With an annual per capita income of just under USD 100,000 in 2020 according to the IMF, Qatar is considered as one of the wealthiest countries on earth. Traditionally propped up by its large reserves of oil and gas, the real estate market in Qatar is gradually accounting for a growing proportion of the country’s GDP.
Having suffered issues of oversupply in the aftermath of the COVID-19 pandemic, 2021 showed positive signs of recovery for the Qatari real estate sector, reflected by a 74% rise in recorded enquiries in Q1, Property Finder data showed.
With iconic, international events including the FIFA World Cup 2022 in the pipeline, the real estate market in Qatar is expected to continue on its growth trajectory over the years to come.
Forbes’ list of “The 30 Most Valuable Companies in Qatar” comprises three rankings: 30 Most Valuable Companies in Qatar; Top 10 Unlisted Companies in Qatar; and the 5 Most-Funded Startups in Qatar.
Featured among these, we take a look at Qatar’s three most valuable real estate companies making waves in the market.
1. EZDAN HOLDING GROUP
Market value: USD 11.7 billion
Founded in 1960 under the name Thani Bin Abdullah Housing Group by the Sheikh of the same name, the now Ezdan Holding Group appeared on the Qatar Stock Exchange in 2007.
Taking fourth position in the ranking, the company owns assets of USD 13.8 billion (as of September 2021) and is considered to be one of the largest real estate companies in the Persian Gulf.
Ezdan specializes in developing domestic and international multi-purpose real estate and in the nine months to September 2021, reported a 12% increase in net profit totalling USD 64.1 million.
2. BARWA REAL ESTATE GROUP
Market Value: USD 3.5 billion
Part-owned by the Qatari Diar (45%), Barwa Real Estate Group manages 3.6 million meters of total built space. Coming in at number 13 on the list, the firm was established in 2005 and is also the owner of Al-Wasef Asset Management Company (Wasif).
Towards the end of 2021, Barwa’s net profits stood at USD 203.9 million, representing a 2% rise compared to that of the previous year.
Reportedly Qatar’s biggest real estate group, some of Barwa’s most notable projects include Barwa Al Baraha, a city built for labourers, and Madinat Al Mawater, a mixed-use residential development.
3. UNITED DEVELOPMENT COMPANY (UDC)
Market Value: USD 1.6 billion
Founded in 1999 and listed on the Qatar Stock Exchange four years later, United Development Company is a leading construction firm with multi-industry subsidies, including a real estate arm.
At number 21 in the ranking, UDC’s revenues reached USD 443.6 million, in the first nine months of last year.
The company’s flagship project, The Pearl Qatar, is an artificial island offshore of Doha’s West Bay District and mixed-used development. The firm’s other notable projects include Gewan Island, Corinthia Yacht Club and Al Mutahidah Towers.