8 Kuwaitis on Forbes Middle East’s most influential real estate leaders list

KUWAIT CITY, May 6: For the third consecutive year, Forbes Middle East has highlighted the region’s most influential real estate company leaders, reports Al- Seyassah daily. The ranking was compiled over several months using a range of criteria, including years of experience, the value of completed and ongoing projects, and company financials such as total assets and revenues (where available), in addition to the size of land portfolios and number of properties owned. The list includes 47 leaders from the United Arab Emirates, followed by Saudi Arabia with 21, Egypt with 17, and Kuwait with 8. This reflects the continued concentration of real estate activity in these key markets. Hussain Sajwani, founder and chairman of Damac Properties, tops the ranking for the second consecutive year. The list includes 11 billionaires with a combined net worth of $39.4 billion, underscoring the real estate sector’s role as a major engine of wealth creation in the region.

The eight Kuwaitis included in the list are

1. Waleed Khaled Al-Shuraian Rank: 27 Position: CEO of Mabanee Company Headquarters: Kuwait Established: 1964 Al-Shuraian has held his current position since 2006. Mabanee Company has been listed on Boursa Kuwait since 1999. The company has completed five projects in Kuwait, including The Avenues Mall, Hilton Garden Inn, and Waldorf Astoria, in addition to five projects currently under construction in Kuwait, Bahrain, and Saudi Arabia. In 2024, the The Avenues Riyadh project reached 65 percent completion. The project is valued at $4.3 billion. The company’s total assets in 2024 were approximately $5.1 billion, with revenues of $431.1 million. Al-Shuraian previously worked at the Kuwait Public Transport Company (KPTC).

2. Talal Jassim Al-Bahar Rank: 42 Position: Vice Chairman and CEO of Kuwait Real Estate Company (Aqarat) Headquarters: Kuwait Established: 1972 Aqarat was the first real estate firm listed on Boursa Kuwait in 1984. It offers a diversified portfolio that includes residential buildings, office and commercial developments, as well as facilities management services. In the first nine months of 2024, the company’s assets reached $1.4 billion, with profits totaling $41.5 million. In January 2025, the company, through a partnership with IFA Hotels & Resorts, launched the Al Tay Hills project in the UAE. Spanning more than six million square feet, the development carries total investments of $953 million and recorded real estate sales of $571.8 million in a single week. Al-Bahar also serves as Chairman of the Board of Directors of IFA Hotels & Resorts.

3. Mahmoud Daoud Al-Marzouq Rank: 43 Position: CEO of Tamdeen Real Estate Company Headquarters: Kuwait Established: 1982, and acquired by Tamdeen Group in 1996. Tamdeen Real Estate Company’s portfolio includes prominent projects such as 360 Mall, Al-Kout Mall, Al- Khiran Mall, Tamdeen Square, The Warehouse Mall, and Sama Centers. In the first nine months of 2024, the company recorded operating revenues of $59.1 million, with total assets reaching $1.8 billion. The company is a major shareholder in Tamdeen Investment Company, holding more than 57.7 percent of its shares as of August 2024.

4. Faisal Jameel Al-Essa Rank: 44 Position: Vice Chairman and CEO of National Real Estate Company Headquarters: Kuwait Established: 1973 Faisal Jameel Al-Essa has held his current position since 2018. The company operates in Kuwait, the UAE, Egypt, Jordan, and Libya. Its notable projects include Reem Mall in Abu Dhabi, which officially opened in May 2024, as well as Grand Heights, Palm City Residence, and the South Aqaba Investment Complex. In the first nine months of 2024, the company recorded revenues of $56.8 million, with total assets reaching $1.8 billion as of September 2024. Al-Essa also serves on the board of directors of Agility.

5. Abdul Mutalab Marafie Rank: 51 Position: CEO of Commercial Real Estate Company Headquarters: Kuwait Established: 1968 Commercial Real Estate Company’s portfolio in Kuwait includes major developments such as Commercial Tower, Symphony Style Hotel and Complex, Light Restaurant Complexes, Dine Zone, and Thatcher Residential Complex. In 2024, the company recorded total revenues of $101.6 million, with total assets reaching $1.9 billion. Marafie also serves as a board member of Ammar Finance and Leasing Company.

6. Abdulaziz Ghazi Al-Nafisi Rank: 56 Position: CEO of Al- Salhiya Real Estate Company Headquarters: Kuwait Established: 1974 Abdulaziz Ghazi Al-Nafisi assumed his current position in 2022. Al-Salhiya Real Estate Company’s portfolio includes Al- Salhiya Plaza, Al-Raya Mall, and Al-Sahab Tower, as well as the Biorma project in the UK and four nursing homes in Germany. In 2024, the company’s total assets reached $1.7 billion, with operating revenues of $145.1 million from operations in the GCC and Europe. Its market capitalization stood at $780.2 million in March 2025.

7. Khaled Al-Mashaan Rank: 81 Position: Vice Chairman and CEO of Argan International Real Estate Company Headquarters: Kuwait Established: 1994 Argan International Real Estate Company operates in Kuwait, Saudi Arabia, Bahrain, Oman, Lebanon, Egypt, and Morocco. Its real estate portfolio includes notable projects such as Argan Al-Bidaa Hotel & Resort, Argan Business Center, Al- Bustan Residences, and Saray. As of September 2024, the company’s assets totaled $847.4 million, with net profits of $6.9 million. Al-Mashaan also serves as Chairman and board member of several non-governmental organizations, including the Kuwait Green Building Council and the Kuwait Hotel Owners Association.

8. Abdulrahman Hamad Al- Turkait Rank: 97 Position: Vice Chairman and CEO of Arkan Kuwait Real Estate Company Headquarters: Kuwait Established: 2003 Abdulrahman Hamad Al-Turkait joined Arkan Kuwait Real Estate Company in 2016. In 2024, the company recorded revenues of $29.5 million. That same year, the Capital Markets Authority (CMA) and the Competition Protection Authority in Kuwait approved the merger between Arkan Kuwait Real Estate Company and First Real Estate Investment Company, which was completed in March 2025. The company’s project portfolio includes the SVN Health Resort, Arkan Clinic, and Arkan Residence. It is also developing a water park and a 20,000-squaremeter shopping mall in Al-Khiran.