Jeddah, Saudi Arabia - 16 March 2015: Saudi Arabia’s Alwaleed Bin Talal Alsaud is the Middle East’s richest real estate tycoon, according to the 2015 Forbes Billionaires List. A member of the Saudi royal family, he is one of three businessmen from the region with significant interests in real estate worth an estimated $US 1 billion or more.
Global real estate network Lamudi takes a closer look at the property portfolios of the region’s top three billionaires who have made all or part of their fortune in real estate.
Behind the projects that made the region’s property billionaires rich. Below are 3 of the richest real estate tycoons in the Middle East.
Prince Alwaleed Bin Talal Alsaud, Saudi Arabia
Net worth: $22.7 Billion
As the chief executive officer of Kingdom Holding Company, Prince Alwaleed Bin Talal Alsaud invests in hotels and real estate. His hotel management companies include Four Seasons Hotels and Resorts, Movenpick Hotels and Resorts and Fairmont Raffles Holding. He has invested in some of the world’s most iconic ultra-luxury hotels, owning the five-star Four Seasons Hotel George V in Paris and part of London’s famous Savoy Hotel.
Majid Al Futtaim, United Arab Emirates
Net worth: $US 6.2 billion
The second richest person in the UAE, Majid Al Futtaim runs one of the largest commercial property developers in the region. His Majid Al Futtaim Group currently operates in 12 countries in the Middle East and North Africa. His property portfolio includes 17 shopping malls and 11 hotels across the MENA region. His retail developments attract 175 million shoppers per year.
Bahaa Hariri, Lebanon
Net worth: $US 2.3 billion
The son of assassinated former Lebanese Prime Minister Rafik Hariri, Bahaa Hariri is a key property developer in Jordan, Saudi Arabia and Lebanon. As the founder of the Horizon Group, Hariri is working with the Jordanian government on commercial and residential development in central Amman. In 2014, a $US 423 million project called The Boulevard, located in Amman’s downtown district Abdali, was unveiled. Other projects currently under development include the upscale mixed-use Verdun Gardens site and Place Verdun mall, both in Beirut.