

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King Salman Park With a budget of US$22.5 billion, King Salman Park in Riyadh is set to become one of the world’s largest urban parks. The development will include a man-made lake, amusement parks, residential areas, and even a Formula One racetrack, offering green spaces for leisure and recreation in the heart of Riyadh.

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AlUla A cultural heritage project aimed at transforming the region into a cultural capital, AlUla features preserved historical sites, including ancient tombs and sandstone outcrops, attracting tourists interested in history and archaeology.

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Riyadh Metro A major transportation initiative aimed at reducing congestion in the capital city, the first phase of the Riyadh Metro will span six lines, covering 176 kilometers and serving as the backbone of Riyadh’s public transport system. The metro is expected to boost economic growth by improving mobility and reducing pollution.

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There will be obstacles. There will be doubters. There will be mistakes. But with hard work, there are no limits.

Michael Phelps

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How AI is

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Some brokers fear AI will take their jobs. Others are using AI to save their jobs. Artificial intelligence (AI) has been transforming industries at an unprecedented pace — and real estate is no exception. From personalized property recommendations to automated client communication and predictive pricing models, AI is reshaping the way homes are bought and sold. What was once a people-driven, location-specific, and highly manual business is rapidly becoming more data-driven, digital, and efficient. Real estate agents, brokerages, developers, and even homebuyers are beginning to see the benefits of AI-powered tools. These technologies are streamlining workflows, improving customer service, and providing insights that were previously unimaginable. Here’s an in-depth look at how AI is being used in real estate sales today, the opportunities it creates, and the challenges that still lie ahead. One of the most immediate and visible ways AI is enhancing real estate sales is through property recommendation engines. Much like Netflix suggests shows or Amazon recommends products, AI-driven platforms now match buyers with homes that align with their preferences — sometimes before the buyers themselves even realize what they want.

Using machine learning algorithms, platforms like Zillow, Redfin, and Realtor. com analyze user behavior, search patterns, budget constraints, and demographic data to fine-tune listings shown to each buyer. These models can even detect when a user’s interests change over time and adjust suggestions accordingly.

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How AI is Revolutionizing Real Estate Sales

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“AI helps us move beyond just filters like location and price,” says Jamie Reynolds, a data scientist at a leading real estate tech firm. “We can look at how users interact with listings — what photos they linger on, how long they spend on certain pages — and use that information to surface properties that better match their tastes.”

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This personalization leads to more efficient browsing, quicker decisions, and ultimately, faster sales. Another area where AI is making a huge impact is in pricing and market forecasting. Determining the right listing price for a property has traditionally been a mix of comparative market analysis, local knowledge, and gut instinct. Now, AI is adding a powerful new tool to that toolbox. Companies like HouseCanary and Zillow use machine learning models trained on vast datasets — including historical sale prices, neighborhood trends, school district ratings, crime statistics, and economic indicators — to produce highly accurate property valuations and market forecasts. Zillow’s “Zestimate” is a well-known example, though it has been both praised for its innovation and criticized for inaccuracies in some cases. Still, these models are improving rapidly. They allow agents to suggest more competitive prices to sellers, forecast future home values, identify up-and-coming neighbourhoods, estimate time on market and detect seasonal patterns in buyer behaviour. For investors and developers, this predictive power can be game-changing. They can identify areas with strong growth potential or analyze risks before making multimillion-dollar decisions. Sales in real estate are as much about relationships as they are about property. AI is helping real estate professionals maintain and nurture those relationships more efficiently than ever.

AI chatbots and virtual assistants — like those offered by companies such as Structurely, OJO Labs, and Roof AI — are now handling initial inquiries, scheduling appointments, and even conducting early-stage conversations with prospective buyers and sellers. These bots can answer questions 24/7, qualify leads based on their readiness to buy or sell, and route highpriority prospects to human agents. “Speed-to-lead is everything in this business,” says Melissa Ortiz, a top-performing real estate agent in Miami. “If someone clicks on a listing and doesn’t get a response quickly, they move on. AI helps us engage with clients instantly — even when we’re asleep or showing another property.” Beyond chatbots, AI-driven customer relationship management (CRM) systems can track interactions, predict when a lead is likely to convert, and automatically send personalized follow-ups. This ensures no potential client falls through the cracks. With the rise of remote work and out-of-town buyers, virtual tours have become essential in modern real estate sales — and AI is taking them to the next level.

We can look at how users interact with listings — what photos they linger on, how long they spend on certain pages — and use that information to surface properties that better match their tastes. Jamie Reynolds, a data scientist at a leading real estate tech firm

How AI is Revolutionizing Real Estate Sales

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How AI is Revolutionizing Real Estate Sales

Tools like Matterport and EyeSpy360 offer immersive, 3D walkthroughs of homes, allowing buyers to explore properties from their phones or laptops. AI enhances these experiences by stitching together high-quality visuals from basic photos, highlighting key features (e.g., renovated kitchens, hardwood floors) and personalizing the tour path based on user interests AI is also changing the way homes are staged. Virtual staging software, powered by AI, can transform empty or cluttered rooms into beautifully furnished spaces, tailored to different buyer personas. A buyer looking for a modern, minimalist style might see a room differently than someone who prefers cozy, rustic decor. Image recognition tools are also being used to automatically categorize and tag photos in listings — identifying pools, fireplaces, walk-in closets, and more — which helps with search and discovery. AI is also becoming a powerful ally in reducing risk and detecting fraud in real estate transactions. Title fraud, identity theft, and financial misrepresentation are growing concerns in the industry, especially in digital transactions. Machine learning models can flag suspicious behavior patterns, validate documentation, and cross-check financial records faster and more thoroughly than a human ever could. For mortgage lenders and real estate platforms, this means more secure transactions and reduced liability. AI is also being used to assess the financial health of prospective buyers, offering lenders a more nuanced picture of creditworthiness than traditional FICO scores allow. Some companies are exploring alternative data sources — such as rent payment history, social signals, and employment trends — to determine loan eligibility in underserved communities. Another emerging application of AI is through voice technology. Homebuyers can now use smart assistants like Alexa or Google

Assistant to search for homes, get market updates, or receive alerts about price drops. Voice-powered interfaces are making the property search more accessible and userfriendly, particularly for older clients or those with disabilities. In tandem, AI is being integrated into smart contracts — blockchain-based agreements that execute automatically when certain conditions are met. While still in early stages, the vision is a fully digital, AI-enhanced closing process that reduces paperwork, errors, and delays. With all this automation, some worry that AI will make real estate agents obsolete. But most experts agree that’s unlikely. Instead, AI is poised to augment — not replace — the role of the agent. By offloading timeconsuming administrative tasks and providing better data, AI allows agents to focus on what they do best: building relationships, negotiating deals, and providing local expertise. “Real estate is still an emotional decision,” says Ortiz. “No algorithm can replace the human touch when it comes to helping someone find their dream home.”

No algorithm can replace the human touch when it comes to helping someone find their dream home. Melissa Ortiz, a top-performing real estate agent in Miami

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Buy land, they’re not making it anymore. Mark Twain

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Why Lisbon can’t stop growing

can’t stop growing

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Portugal’s capital city is experiencing staggering growth in real estate. And there is no sign of slowing down.

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Why

The numbers are staggering. In fact, so impressive that sometimes you have to look twice to be sure they are right. Lisbon, the capital of Portugal, has emerged as a focal point in the global real estate landscape, characterized by dynamic growth, evolving investment trends, and significant policy shifts. As of the second quarter of 2024, the average property price in Greater Lisbon reached €360,557, marking a 70% premium over the national average of €212,167. This represents a 3.3% year-overyear increase and a substantial 44% rise compared to the same period in 2019. In comparison to neighbouring Spain, Lisbon’s property prices are notably higher. At the end of June 2024, the median cost per square meter in Lisbon was €5,642, surpassing Madrid by 25% and Barcelona by 27%.

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In 2024 investors witnessed a robust resurgence in real estate investment in Portugal, totalling approximately €2.387 billion—a 51% increase from the previous year. Foreign investors dominated this surge, contributing 81% of the total investment, with significant inflows from France, Spain, and South Africa. But what are the sectors driving it? Top of the charts is retail. This sector led investment activity, attracting €1.166 billion, which accounts for a 104% increase compared to the previous year. Shopping centers and supermarkets were particularly appealing to investors. Hospitality also maintained its strategic importance, the sector secured 20% of the total investment volume, underscoring Portugal’s status as a premier tourist destination. Another key driver has been Alternative Segments (Living): Experiencing exponential growth of 114% year-over-year, this segment attracted approximately €274 million. The demand was driven by assets aimed at Purpose-Built Student Accommodation (PBSA) and Senior Living facilities.

As for offices, after a downturn in 2023, the office market rebounded with a 94% increase in investment, totalling €310 million. This resurgence reflects renewed confidence in office spaces as centers for collaboration and organizational culture. But what is making Lisbon increasingly attractive is the number of different key growth sectors. Take digitalization and personalized customer experience. The integration of technology into the real estate sector is revolutionizing the customer experience in Lisbon. Tools such as virtual tours, interactive platforms, and artificial intelligence are streamlining property transactions, making them more efficient and tailored to individual needs. Lisbon is also solidifying its position as a dynamic hub for luxury real estate. The city offers a blend of sophistication, quality of life, and investment opportunities. According to Knight Frank’s “2025 European Prime Price Forecast,” Lisbon is among the top 10 European cities anticipated to experience a 4.5% growth in the luxury residential market, outpacing cities like Monaco, Milan, Geneva, and Paris.

Investments in infrastructure, including the expansion of railway and road networks, are enhancing the accessibility of Lisbon’s peripheral areas. Cities such as Setúbal, Aveiro, and Évora are emerging as new investment hotspots, offering more affordable entry prices and substantial growth potential.

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Why Lisbon can’t stop growing

Meanwhile the Beato district is undergoing a transformation into a technology hub, attracting investors and tech companies alike. Projects like the Hub Criativo do Beato are repurposing former industrial complexes into vibrant spaces for innovation, bolstered by government incentives and partnerships with local universities.

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Why Lisbon can’t stop growing

In response to escalating housing costs, Lisbon’s municipal assembly approved a proposal in December 2024 for a local referendum to restrict tourist rentals in residential buildings. This initiative aims to alleviate the housing crisis by phasing out short-term rentals, such as Airbnb, which constitute about 8% of the city’s housing stock. Furthermore, in January 2025, Portugal’s parliament passed a bill facilitating the reclassification of rural land for urban use, predominantly for affordable housing. Municipalities now have the authority to reclassify land, with a mandate that at least 70% be dedicated to public or affordable housing, aiming to mitigate the housing shortage in major cities like Lisbon. Despite the market’s vibrancy, challenges persist. The dominance of short-term rentals has significantly reduced the availability of longterm housing, exacerbating affordability issues for residents. While government initiatives seek to address these concerns, their effectiveness remains to be seen. Additionally, environmental groups have raised concerns about the potential ecological impact of reclassifying rural land for urban development, cautioning against unchecked urban sprawl and the degradation of protected natural areas. Lisbon’s real estate market is characterized by robust growth, diversified investment across multiple sectors, and proactive policy measures aimed at addressing housing affordability. The city’s blend of historical charm and modern innovation continues to attract a global investor base. However, balancing development with sustainability and ensuring equitable housing access remain.

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THE KEY PLAYERS Lisbon’s real estate market is served by a diverse array of companies, ranging from international franchises to local agencies and innovative startups.

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INTERNATIONAL REAL ESTATE FRANCHISES: > RE/MAX Portugal: As part of the global RE/MAX network, RE/MAX Portugal is one of the largest real estate agencies in the country, offering a wide range of properties across Lisbon and other regions. > ERA Portugal: Another prominent franchise, ERA has a significant presence in Lisbon, providing extensive property listings and professional real estate services. > Century 21 Portugal: Known for its international reach, Century 21 operates numerous offices in Lisbon, catering to both residential and commercial property markets. > Engel & Völkers: Specializing in luxury real estate, Engel & Völkers offers high-end properties in Lisbon, emphasizing personalized service and a global network. LOCAL REAL ESTATE AGENCIES: > Portugal Homes: Based in Lisbon, Portugal Homes provides tailored real estate services, including property management and investment advice, with a focus on international clients. > Lisbon Estates: A licensed agency offering personalized services, Lisbon Estates caters to expatriates and locals, assisting with buying, selling, and project management. > Fine & Country Portugal: This agency specializes in premium properties, offering in-depth local knowledge and a range of real estate services in Lisbon and surrounding areas.

Why Lisbon can’t stop growing

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REAL ESTATE INVESTMENT AND DEVELOPMENT FIRMS: > Optylon Krea: A real estate development and investment management company, Optylon Krea has invested significantly in Lisbon, focusing on residential units and aparthotels. > Stone: Established in 2010, Stone focuses on rehabilitating Lisbon’s historic areas, delivering over 1,500 apartments and engaging in various development projects. > Estia: A leading real estate developer, Estia creates designled residential properties, catering to both Portuguese families and foreign investors.

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> Invest 351: Specializing in real estate consultancy, Invest 351 focuses on property investments across Portugal, including Lisbon.

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> Kuabit Realty: An exclusive property buyer’s agency in Portugal, Kuabit offers personalized services to clients seeking properties in Lisbon.

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> Reallink Portugal: A licensed real estate company offering services in property acquisition, management, and development, with a focus on new projects in Lisbon.

Why Lisbon can’t stop growing

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I will forever believe that buying a home is a great investment. Why? Because you can’t live in a stock certificate. You can’t live in a mutual fund.

Oprah Winfrey

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Seizing

A MOMENT

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Founder and President of Zed Capital Real Estate and a Netflix’s Dubai Bling star Zeina Khoury. by Tamara Pupic

I would like to come home before my kids’ bedtime, at least half an hour before,” says Zeina Khoury when asked about her future plans. It is a statement that embodies where Khoury is in 2025: for the 41-year-old mother of two, who is also the founder and President of Zed Capital Real Estate, a star of Netflix’s reality TV show Dubai Bling, and the founder of fashion startup I Am The Company, there are not enough hours in the day. “I used to stress a lot about my to-do lists. Now, I’ve decided that there’s no point in stressing, because whatever I cannot finish today, I’ll finish tonight,” Khoury says with a laugh. “In all seriousness, I work very late hours. After I put the kids to bed, I get back to work.” Her strong work ethic comes from growing up in a family that put strong emphasis on education and encouraged self-confidence in Khoury and her two siblings. “Back in Lebanon, I did a lot of part-time jobs to support myself through university. I modeled, played basketball, worked as a radio presenter,” she explains. “When an opportunity knocks, I take it.” One knocked in 2006. ”Due to the political unrest in Lebanon, a lot of families had to send their children abroad because it was not safe, and that is what we did as well,” Khoury explains. “I followed my elder brother to Dubai, and although I did not get the real estate job that I had come for, when another opportunity presented itself, I did whatever was needed to get it.” Almost 20 years later, Khoury is at the helm of a real estate agency that employs 48 people and boasts 12 completed and three active projects. It has managed and developed over AED3 billion worth of properties, achieving AED50 million revenue growth in 2024 alone. “Basically, if someone has a plot of land or wants to enter into the real estate development scene in the UAE, we help find them a plot that is suitable, do the market research, and create the whole real estate product for them,” Khoury says. “Then, we help them complete all the Dubai Land Department registrations, handle all the branding, pricing strategy, and selling through our sales team and the network of over 3,000 agencies in the UAE that we cooperate with.”

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Seizing a moment

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→ Zeina Khoury is the founder and President of Zed Capital Real Estate and a star of Netflix's reality TV show Dubai Bling.

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I used to stress a lot about my to-do lists. Now, I’ve decided that there’s no point in stressing, because whatever I cannot finish today, I’ll finish tonight.

Seizing a moment

Zed Capital’s key collaborations include Amwaj Development and Vantage Ventures, where Zed Capital successfully launched three of their projects, with the latest being Viera Residences in Dubai Production City. The company’s success stems from Khoury carving out a niche for herself in the real estate sector long before its launch. “The biggest milestones in my career happened when there was a crisis,” she says. “The first crisis was in 2008, and when no real estate sales were happening, I shifted to the collection of money department and this is how I built myself up into the world of developers. This is why I have the experience that I have today and that sets me apart from other real estate companies and real estate people. The direction of Zed Capital is taking full-on projects and working as developers ourselves. So, we are not only their right arm for sales and marketing, but we actually do developer operations for any developer that wants to create a real estate product in the UAE.” Zed Capital also offers all property management services, while its holiday homes arm Zed Living achieves 5% to 12% rental ROI for the listed clients. Khoury takes pride in Zed Capital achieving 70%-80% client retention rate. “I measure my success in repeat clients, because in real estate, you start off with a small pool of clients, and the only way for you to actually grow is by growing this pool of clients,” she says. “In real estate, you have to think long term. One good example is that I had someone who bought from me a small studio in 2007, and seven/eight years later, he came back and bought from me a villa of AED50 million. I have witnessed people evolve and grow in their careers, and it’s amazing what they have managed to do by investing in real estate in the UAE market. We manage a lot of multi-unit portfolios for our clients, and there are people that have manage to grow their portfolio over a 10-year span, from having one or two units to having 30, 40 units, which is amazing.” What does it take to succeed in the UAE’s fast-paced real estate sector? “A lot of people enter it thinking that it’s a plan B type of option, but that doesn’t work,” Khoury says. “Real estate is more than a pretty woman getting in front of the camera and showing the property. In real estate, you have to be honest, consistent, and you need to forget about your weekends. There are 15,000 real estate agents trying to do the same thing that you are trying to do, so you need to keep moving.” While the UAE’s real estate boom has been creating unparalleled opportunities for real estate agents, Khoury empathizes with the beginners in the industry that offers good commissions but no basic salary. “If you’re working on commission, there’s no ceiling in the real estate market,” she says. “Currently, we’re negotiating a plot of AED1.1 billion, so the agent is going to be set for life. Who would ask for a small, tiny salary? But I do understand people who are just starting off in the industry, it’s a bit stressful not to have a basic salary. That’s why real estate is not for everybody.”

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If you’re working on commission, there’s no ceiling in the real estate market… But I do understand people who are just starting off in the industry, it’s a bit stressful not to have a basic salary. That’s why real estate is not for everybody.

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Seizing a moment

Another crisis in which Khoury found a silver lining was the COVID-19 period. “Basically, when the world is not moving, I start moving,” she says. “During COVID-19, I enrolled in a master’s degree program, and I started working on my social media platforms and building my online community.” Not long after, Khoury reached out to a producer to pitch a real estatefocused reality TV show, but he happened to be casting for what would become Dubai Bling. Accepting the offer to join was a no-brainer for Khoury. “I was like, he is great producer, it is an amazing platform, it is a project that has Dubai in its name, which is a country that I deeply appreciate, and it is a reality show that allows you to tell your story and add value wherever possible.” }In 2025, the show has released its third season, recording 2.4 million views and 18.6 million hours watched in just its first week, and Khoury is confident that she made the right decision. “Taking part in a reality TV can be dangerous, yes, because sometimes you will give a reaction that maybe later on you might regret, but at the same time, the love that you get from people is beyond what actors get for their roles,” she says. “People are loving you. They are loving your story. They are relating to you.”

as fuel to rise. “My fashion startup ‘I Am The Company came’ is a result of a crisis when my work contribution was not acknowledged. Real estate companies are worth the people who are in them, so my response to that lack of appreciation became a viral phrase and the name of my startup.” }“Part of the proceeds go towards women’s education, so it has a cause,” Khoury adds. “Is it a business that would allow me leave my real estate agency and rely only on it? No. But I truly love the message behind it, and I get pictures every other day from women wearing our I Am The Company blazer while standing in front of thousands of people.” Success belongs to those bold enough to seize the moment and set a new course in their lives and careers, just like Zeina Khoury did so many times.

}While Khoury is delighted by her new-found fame, she remains resolutely the person she has always been - a grounded real estate professional. “In real estate, your main asset is your credibility,” she says. “Definitely, the show has helped me spread the word that I am in real estate, that I have been in real estate for the past 20 years, and that I am credible. It fast forwards the time I used to spend introducing myself. While it gives you a shortcut, it does not do the job. It puts you in front of people who are ready to listen to you, but if you are not really capable of performing what social media or Netflix say you are, you have no chance.” }Khoury, however, is no stranger to experiencing the lack of appreciation in the workplaceinstead of allowing it to break her, she used it

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Land monopoly is not only monopoly, but it is by far the greatest of monopolies; it is a perpetual monopoly, and it is the mother of all other forms of monopoly.

Winston Churchill

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Sky High Efficiency

Sky High

EFFICIENCY How drones are reshaping building construction

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Drones are changing the way buildings are constructed, with huge savings in efficiency

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In the past decade, the construction industry has undergone a quiet but profound transformation— driven not by new bricks or beams, but by buzzing machines in the sky. Drones, once associated primarily with military operations or hobbyist photography, have found a powerful new role on building sites around the world. From surveying and site planning to monitoring progress and enhancing safety, drones are increasingly integral to how buildings are designed, constructed, and maintained. This revolution in construction is not just about cool tech. It’s about time, money, safety, and precision—all of which drones deliver in spades. As the global construction industry faces pressure to deliver faster, cheaper, and more sustainably, drones offer a bird’s-eye view into a smarter way of building. Drones—also known as unmanned aerial vehicles (UAVs)—are equipped with cameras, sensors, and software that enable them to collect and process vast amounts of data quickly. For construction professionals, this means the ability to gather high-resolution images, generate 3D maps, and monitor work sites in real time without ever setting foot on scaffolding. “Drones are essentially giving us superpowers,” says Maria Lentz, a construction technology consultant. “We can now see things we couldn’t before, measure areas in minutes that used to take days, and keep track of every inch of progress with incredible accuracy.” The construction process is inherently complex, with multiple teams working simultaneously on various tasks—many of them interdependent. Miscommunication or minor errors can cause delays that ripple across weeks or months. Drones reduce those risks by providing an up-todate digital replica of the site, allowing for better coordination and fewer costly mistakes.

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One of the earliest and most widespread uses of drones in construction is in surveying. Traditional topographic surveys can take days or even weeks and often involve manual measurements in potentially dangerous or inaccessible terrain. Drones equipped with LiDAR or photogrammetry software can perform the same surveys in a fraction of the time and at much lower cost. By flying over a site and capturing thousands of images or laser points, drones can create detailed 3D maps that are accurate to within centimeters. These digital models are then used by architects and engineers to plan the layout of buildings, roads, and utilities. This not only speeds up the design phase but also helps prevent costly changes later in the process. “A drone survey gives you a much better sense of the land you’re working with,” says Greg Holman, a civil engineer who specializes in site development. “You can identify drainage issues, elevation changes, or hidden obstacles that might not show up on a paper plan.” On an active construction site, things change rapidly. What was a foundation trench yesterday might be a concrete slab today. Keeping tabs on progress has traditionally involved manual inspections and updates—both time-consuming and prone to error.

Being able to overlay drone scans onto BIM models gives us a powerful way to verify that things are going according to plan.

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Drones allow for daily or weekly flyovers that capture the entire site from multiple angles. These images are stitched together into orthomosaic maps, which can be compared over time to track development. Managers can see which parts of the project are on schedule, which are falling behind, and where crews or equipment are being underutilized. This real-time visibility is especially valuable for largescale projects or companies managing multiple job sites. Some platforms even allow clients to log in and view live updates, reducing the need for site visits and improving communication between stakeholders. “It’s like having Google Earth for your construction site, updated every day,” says Elena Rodríguez, who oversees operations for a major commercial builder. “You can

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catch problems before they spiral, make data-driven decisions, and prove your progress to investors or inspectors.” Construction is one of the most dangerous industries in the world. According to the International Labour Organization, it accounts for about 20% of global workplace fatalities. Drones are helping reduce those numbers by keeping human workers out of harm’s way and identifying hazards before they become accidents. Instead of sending someone to climb scaffolding or walk along a roof, drones can inspect structures from the air, providing high-resolution images and video. This is particularly useful for checking difficult-to-reach areas, such as cranes, tall facades, or bridges under construction.

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In addition, drones can be used to monitor worker compliance with safety protocols—such as wearing helmets or staying out of restricted zones. Some advanced systems even use AI to automatically detect and flag unsafe behavior in real time. By improving visibility and reducing the need for risky manual inspections, drones are making construction sites significantly safer. This not only protects lives but also reduces liability and insurance costs. Another area where drones shine is in their integration with Building Information Modeling (BIM) software. BIM is a digital representation of the physical and functional characteristics of a building, often used to coordinate between architects, engineers, and contractors.

By feeding drone data—such as point clouds or orthophotos—into BIM software, teams can compare the as-built condition of a site to the original design. This process, known as reality capture, helps detect discrepancies, track changes, and avoid costly rework. “Being able to overlay drone scans onto BIM models gives us a powerful way to verify that things are going according to plan,” says Jasmine Patel, a BIM coordinator with a global construction firm. “It’s like x-ray vision for your job site.” This is particularly valuable during complex installations like HVAC systems, electrical conduits, or structural steel frameworks, where even small misalignments can cause major headaches later.

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The financial benefits of using drones in construction are substantial. While the upfront investment in hardware and software can range from a few thousand to tens of thousands of dollars, the return on investment often comes quickly.

Finally, there’s the human element. Not all construction teams are tech-savvy, and there can be resistance to adopting new tools. Successful implementation often requires training, cultural change, and a clear demonstration of value.

Drone surveys can reduce surveying costs by up to 90%. Progress tracking reduces delays and rework, saving both time and materials. Improved safety leads to fewer accidents, lower insurance premiums, and less downtime. And better communication with clients and stakeholders can mean faster approvals and payments.

Looking ahead, the role of drones in construction is only expected to grow. Advances in automation and AI are enabling drones to fly pre-programmed routes, identify objects or people, and even act autonomously in swarms. Integration with other technologies—such as robotics, IoT sensors, and augmented reality—is also creating new possibilities.

A 2022 report by McKinsey estimated that drone technology could save the global construction industry over US$5 billion annually through increased efficiency alone.

Some companies are exploring the use of drones not just to observe, but to build. Experimental systems have used drones to 3D print structures, lay bricks, or even string cables in midair. “Ten years ago, drones were a novelty,” says Lentz. “Now they’re a necessity. And in ten more years, they might be building the skyscrapers themselves.”

“Drones don’t just pay for themselves—they make your entire operation smarter,” says Holman. “In a competitive market, that can be the difference between winning and losing a bid.” Despite their advantages, drones are not without challenges. Regulatory hurdles, privacy concerns, and technical limitations can all affect their deployment.

As the world faces increasing demand for housing, infrastructure, and climate-resilient construction, drones offer a way to build smarter, faster, and safer. They may not wear hard hats or carry tool belts, but in many ways, drones have become indispensable members of the construction crew.

In many countries, commercial drone use is tightly regulated. Pilots must be licensed, flight paths must be approved, and data handling must comply with privacy laws. Weather conditions such as high winds, rain, or extreme heat can also limit drone operations. There’s also the matter of data management. Drones can generate gigabytes or even terabytes of data per project. Without proper software and workflows, this information can become overwhelming or underutilized.

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The most important quality for an investor is temperament, not intellect… You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.

Warren Buffett

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CHANGERS

Jerry Inzerillo Group Chief Executive Officer, Diriyah Gate Company Limited Gerard “Jerry” Inzerillo is a globally celebrated visionary in the hospitality and tourism industry, with a deep aptitude for positioning strategies and iconic developments. Over the course of his five-decade career in the industry, he has been a champion for the sector and its people, and the creative and logistical mind behind some of the world’s most innovative luxury brand activations and spectacular development launches. In recognition of his leadership and empathetic outreach to the global tourism community during the COVID-19 pandemic, he was voted the ‘’Corporate Hotelier of the World’’ by Hotels Magazine, considered the most prestigious recognition in Global Hospitality as well as the “Tourism for Peace Award” by the World Association of Non-Governmental Organizations (WANGO), honoring Inzerillo’s unique contributions to world peace by bringing people together through travel and tourism. In June 2018, Inzerillo was appointed by HRH The Crown Prince Mohammed Bin Salman of the Kingdom of Saudi Arabia to be the founding CEO of the newly created Diriyah Gate Development Authority, (DGDA), a US$ 63 Billion Vision 2030 giga-project aimed at restoring and reimagining the ancestral home of the original Saudi state. In this role, Inzerillo is charged with developing and implementing master plans to turn 74 square kilometers of development area into one of the world’s greatest gathering places and the center of culture and heritage in the Middle East. The Masterplans will encompass world-class cultural, entertainment, retail, hospitality, educational, religious, office and residential assets, with the UNESCO World Heritage site of At-Turaif as its centerpoint. Phase 1 was successfully opened in 2022 for the Global Summit of the World Travel and Tourism Council – WTTC, as well as the UNWTO 45th Global Tourism Summit in 2023. At-Turaif was inaugurated by The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud in November 2019, followed by hosting the G20 in November 2020 – the first time that the G20 has had its Presidency held by a Middle Eastern country.

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When complete, the development will add 27 billion Saudi riyals to the Kingdom of Saudi Arabia’s GDP, attract 27 million visitors and employ more than 55,000 people. Inzerillo also serves as Vice Chairman of the Forbes Travel Guide. The Forbes Travel Guide Five-Star Award is universally accepted as the Olympic gold medal of Global Hospitality. As CEO of Forbes Travel Guide from 2014 to 2018, Inzerillo successfully spearheaded the globalization of the North American company’s international footprint to more than 100 countries worldwide. Inzerillo was President and CEO of IMG Artists, the global leader in artist management, performing arts and lifestyle events planning from 2012 to 2014. At IMG Artists, he directed global strategies for music, events, festivals, and government consulting and artist and facility management businesses. From 1991 to 2011, Inzerillo was president of Kerzner Entertainment Group, where he raised the profile and positioning of its properties in South Africa, the Bahamas, Dubai, Morocco, Mauritius, Mexico, the Maldives, as well as conceptualized and positioned the start-up of its One&Only and Atlantis brands. He oversaw the now-legendary launches of The Lost City at Sun City in South Africa, Atlantis in the Bahamas and Atlantis, Dubai, the latter considered to be the most covered hotel resort, including achieving the front cover of Time magazine. From 1991 to 1996, Inzerillo served as COO of Sun City, the unique South African resort complex built by Sol Kerzner. While in South Africa, he enjoyed a close personal friendship Nelson Mandela. In 1994, Inzerillo coordinated major portions of Mr Mandela’s Presidential Inauguration in South Africa. In 2023 he was awarded the inaugural ‘’ Lifetime Achievement Award” from the Nelson Mandela Childern Fund for his devotion and dedication to Nelson Mandela and his causes Commemorative the 10th Anniversary of his passing. In 1987, he was the founding President and CEO of Morgans Hotel Group, later rebranded as Ian Schrager Hotels. While there, he conceptualized and opened Morgans, Royalton and Paramount in New York; the Delano in Miami Beach; and Mondrian in L.A.

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Rahail Aslam Founder and Chairman, Select Group As Founder and Chairman, Rahail has taken Select Group from a nascent property developer to one of the largest privately-owned property development and real estate investment companies in the GCC, with interests expanding to the UK and Europe.

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At age 16, Rahail started his own technology company. Within only nine years, he became one of the largest importers and distributors of IT hardware across the UK and Europe, with over GBP 1 billion in revenues annually. Rahail successfully managed this business for more than a decade.

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In the early 2000’s, Rahail established Select Group in the UAE and went on to deliver some of the region’s leading residential projects. Under his leadership, Select Group’s portfolio has grown to over 20 million square feet of toptier property, with a combined GDV in excess of AED 20 billion. A well-researched diversification and acquisition strategy has been put in place by Rahail to mitigate risk and deliver double-digit returns for Select Group. This has included the acquisition of underperforming and competitively priced assets in multiple jurisdictions and deploying the Group’s strong asset management skills resulting in higher asset values.

Game Changers

Sultan Sobhi Batterjee Chairman and CEO, IHCC Sultan Sobhi Batterjee stands as a beacon of visionary leadership in the Middle East, driving IHCC and Greener by IHCC to the forefront of the construction and development sectors. As the Chairman & CEO, his relentless pursuit of innovation and excellence has transformed IHCC into a powerhouse, consistently ranked among the top five construction companies in the MENA region. Under Sultan’s strategic leadership, IHCC has embarked on a journey of growth and transformation, delivering iconic projects that redefine the region’s infrastructure. The Alexandria Medical City in North Africa, the largest private medical facility, stands as a testament to IHCC’s capability to execute large-scale, complex projects. Similarly, the Dubai Medical City in the GCC showcases the company’s strength in the healthcare sector, setting new benchmarks for medical infrastructure in the region. The successful delivery of the state-of-the-art Center of Excellence in Dubai, inaugurated by the Crown Prince, further cements IHCC’s role as a leader in integrated construction solutions, providing sophisticated, high-tech facilities that cater to modern needs. Sultan’s vision extends beyond just constructing buildings; he is focused on shaping the region’s future through strategic and impactful projects. IHCC is executing high-value developments, such as luxury resorts for the Public Investment Fund in the Red Sea, a five-star wellness and hospitality resort in Taif City,

and advanced universities in Qasim and Abha. Each project reflects IHCC’s commitment to delivering world-class facilities that blend innovation, luxury, and sustainability. The company’s entry into the hospitality sector, marked by constructing a bespoke five-star hotel in Jeddah operated by Marriott Autograph, is set to create an iconic landmark in the region, further enhancing IHCC’s reputation for excellence. Under Sultan’s stewardship, IHCC has strategically expanded its operations beyond Saudi Arabia, establishing a strong presence in the UAE, Egypt, Morocco, and other parts of the MENA region. His strategic approach has led to the creation of specialized business units focusing on areas such as MEP, fitout, energy efficiency, and sustainability, enabling IHCC to offer a wide range of integrated services. This diversification not only strengthens IHCC’s market position but also underscores its ability to deliver customized solutions that meet the diverse needs of its clients. Sustainability is at the core of Sultan Batterjee’s leadership philosophy. As a pioneer in green building practices, IHCC has been instrumental in promoting energy efficiency and sustainable development across the region. The company’s unwavering commitment to sustainability is evident in its projects and through its initiatives, such as the Batterjee Foundation, which focuses on healthcare, education, and community development. Sultan’s leadership in sustainability has ensured that IHCC remains at the forefront of delivering environmentally responsible and socially impactful projects.

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Hisham Talaat Moustafa CEO of Talaat Moustafa Group (TMG) Hisham Talaat Moustafa is a prominent Egyptian business magnate and the CEO of Talaat Moustafa Group (TMG), one of Egypt’s largest real estate and development companies. Under his leadership, TMG has grown into a powerhouse known for its expansive and luxurious developments that have redefined modern living in Egypt. His strategic vision has been instrumental in the success of landmark projects such as Madinaty and Al Rehab City, which are considered among the region’s most ambitious and successful residential communities. A solid commitment to innovation, sustainability, and community development marks Hisham’s approach to business. He has spearheaded efforts to integrate advanced technologies into TMG’s projects, ensuring that they meet international quality and environmental stewardship standards. Beyond his contributions to real estate, Hisham is also actively involved in various philanthropic initiatives, focusing on education, healthcare, and social welfare, reflecting his broader vision of societal advancement. His leadership continues to drive TMG’s growth, solidifying its position as a leading player in the real estate industry in Egypt and across the Middle East.

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Game Changers

Ziad El Chaar CEO, Dar Global

The Group recently announced collaborations with The Trump Organization to develop luxurious projects in multiple countries across the GCC. The latest project is the Trump Tower Dubai, featuring a luxury hotel and branded residences. This marks their third collaboration, following a residential tower in Jeddah, Saudi Arabia, and a US$200 million Trump-branded project in Oman. These projects are part of Dar Global’s strategy to expand its presence in the Middle East and enhance its portfolio in the luxury real estate sector.

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Dar Global PLC is a highly differentiated international real estate business that focuses on some of the most desirable locations across the Gulf Cooperation Council (GCC) and Europe. Their projects, which predominantly cater to internationally mobile customers, are located in downtown Dubai, Muscat in Oman, and the Costa del Sol region in the South of Spain. These locations offer unique investment opportunities in the real estate market.

Shortly, the Group intends to expand its focus to hospitality assets. The aim is to acquire or build hotels and sell them after three to five years of operation once the hotels or resorts’ revenue streams stabilise. Target markets include Spain, Dubai, Maldives, Athens, Marrakesh and London. Dar Global was admitted to the Main Market of the London Stock Exchange on 28 February 2023.

Ziad El Chaar’s career is marked by a series of significant achievements. From his role as the CEO of Ventures and Business Development at Emaar Properties and Dar Al Arkan to his positions as the Managing Director and Executive Director on the board of directors of DAMAC Properties, he has consistently delivered results. His academic background, including a Master’s in Business Administration from The American University in Beirut, further reinforces his competence and leadership.

Dar Global was initially established to house and develop the international (non-Kingdom of Saudi Arabia-based) assets of Dar Al Arkan Real Estate Development PJSC (“DAARE”), a leading real estate developer in the Kingdom of Saudi Arabia. Since 2007, Dar Al Arkan has delivered over 15,000 residential units listed on the Saudi Stock Exchange with total assets of US$8.5 billion.

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Ziad El Chaar serves as the Chief Executive Officer of Dar Global, having joined the company in 2017. With over two decades of real estate development and investment expertise, he spearheads the Group’s global business operations, driving revenue growth and profitability. El Chaar also brings a decade of experience in corporate governance, board management, and regulatory compliance, ensuring the company’s strategic and operational success on a global scale.

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Dubai real estate market keeps on surging Dubai’s real estate market has continued its buoyant start to 2025, recording total sales worth AED 142.7 billion in Q1, the second highest quarterly figure on record. This represented a 30.3% year-on-year leap in value, while the 45,485 overall sales transactions also meant a 22.8% year-on-year increase. A market update issued today by fäm Properties revealed that the Q1 results were only fractionally down on the all-time quarterly sales record of AED 147.2 billion from 50,218 transactions in Q4 2024. The first quarter of 2025 saw significant year-on-year increases in all real estate sectors, led by a 193.8% jump in plot sales worth AED35.5 billion from 2,926 transactions.

> Jumeirah Village Circle: 3,605 transactions valued at AED 4.559 billion > Wadi Al Safa: 3,596 transactions valued AED7.642 billion > Business Bay: 2,782 transactions valued at AED 7.265 billion > Dubai South: 2,676 transactions valued AED 8.745 billion > Dubai Marina: 2,583 transactions valued at AED9.284 billion The most expensive individual property sold in Q1 was a luxury villa at Dubai Hills Estate which fetched AED 140 million. The most expensive apartment sold during the quarter went for AED 116 million at The Rings 1 at Jumeirah Second.

Data from DXBinteract shows villa sales were up by 43.1% year-on-year to AED41.3 billion from 8,369 deals, while apartment sales rose by 12.6% to AED 62.3 billion from 32,884 transactions. Commercial sales were also up by 25.2% to AED3.6 billion from 1,212 deals.

With properties worth AED1-2 million accounting for 31% of sales (14,242), 26% (11,899) were below AED1 million, 19% (8,567) between AED2-3 million, 15% (6,837) between AED3-5 million, and 9% (3,939) more than AED5 million.

Rising property values in recent years were highlighted by a Q1 median price of AED 1,563 per sq ft, compared with the Q1 rates of AED 889 in 2021, AED 1,124 in 2022, AED 1,283 in 2023 and AED 1,497 last year.

Overall, first sales from developers significantly outnumbered re-sales in the secondary market - 65% over 35% in terms of volume and 61% against 39% in value.

“Once again we’re seeing figures which emphatically underscore the remarkable resilience and strength of Dubai’s real estate market, as the consistent growth of recent years continues,” said Firas Al Msaddi, CEO of fäm Properties. “This sustained upward trend cements Dubai’s position as a prime real estate investment hub, drawing increasing interest from global investors alongside strong demand from local and regional buyers.” Dubai’s Q1 property sales over the last five years have now risen to the current level from AED 21 billion (9,800 transactions) in 2020 to AED 24.6 billion (11,600) in 2021, AED 54.6 billion (20,200) in 2022, AED 89 billion (31,100) in 2023 and AED 109.5 billion (37,000) last year.

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The top five performing areas of Dubai in terms of volume in Q1 were:

News

Dubai’s Palm Jebel Ali now one of the world’s most exciting real estate opportunities

As the Dubai property market boom continues, Palm Jebel Ali is emerging as one of the most exciting real estate opportunities in the world, offering global investors a chance to secure prime waterfront assets at early-stage prices. A market report from fäm Properties today says the iconic Palm Jebel Ali development, making a spectacular comeback after being revived two years ago, is poised to replicate the success of its predecessor, Palm Jumeirah.

The early investors who recognized Palm Jumeirah’s potential saw exponential returns, and Palm Jebel Ali now presents a similar opportunity, with a number of major competitive advantages: > Palm Jebel Ali villa plots are often double the size of those on Palm Jumeirah - 21,000 sqft. vs 10,500 sqft - giving buyers more space and exclusivity. > Average price per square foot for built villas around AED 3,000 compared to AED 9,000 on Palm Jumeirah. > Prime waterfront plots on Palm Jebel Ali averaging AED 2,500 per sqft, compared to Palm Jumeirah’s AED 8,000 per sqft. > Entry prices approximately 50% lower than Palm Jumeirah for comparable ultra-luxury villas. > Palm Jebel Ali offers buyers 3 to 4-year payment plans - a key advantage over Palm Jumeirah where only resale transactions are available with full upfront payment. “In prime markets like Dubai, waterfront homes often command 30% to 50% premiums over similar inland homes,” said Al Msaddi. “This is simply because demand far outstrips the limited supply. In the past three years alone, Palm Jumeirah has seen villa values surge over 50%.

In fact, it showcases Palm Jebel Ali as a more affordable and expansive alternative to its neighbour along the coast, with a combination of cheaper villa entry prices, bigger plots, and lower prices per square foot for homes and land, creating unavoidable investor appeal.

“For investors, this establishes a clear principle; waterfront real estate isn’t just about scenic views and exclusivity; it’s about superior long-term returns, which is the obvious attraction of Palm Jebel Ali.”

“With the final phase of ultra-luxury villas about to be introduced, this is the last opportunity to acquire six and seven-bedroom waterfront residences directly from the developer,” said Firas Al Msaddi, CEO of fäm Properties.

Palm Jebel Ali is more than twice the size of Palm Jumeirah, with a total land area of 147 million square feet and a coastline stretching 110 km, compared with its neighbour’s 61 million square feet and 78 km shoreline.

“Once this phase is complete, these villas will be available only on the secondary market, where resale demand is expected to drive prices significantly higher.

Palm Jumeirah is now home to around 25,000 people, luxury residences and waterfront villas and apartments, retail destinations, leisure attractions and marinas.

“Over the coming weeks, major announcements will further drive investor interest and demand, with an influx of global high-net-worth buyers intensifying competition.”

With around 6,500 HNWIs moving to Dubai each year for its safety, zero income tax, and high property returns, Palm Jebel Ali is set to be the next big name in luxury real estate.

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AVENEW Development to work in Dubai islands AVENEW Development has announced a strategic partnership with Al Tamayoz Contracting Co. LLC to develop Rena, an exclusive beachfront residential project on Dubai Islands. This collaboration marks a major milestone for AVENEW Development as it embarks on its vision of redefining modern living through innovative, design-forward communities. Perched along the waterfront, Rena will offer breathtaking sea views, private beach access, and a tranquil coastal lifestyle. The project features elegantly designed apartments, Dubai’s first sea-level townhouses, and a luxurious penthouse, all crafted to maximize natural light and ocean vistas. The architecture seamlessly blends with the surrounding landscape, ensuring a modern yet harmonious living experience. Co-founded by Rasha Hassan, AVENEW Development brings expertise in integrating modern design into every aspect of the project. Partnering with Al Tamayoz, a well-established UAE contractor known for its highquality developments since 2014, ensures that Rena will be built to the highest industry standards, delivering superior quality and craftsmanship. “We are thrilled to partner with Al Tamayoz Contracting Co. LLC for the next phase of Rena’s development. Their expertise and commitment to excellence align perfectly with our vision to deliver a world-class exceptional living environment.” said Rasha Hassan, Managing Partner of AVENEW Development.

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Mr. Samer Roushdy Mousa, Managing Partner of Al Tamayoz Contracting added, “We are proud to collaborate with AVENEW Development on Rena, a project that embodies sophistication and innovation. Our team is dedicated to executing this vision with precision, ensuring that every detail meets the highest standards of quality and craftsmanship.” Rena offers an exclusive collection of spacious 1, 2, and 3-bedroom apartments, as well as a breathtaking penthouse, all designed with open layouts, premium finishes, and floor-to-ceiling windows that bring the beauty of the sea indoors. The development also features private townhouses situated directly on the beach, providing homeowners with immediate access to pristine sand and uninterrupted sea views. Residents will enjoy a curated selection of high-end amenities, including a rooftop infinity pool, state-ofthe-art fitness center, landscaped gardens, and a private beachfront lounge. The design philosophy of Rena is deeply rooted in eco-conscious materials to create a living environment that is both sophisticated and responsible. Beyond its architectural brilliance, Rena benefits from a prime location within Dubai Islands, offering seamless connectivity to key destinations such as Downtown Dubai, Dubai International Airport, and an array of world-class dining, retail, and entertainment options. This makes Rena not only an ideal home for discerning buyers but also a lucrative investment opportunity in Dubai’s ever-evolving real estate landscape.

News

Qatari Diar Real Estate Investment Company has unveiled the launch of exclusive, upscale waterfront townhouses at The Seef in Downtown Lusail, located in the vibrant heart of Lusail’s waterfront district. These luxurious residences offer stunning sea views and an exceptional lifestyle for both investors and residents. The Seef presents a rare investment opportunity, with prices for the townhouses starting at QAR 3.4 million and apartments from QAR 1.7 million. Lusail’s dynamic real estate market offers substantial growth potential for investors. The Seef provides freehold ownership and residency, making it an attractive option for foreign investors. With mortgage financing options available through leading local banks, along with direct payment plans offering 0% interest from Qatari Diar—spanning up to 6 years for apartments and 4 years for townhouses—owning a property in The Seef has never been more accessible. The Seef project represents the perfect blend of modern design and integrated services that meet the aspirations of investors seeking quality of life and luxury. The ready-tomove-in townhouses offer a new concept of contemporary living, thanks to their stunning sea views of the Qetaifan Islands and the breathtaking skyline of Lusail City. Lusail is known for its advanced infrastructure and futuristic designs, making it a place that combines smart and sustainable living in urban areas while offering a distinctive residential experience that blends luxury and innovation. Additionally, the project features a range of integrated amenities, including sky bridge swimming pools, a fitness club,

children’s playgrounds, squash courts, beach access, and peaceful walking paths. The project’s prime location offers easy access to major road networks, public transportation, shopping centers, healthcare facilities, and educational institutions in Lusail. It is also conveniently close to key attractions in Qatar and Lusail, such as Meryal Waterpark (the largest in Qatar), Lusail Marina, and Place Vendôme Mall, all just minutes away from some of the most modern destinations in Qatar. This provides residents with unmatched conveniences, placing the full potential of Lusail’s vibrant and dynamic city life at their doorstep.

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Qatari Diar unveils exclusive waterfront townhouses at The Seef, Downtown Lusail

The Seef exemplifies Qatari Diar’s commitment to sustainability, incorporating energy-efficient infrastructure and green landscaping to meet sustainability standards. Architectural and engineering innovations, such as the distinctive sky bridges with swimming pools connecting the towers, elevate the site’s aesthetic appeal, setting The Seef apart from other residential developments. Furthermore, its modern amenities and facilities foster a healthy lifestyle for residents, enhancing the overall living experience. Qatari Diar invites those interested in taking advantage of this exclusive opportunity to own a luxurious property in one of the city’s most vibrant areas to contact its offices directly for more details and to reserve one of the limited units. Owning a luxury residence at The Seef has never been more accessible.

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IS RENOVATION FUELING THE UAE PROPERTY MARKET?

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If anyone thought the Eid holiday was going to bring a lull in the Dubai real estate market, they couldn’t have been more wrong. It recorded AED8.9bn (US$2.4bn) of transactions, according to data from the Land Department. Sales transactions dominated the figures, with AED6.14bn (US$1.7bn), according to Land Department data. In total there were 2,199 sales transactions recorded between March 31 and April 4. And some of these deals were quite spectacular, including an apartment in Volante in Business Bay sold for AED37m (US$10.1m); an apartment in Bugatti Residences in Business Bay sold for AED24m (US$6.5m); and an office in BD BLVD Plaza T2 in the Burj Khalifa area sold for AED23m (US$6.3m). In total, Dubai real estate recorded a total transaction value of AED114.08bn (US$31.1bn) in the first quarter of 2025, according to Springfield Properties. This represents a 29.19 per cent increase compared to the same period in 2024, with 42,269 transactions completed, itself a 23.11 per cent rise year-on-year. Off-plan properties have been a significant contributor to this growth, with 24,920 transactions in Q1 2025, up from 20,006 during the same period last year. But when you investigate the details, I also have another theory here – maybe it is a new trend. Which are sellers spending around US$50k upwards to renovate apartments and villas, and in turn adding over 20% to the resale value. I know this first hand from living on the Palm Jumeirah. There is no shortage of three-bedroom apartments that only six months ago were priced around AED4m – have since been renovated at a cost of around AED200k – and are now back on sale for over AED6m. This trend has usually been reserved for companies specialising in just this – buying villas,

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spending a few million doing them up, then selling them for twice the original price. The trend, I believe, has now become common place amongst “ordinary” people. It also means that sellers who just want to cash in are more easily finding buyers who do not want to spend more just because a property has been renovated. This might also explain why the renovation market in Dubai has doubled in value to nearly US$10bn in the last seven years. Trump’s tariffs are causing havoc for everyone – except the Dubai real estate market, which continues to head in only one direction. Anil Bhoyrul

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En l i gh t en Yo u r Et er n al Beau t y, In si de an d O u t !

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REAL ESTATE

LEADERS CEO Wissam Younane wissam@bncpublishing.net MANAGING DIRECTOR Rabih Najm rabih@bncpublishing.net EDITOR IN CHIEF Anil Bhoyrul anil@bncpublishing.net MANAGING EDITOR Tamara Pupic tamara@bncpublishing.net FEATURES EDITOR Aalia Mehreen Ahmed aalia@bncpublishing.net REGIONAL DIRECTOR

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ANANTARA SHARJAH RESIDENCES A NEW CHAPTER OF LUXURY EXPERIENCES BY THE SEA

Bringing luxury seaside living to Sharjah for the first time, owners at the Anantara Sharjah Residences enjoy access to the Anantara Sharjah Resort’s world-class amenities, including an infinity pool, five distinctive restaurants, an Anantara Spa and a state-of-the-art gym. As an investment, owners can enjoy the benefits of a rental management scheme operated by Anantara Hotels, Resorts & Spas, allowing them to maximize their returns when they are not resident in the property. To register your interest, visit arada.com LIFE IS A JOURNEY.