GCC Invests Heavily In Turkish Real Estate

Demand for luxury residences in upmarket districts of Istanbul continues to rise, fueled by buyers from the Middle East who are also attracted by investment opportunities presented by developments in the city’s growing suburbs, said Turkish property agency Spot Blue International Property in April.

In March 2014 alone, foreigners bought 478 properties in Istanbul, out of a nationwide total of 1,362, according to the Turkish Statistical Institute. Istanbul accounted for 20 percent of all property transactions in Turkey during March. Evidence suggests that districts such as Bebek and Nişantaşı on the European side of the city, and Başdat Street on the Asian side are helping to drive foreign sales, as they attract an increasing number of wealthy citizens from the Gulf Nations. Sales to foreigners are further boosted by Middle Eastern investors targeting buy-to-let opportunities in residential developments in the suburban districts of Bahcesehir, Sariyer, Beylikduzu, Arnavutkoy and Esenyurt.

“The Gulf-Turkish affair is gaining momentum,” said Julian Walker, director at Spot Blue International Property. “Only this month, Istanbul hosted an investment summit during which Turkish President Abdullah Gul invited investors from Kuwait, Qatar, Saudi Arabia and the United Arab Emirates to come to Turkey. Earlier in the year, a Turkish delegation was in Qatar promoting Turkey while a Kuwait Turkish Real Estate Forum will take place in Kuwait at the end of April. At Spot Blue we have seen a rise in interest from Kuwaitis and Qataris in particular in recent weeks. For Gulf investors, Istanbul is an attractive stepping stone between the East and West, as well as a place to be seen.”

Confidence in Istanbul’s property market has been boosted by a series of infrastructure projects set in motion by the governing AK Party, including a new mega airport and improved transport links between the Asian and European sides of the city, as well as an extension of the underground. In addition, $50 Billion has been committed to re-developing entire districts to ensure all buildings are earthquake proof. Construction is currently Turkey’s biggest industry sector.

Growth in Istanbul’s real estate market is unmatched by European markets, most of which remain depressed, and price growth is occurring at similar levels to London. “Typical buy-to-let investments are in the $150,000 to $200,000 bracket,” continued Julian Walker. “The market is moving quickly though. Our representative in Istanbul reports that new apartments in prime areas of Beylikduzu that were on the market six months ago for $80,000 could be worth circa $100,000 once the development is completed later in the year.”

Complementing Istanbul’s growing status amongst the international jet set is its increasing appeal to tourists. The city was voted the best place to visit in the world in this year’s TripAdvisor Awards, while 35 million people visited the country as a whole last year, a 10 percent increase over 2012, according to the country’s Culture and Tourism Ministry.

$4 Trillion Construction Boom In MENA Region!

With more than $40bn worth of new contracts awarded in the six-nation GCC alone in the first quarter, the projects markets of the Middle East are set to enjoy a record-breaking year in 2014.

So far, the high profile projects that have been awarded include the $12bn Kuwait National Petroleum Company’s Clean Fuels Project; Qatar’s Ashgal has so far awarded over $3bn for the Expressway and LRDP projects; Abu Dhabi’s Musanada has awarded over $1bn worth of contracts for the Mafraq-Ghuweifat Road Development project; Qrail has awarded $700mn worth of contracts for the Elevated Section of the Doha Metro’s Red Line South project; and Al Reem Island in the UAE has awarded the main contract with a value of $705mn.

MEED's (Middle East Economic Digest's) latest forecast is that new contract awards in the GCC will approach $150bn in the year ending 2014 compared with about $135bn in the previous 12 months. The project boom encompasses all six markets and extends across all sectors.

Confidence is being further lifted by the irresistible rise in project spending in Iraq where oil production last year reached an all-time high of more than 3m b/d. At least $20bn of new contracts are expected to be placed in Iraq by the end of 2014 in a capital investment program that will establish the country as one of the most exciting prospects in the world for the local, regional and global construction industry.

Figures compiled by MEED Projects show that a total of almost $2.5 TRILLION worth of contracts are planned or under way in the GCC. A further $500bn worth of projects are at a similar stage in Iraq. For the MENA region as a whole, more than $4 TRILLION worth of projects are planned or under way.

This vast, varied and challenging opportunity will be comprehensively reviewed in MEED’s annual Arabian World Construction Summit (AWCS) which opens in the Sofitel Hotel on Palm Jumeirah on 12 May.

More than 60 speakers representing all high-growth Middle East construction markets and the region’s largest  project sectors will address the event.

Among the highlights of the summit includes a keynote session on developing “Solution-based Delivery Strategies for the Region’s Complex Construction Projects. Dr. Faysal Alaquil, Director, Department of Business Development & CSR, Construction Products Holding Company (CPC) of Saudi Arabia, a Strategic Partner of the event, says the complexity of the Mega Projects either underway or in the pipeline requires contractors to design and execute to the highest quality standards available. “We will share a number of building solutions that will help transform these projects from concept and design to physical realities that are not only of the highest technical standards, but conform to sustainable and environmental practices.”

Across the region, there is a greater need for social and housing capacity. In the past six years, according data collated by MEED Projects, residential projects comprised 29 percent of total construction projects awarded during the period, followed by mixed use projects at 18 percent.

With real estate opportunities back to pre-bust days, meeting the growing demand for private residential and social housing developments will be of paramount importance. Imad Ghantous, Managing Director-Property, Hyder Consulting Middle East, says “rapid population growth will be a key driver of this continued growth in the construction sector, with a particular focus on residential and social infrastructure projects.” Experts currently estimate that the region’s population is expected to grow to more than 600 million by 2030, from around 340 million today.

Saudi Arabia, the Middle East’s biggest project market which is expected to witness more than $70bn of projects awarded in 2014, will once again be at the heart of the conference. Speakers will review the trends in the Kingdom’s construction industry and evaluate the opportunities in energy, water, rail, port and real estate markets. Special attention will be paid to the remarkable King Abdullah Economic City (KAEC) in Rabigh where one of the world’s largest new ports started operations earlier this year, and progress on the Jeddah Kingdom Tower, the world’s tallest building, and the supporting development. A special presentation will be delivered by the General Authority of Civil Aviation (GACA), the largest new airport client in the Middle East.

The UAE will get special attention as investment in the federation starts in the race to the opening of the World Expo in Dubai. More than $100bn worth of new projects are on the agenda for the Emirate which expects 25m people to visit the six-month expo. The conference will review some of the largest real estate developments in Dubai including exciting projects being developed by Meraas Holdings.

Other markets to be reviewed will include Oman, Bahrain, Iraq and Egypt where 40 Mega Projects worth more than $500m are planned or under way.

The challenge of delivering complex, multi-component Mega Projects will be one of the key themes of AWCS 2014. Regional and global experts in Mega Project delivery and the role high-level program management can play in bringing Mega Projects in on time and budget will be among the primary topics of the event.

“The AWCS was launched in 2007 and is established as the premier annual event for major clients and senior construction industry executives working in the Middle East Mega Project market,” says MEED Events Chairman Edmund O’Sullivan. “This year, the delegates will learn about the widest range of new projects and construction opportunities since the first AWCS opened seven years ago. I’m confident they will leave inspired to intensify their efforts across the region.”

As the premier construction event in the region, AWCS has been able to enlist the support of CPC and HSBC as Strategic Event Sponsors; Hyder Consulting and Six Construct as Gold Sponsors; Projacs, AGIS and Mashreq as Silver Sponsors; Drake & Scull, Hill International, Zurich and AKSA as Conference Sponsors; Deloitte as Knowledge Partner and EC Harris as Lunch Sponsor.

Oman Comes On Strong With New Salalah Rotana Resort

The five-star Salalah Rotana Resort is now officially opened in the capital of the southern Omani province of Dhofar. The stunning 400 room waterfront resort, part of the company’s steadily expanding Rotana Resorts, is the Sultante’s largest free-standing hotel in Oman.

“We pride ourselves in identifying desirable travel destinations and are excited to begin a new journey today at the first hotel to be operated by Rotana in Oman. Not only does it take us one step closer to reaching our ultimate vision but it has strengthened the company’s standing as the leading hotel management company in the region,” stated Omer Kaddouri, President & CEO of Rotana.

Set on the pristine Arabian coast only a stone’s throw from the famous Salalah Beach, each of the resort’s luxury rooms and suites are positioned directly on unique lagoons or nestled around water features and an elaborate network of man made waterways which connect the property to the Indian Ocean and which are filled with 105,000m2 of seawater refreshed every four days using natural tidal patterns.

Salalah Rotana Resort sits at one with nature, and has been designed to offer guests a distinctive sense of calm. Drawing inspiration from the landscape’s natural beauty and culture, the heart of the hotel boasts high ceilings and a central internally-lit handmade red clay dome complementing the wooden finishing and decorative mashrabiya latticework windows. The in-room furnishings have been carved from desert rock while Arabesque geometric designs and stone archways, constructed using traditional techniques, resemble a cathedral atrium.

Ranging from 43 sq meters to 143 sq meters, Salalah Rotana Resort boasts some of the most spacious accommodations in Oman. Private terraces or balconies, ensuite bathrooms and generous living areas in each room and suite allows for optimal privacy and superior comfort in a grand setting.  The perfect destination for every type of traveller, the resort’s wide variety of dining options range from casual beachside cuisine and all-day-dining to fine dining Middle Eastern and Western fare.

Guests looking to rejuvenate and rebalance the body can make use of the Bodylines leisure and fitness club and impressive outdoor pool or indulge in spa treatments at Zen the spa, Rotana’s home-grown spa concept derived from ancient holistic Asian philosophies, which includes eight single-sex only treatment rooms and blends natural Omani elements with holistic treatments and rituals including full body massages, facials and soothing wraps.

Business visitors will benefit from a superb range of meeting rooms and a state of the art Business Center in addition to an array of business and leisure facilities.

Whether socializing at The Beach Bar & Restaurant, relaxing by the poolside or spending time with children in the sophisticated playful Kid’s Club, Salalah Rotana Resort exceeds the expectations of the most discerning guest.

++ I am glad to see Oman developing their own kind of Mega Projects that fit perfectly with the overall environment of the Sultanate.

Here is a link to the Salalah Rotana Resort site:
http://www.rotana.com/rotanahotelandresorts/oman/salalah/salalahrotanaresort

Qatar Registers Second Highest Growth Rate In GCC Projects Market

Qatar’s projects market grew 26 percent last year, the second highest growth rate in the GCC, where project awards increased overall by 21 percent between 2012 and 2013, the first growth year since 2009.

The data was presented in a breakfast briefing at the Qatar Projects Conference, where a MEED Insight report detailed a comprehensive review of the GCC projects market from 2008-2013. The report said 2008 was a landmark year for Qatar, when over $22bn worth of projects were awarded predominantly by the construction and power sectors for megaprojects such as Ras Girtas Power & Water, Kharamaa Transmission Phase VIII, Barwa City Development and the Lusail Development.

Fast forward to 2013, Qatar maintains its momentum, awarding as much as $20bn on projects such as Qrail’s Doha Metro Red and Green Lines and several stations, which account for 41 percent of all projects awarded in the country.

Overall, during the period in review from 2008-2013, Qatar’s project market accounted for 12 percent ($96bn) of the total projects awarded in the GCC, for a massive outlay of an average of $16bn a year.

MEED Insight expects a robust 2014, with project awards estimated to range between $140-150bn. The outlook is also positive over the long-term, as GCC economies continue to grow and as the population explodes requiring further investments in infrastructure.

Challenges will most likely come from stiffer competition as contractors from Asia move to gain a bigger share of the market; and financing will play a factor in ensuring projects are not delayed.

Meanwhile, Elie Andraos, General Manager of Al Maysan, says the steady growth of the projects market is a great opportunity for heavy equipment and machinery suppliers. “Our participation in MEED’s Qatar Projects Conference 2014 is due to its importance in attracting local and international contractors. This conference is considered as a unique opportunity to display SANY’s heavy equipment and its proven reliability and quality in major construction projects in the GCC region. We are delighted to have participated, as it falls in line with Qatar’s 2030 vision in all aspects, particularly economic and construction,” he added.

Qatar Projects Conference concluded successfully, with optimism high among project stakeholders about the continued expansion of the projects market in Qatar. This year’s conference was supported by Samsung as the Official Technology Partner, Qatar Steel as Associate Partner, Mashreq and Global Building Solutions as Silver Sponsors, Parsons, Al Maysan and Larsen & Toubro as Bronze Sponsors.

Other corporate partners include Ibq (Gala Dinner Sponsor), Qatar Insurance Group (Lunch Sponsor), SEIB (Dedicated Partner and Breakfast Sponsor), PWC (as Reception Sponsor), HSBC (Masterclass Sponsor), Drake & Scull, ECG Engineering Consultants Group SA, Zurich Insurance and Hill International as Conference sponsors; and Shapoorji Pallonji as the Networking Sponsor.

Exhibiting companies include Al Jaber Engineering, ASTAD Project Management, International Aramoon Co Ltd as well as Salfo and Associates SA.

Marjan Island Resort & Spa Opens in Ras Al Khaimah

Located on a private island off the coast of Ras Al Khaimah, Marjan Island Resort and Spa opened its doors to the public this month.  Offering spacious and sumptuously decorated accommodations, the resort boasts a total of 302 rooms and suites with large balconies from which guests can view idyllic island sunsets with the warm waters of the Arabian Gulf right on the doorstep. All rooms and suites, designed in palatial grandeur and thoughtfully decorated with Arabian touches, feature exclusive amenities and advanced interactive multimedia systems.

Marjan Island Resort and Spa prides itself on being a true family destination with a superb range of facilities and activities for even the very youngest of guests, including an indoor-outdoor playground, Pirate’s Club, Youngsters Entertainment Fun Center, dedicated children’s swimming pool and a host of watersports on the island’s two pristine beaches.  Visitors will discover a variety of delectable dining outlets on the resort’s 1-km seafront boardwalk.

Relaxation and wellbeing are essential elements of the resort’s vision, with an entire floor dedicated to the La’Mar Holistic Wellness Spa which houses separate ladies and gentlemen’s treatment rooms, Hamams, steam rooms, saunas, Jacuzzis, gyms and an indoor swimming pool.   Guests can book an appointment with a nutritionist or a cosmetic specialist, which forms part of the resort’s extensive wellbeing facility.

For business there is no need to leave the resort.  With a 250-person ballroom, fully serviced business center as well as a boardroom and various breakout rooms, executives and decision-makers will have everything they need to get the job done.

“I’ve been in the hotel business for over 30 years, and you don’t get opportunities like this very often, to work in a destination as beautiful and rewarding as Marjan Island - Ras Al Khaimah, managing a property as amazing as Marjan Island Resort and Spa,” said Roger Tannous - General Manager, a Lebanese national who is also fluent in English and French and Arabic. “I am thrilled to be working with Marjan Island Resort and Spa’s management and owners. This resort is a one-of-a-kind, offering families a complete immersion in an authentic, intimate Arabian experience soaking up the culture, hospitality, tranquility and stunning surroundings, and that remains truer today than ever before.”

“We already have such an incredible property, the type of place where you can spend a week and not go out at all, just soaking up the cultural experience and one of the regions’ biggest spas, fine restaurants and lavish guest rooms,” said Khalid Motik – EAM Marjan Island Resort & Spa.

“We are confident that now is the time to bring Marjan Island Resort and Spa Ras Al Khaimah to the world. We have listened carefully to what our customers are looking for and we have taken the necessary time to ensure the product offering is just right. It has been meticulously planned and we are extremely happy with the result.” Mr. Motik further added.

++ Marjan Island Resort and Spa is owned by Manazil Real Estate Group of Sharjah and managed by InnovationZ Hospitality Group, specialists in resort operations, and is located on a private island off the coast of Ras Al Khaimah in the United Arab Emirates. They have done a great job with the development of this Mega Project! Here is a link to their website:
http://www.marjanislandresort.com/

Completed GCC Construction Projects Up 27 Percent In Value For 2013

++ Total value of completed projects reached US$69.91bn

++ Residential (US$30.3bn), Commercial (US$12.7bn) and Education (US$7.01bn) were the leading sectors

++ GCC Interior Contracting and Fit-out Market also increased by 8 percent

++ A further 17 percent and 18 percent increase forecasted in 2014 for the Construction and Interiors Markets respectively

Construction projects across all building sectors worth US$69.91bn were completed in the GCC in 2013 according to a study conducted by Ventures ME and commissioned by DMG Events. The research also looks into 2014 and estimates projects for US$83.41bn (+17.43%) to be completed and US$82.2bn to be awarded across the year. US$7.81bn is the value of the related 2013 GCC Interior Contracting and Fit-out Market that registered an 8 percent increase compared to 2012 and is expected to increase by another 18 percent this year.

This is the third consecutive year that DMG Events, the company behind INDEX - the leading MENA Design exhibition – and workspace at INDEX, has invested in the study, contributing to the global industry with useful regional market insights.

Overview of 2013 GCC Building Construction Projects:

With residential (43.3%), commercial (18.2%) and educational (10%) segments leading the way, 2013 has been a positive year for the construction market. US$69.91bn worth of projects were completed with a further US$71bn worth of projects awarded. Hospitality, medical and retail buildings were also completed – with total values of US$4.6bn, US$2.4bn and US$1.8bn respectively.

KSA and the UAE rank in the top two positions for all sectors with the exception of education and healthcare for which Qatar ranks top with completed projects worth US$4.6bn in the educational segment (KSA: US$1.01bn; UAE: US$714m) and worth US$1.12bn in the healthcare segment (KSA US$482m; UAE US$570m).

Overview of 2013 GCC Interior Contracting and Fit-out Market:

The value of the GCC Interior Contracting and Fit-out Market in 2013 was US$7.81bn – an increase of 8 percent when compared to 2012. KSA was the largest market with a 47.4 percent share (US$3.7bn) followed by the UAE and Qatar valued at US$2.39bn and US$953m respectively. The residential sector accounted for almost half of the overall 2013 market with a market share of 42.6 percent (US$3.33bn). The commercial sector followed with a 17.9 percent share corresponding to a value of US$1.40bn and the hospitality sector with 13.4 percent share and a value of US$1.05bn.

2014 Forecast:

According to the Ventures ME study, figures for 2014 are expected to increase further for both the building construction and interiors markets. US$83.41bn worth of completed projects and US$82.8bn worth of awarded projects are forecasted over the next 12 months; the interiors market is also likely to grow by 18 percent and reach an estimated value of US$9.2bn by the end of the year.

Building Construction Market 2014 Forecast:

The Healthcare Sector is expected to grow by 250 percent from a value of US$2.4bn registered in 2013, to an estimated value of US$8.4bn. The UAE in particular will be the country with the majority of healthcare buildings completed worth a total value of US$3.19bn - almost five times the value registered in 2013 - followed by KSA with US$3.09bn and Qatar US$1.7bn. Kuwait is also worth highlighting with the value of projects completed moving from US$47m in 2013 to an estimated US$317m in 2014.

Despite the huge increase in the Healthcare Sector, the building construction market will still be led by the residential and commercial sectors that together will account for over half of the market share concentrated particularly in KSA, the UAE and Qatar.

Interior Fit-out Market 2014 Forecast:

Out of an overall estimated market value of US$9.2bn, the Residential Sector will account for 35.9 percent and US$3.33bn in value, followed by the Hospitality Sector at 19.8 percent and US$1.82bn of value and the Commercial Sector with 15.7 percent and US$ 1.44bn in value. When compared to 2013 figures, the Healthcare Sector will see the biggest growth with a huge 256 percent increase and reaching a value of US$672m. The Retail Interiors Market is expected to see the biggest drop in value from US$393m to US$308m.

Commenting on the figures released by Ventures ME, Frederique Maurell, Group Event Director for INDEX and workspace at INDEX, said: “Most segments of the GCC Building Construction market have recovered significantly from the downturn and 2013 has been positive with residential, education and hospitality segments in particular showing signs of growth and a strong recovery.”

New Hazaa Bin Zayed Mega Project For Al Ain

Major details of the massive mixed use Hazaa Bin Zayed Stadium project in Al Ain have been announced today including a hotel, residential and commercial buildings, a sports center, and food and retail outlets. Once complete, the project will be the main attraction for hundreds of community, entertainment and business events.

The new development covers an area of 500,000 square meters which, in addition to the main stadium, includes a community with 700 residential units in a complex of apartments and green spaces, two office buildings of 20,000 square meters, and a chain of 50 restaurants and retail outlets plus a 172 room international hotel.

The project, which will be constructed in phases, will have a public courtyard for both visitors and residents, stylish promenades linked together by a network of pedestrian walkways and a family entertainment area synonymous with a healthy and modern lifestyle. The multi-use project is part of a vision of building a touristic, social and sports destination that includes Hazaa Bin Zayed Stadium and the area surrounding it, to foster ongoing growth and development in Al Ain and the UAE.

The Hazaa Bin Zayed Stadium, which will be launched mid-January 2014, is considered an architectural marvel and one of the most impressive and technologically advanced sports constructions in the UAE. It can accommodate 25,000 spectators and was built in only 17 months, measuring up to the best international standards.

The development is located in the strategic Tawya area of Al Ain, which is easily accessible for visitors coming from Abu Dhabi and Dubai, and with close proximity from the city’s main roads. It is only 15 minutes from Al Ain Airport, and is situated near other main attractions in Al Ain which makes it one of the most sought after destinations by families in Al Ain and the UAE in general.

The Plaza area will stand as the main part of the project and the head point for all sports and social gatherings, with the Hazaa Bin Zayed Stadium in the background adding even more atmosphere to the open spaces and surrounded by a number of restaurants and retail outlets.

The project will also include a healthy lifestyle area with a number of sports zones and a dedicated pool and gymnasium considered to be the biggest of its kind in Abu Dhabi. The whole project has been planned to reflect the principles of health and well-being and encourage a more sporting life. The Plaza and the area surrounding the stadium are designed to help walking as no cars are allowed inside. The outer area of the project includes cycling, jogging and walking tracks.

The family entertainment area provides its visitors with a wide selection of entertainment facilities that suit different age groups and several sports activities to help residents and tourists enjoy their time in a healthy and stylish atmosphere throughout the year.

The restaurant and café area is located near the hotel, linked together with a pedestrian design that provides access to as many of the development’s destinations as possible and provides a location for a variety of high-end restaurants and coffee shops.

The new stadium will be officially opened in January 2014. The celebrations will include a 3 day family festival from January 16-18, plus other events for launching the stadium. The 25,000 capacity Hazza Bin Zayed stadium will officially be the new home for Al Ain Football Club’s first team, and is intended to boost the sports activities in the UAE. The stadium covers an area of 45,000 square meters and it is 50 meters high which makes it one of the highest buildings in Al Ain City. It hosts more than 3,000 premium seats, one of the highest ratios of premium seating in the world for football stadiums. The mobile roof can move to cover the whole play field during the hotter months. The marvelous design of the outer façade of the stadium is inspired by the trunk of the palm tree which is an integral part of the UAE’s heritage and legacy.

The Billionaires - World's Richest Arabs 2013

Here is a list compiled by ArabianBusiness.com of the World's Richest Arabs for 2013. I think you will enjoy reading it. These are the wealthiest Arabs in the world and most of them are involved in one way or another with the Mega Projects going up in the MENA Region. As you will see Saudi Arabia is by far the leader in Arab Billionaires. For some reason, aside from Prince Alwaleed of KSA, the list does not include any other Arab Royals. Perhaps this is because their net worth is harder to estimate.

WORLD'S RICHEST ARABS 2013

1. Prince Alwaleed bin Talal Al Saud, KSA, $31.2 Bil

2. Mohamed Al Jaber, KSA, $12.66 Bil

3. Olayan Family, KSA, $12.5 Bil

4. Mohammed Al Amoudi, KSA, $12 Bil

5. Issam Al Zahid, KSA, $11.6 Bil

6. Sawiris Family, Egypt, $11.2 Bil

7. Kharafi Family, Kuwait, $8.6 Bil

8. Binladin Family, KSA, $8.1 Bil

9. Joesph Safra, Brazil/Lebanon, $7.5 Bil

10. Said Khoury, Palestine, $7.2 Bil

11. Bukhamseen Family, Kuwait, $6.8 Bil

12. Al Ghurair Family, UAE, $6.3 Bil

13. Kanoo Family, Bahrain, $6.1 Bil

14. Majid Al Futtaim, UAE, $6.1 Bil

15. Tareq Al Qahtani, KSA, $6 Bil

16. Bugshan Family, KSA, $6 Bil

17. Toufic Aboukhater, Palestine, $5.8 Bil

18. Mansour Family, Egypt, $5.1 Bil

19. Mohamed Abdul Latif Jameel, KSA, $5 Bil

20. Abdullah Al Rushaid, KSA, $4.6 Bil

21. Mubarak Al Suweiket, KSA, $4.5 Bil

22. Al Rajhi Family, KSA, $4.3 Bil

23. Gargash Family, UAE, $3.7 Bil

24. Adel Aujan, KSA, $3.56 Bil

25. Taha Mikati, Lebanon, $3.5 Bil

26. Mohammad Jamjoom, KSA, $3.4 Bil

27. Najib Mikati, Lebanon, $3.4 Bil

28. Alghanim Family, Kuwait, $3.4 Bil

29. Saad Hariri, Lebanon, $3.3 Bil

30. Sulaiman Al Muhaidib, KSA, $3.3 Bil

31. Abdulatif Al Fozan, KSA, $3.25 Bil

32. Hayek Family, Lebanon/Switzerland, $3.2 Bil

33. Bahaa Hariri, KSA, $3.1 Bil

34. Munib Masri, Palestine, $3 Bil

35. Zamil Family, KSA, $2.9 Bil

36. Mansour Ojjeh, KSA, $2.8 Bil

37. Mohammed Elkhereiji, KSA, $2.73 Bil

38. Ayman Asfari, UK/Syria, $2.7 Bil

39. Mohammed Sharbatly, KSA, $2.69 Bil

40. Osama Abu Dawood, KSA, $2.68 Bil

41. Wafic Said, UK/Syria, $2.6 Bil

42. Mohammed Al Barwani, Oman, $2.6 Bil

43. Ziad Manasir, Joedan, $2.58 Bil

44. Mohammed Al Issa, KSA, $2.38 Bil

45. Nadhmi Auchi, UK/Iraq, $2.2 Bil

46. Mohammed Ibrahim, Sudan, $2.15 Bil

47. Miloud Chaabi, Morocco, $2.1 Bil

48. Saleh Kamel, KSA, $2 Bil

49. Fawaz Al Hokair, KSA, $1.98 Bil

50. Ayman Hariri, KSA, $1.95 Bil

Source:
http://www.arabianbusiness.com/the-world-s-richest-arabs-530591.html