Mohamed Alabbar from UAE-based Emaar Properties and Talal Al-Dhiyebi, CEO of Abu Dhabi-headquartered Aldar Properties, ranked first and second, respectively.

Saudi Arabia had the second-most entries on the list, with 23 Saudis appearing.

The Forbes statement emphasized the substantial investments the nation has made in its real estate sector, which is experiencing a boom due to investments from governments, corporates, and semi-government developers in Saudi Arabia, Egypt, and the UAE.

The construction sector in the region is expected to continue growing positively over the next few years.

Several Saudi companies, including ROSHN Group led by CEO David Grover (ranked 8th), National Housing Co. with CEO Mohammad Al-Buty (ranked 13th), and Dar Al-Arkan Saudi Development Co. founded by Yousef Al-Shelash (ranked 14th), made it to the top 20 of a regional list of companies.

Their inclusion highlights the importance of these giga-projects in contributing to Saudi Arabia's Vision 2030 by expanding the private sector and creating jobs.

The ranking is based on a rating system that evaluates a company's financials, projects completed, project delivery reputation, and land bank units.

Nine countries in the region are represented on the list.

The Gulf Cooperation Council (GCC) countries, specifically the UAE, Saudi Arabia, and Egypt, have seen a significant increase in real estate sales transactions between January and October 2023, totaling $171.6 billion, a 21.1% year-on-year increase.

The UAE leads with 33 companies in the top real estate list, six of which are in the top 10.

Saudi Arabia follows with 23 companies, and Egypt comes in third with 20 companies.

The property sector in the GCC is expected to continue having promising long-term potential due to robust economic growth, expanding population, and government investment.