Egyptian real estate developers took 6 spots in the list, with top ranked local developer Talaat Mostafa Group Holding (TMG) at number 10
Egypt’s real estate market continues to be one of the country’s most well-recovered sectors, with Forbes Middle East adding that “Middle East’s real estate sector appears to be bouncing back fast, with property prices increasing on the back of increased oil prices and government policies.”
In their just-released Top 50 Real Estate Developers in MENA 2021, Forbes ME notes that “Across the region, megaprojects are being developed by governments as well as private and semi-government developers, especially in Saudi Arabia, Egypt, and the U.A.E. These projects are giving a huge boost to the regional construction sector, which also has a positive outlook over the next few years according to forecasts.”
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Egyptian real estate developers took 6 spots in the list, with top ranked local developer Talaat Mostafa Group Holding (TMG) at number 10, with total assets worth $8 billion as of June 2021. TMG ranked 78th on Forbes ME’s annual top 100 listed companies in 2021.
Follow TMG was Palm Hills Developments in 21th place, with one the largest land banks in Egypt, covering over 42.3 million square meters as of H1 2021 according to Forbes ME. The company recorded $255 million in sales in H1 2021.
In 24th place was Memaar Al Morshedy, followed by Six of October Development & Investment (SODIC) in 36th, Madinet Nasr for Housing & Development (MNHD) in 38th, and Orascom Development Egypt (ODE) in 42nd place.
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Ongoing and upcoming international events are also giving this asset class a boost in some GCC countries, wrote Forbes ME, adding that office space market was disrupted in some parts of the region as many employers adopt remote working as a permanent fixture. The growth in online shopping is leading retail developers to reconsider how best to invest in and use brick-and-mortar stores, it added.
