5. Talal Moafaq Al Gaddah, CEO, MAG Property Development (Power 100 ranking: 29)
The property arm of MAG Group, MAG Property Development (MAG PD), has high expectations for fiscal year 2017.
Talal Moafaq Al Gaddah’s UAE-based firm is expecting its revenues for the year to hit the $544.5m (AED2bn) mark by 31 December – more than double its performance in 2016, which stood at $136.1m (AED500m).
This optimistic outlook is backed by the several projects MAG PD currently has in development, including MAG 5 Boulevard in Dubai South; MAG 230, which is adjacent to IMG World of Adventure; MAG 318 in Business Bay; MBL Residences in Jumeirah Lake Towers (JLT); MAG of Life Creek Resort in Dubai Healthcare City (DHCC); and Meydan District 7.
Singling out its Meydan project as the one that promises the biggest opportunities for the company, Al Gaddah commented: “A huge opportunity is our development of 4,000 units and 1,000 townhouses in Meydan – an area that is growing in popularity thanks to its proximity to key destinations, landmarks, and attractions, including City Of Arabia, Business Bay, Downtown Dubai, Dubai Healthcare City, and the Meydan racecourse.”
Al Gaddah, chief executive officer of MAG PD, also noted that the company, which considers the UAE, Saudi Arabia, and Kuwait as its most important markets in the region, is working towards developing projects that meet the requirements of both the mid-range and high-end sectors.
To strengthen its presence in the Middle East, MAG provides in-house training for its 2,000 employees, Al Gaddah said, adding that the company also undertakes corporate social responsibility (CSR) initiatives in the areas of education, development, and philanthropy.