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Dubai-based Majid Al-Futtaim Group, one of the largest family companies in the Middle East, has been ranked as the top investor in construction projects in the Arab world, according to an official Arab report.
The Group, which develops and operates shopping malls, communities, retail, and leisure pioneer across the Middle East, Africa, and Central Asia, pumped nearly $23 billion into construction and infrastructure projects in the region from 2003 to the first half of 2024, said the Infrastructure Report by the Kuwait-based Arab Investment & Export Credit Guarantee Corporation (Dhaman), an Arab League organisation.
During that period, foreign direct investment (FDI) projects in the construction sector across Arab countries totaled approximately $430 billion in capital expenditure.
"The UAE's Majid Al Futtaim Group came first as the biggest investor in regards to the estimated investment cost at a value of more than $23 billion with a share of 5.5 percent of the total,” Dhaman said.
Dubai’s Emaar Properties emerged as the largest job provider, with its projects creating around 16,000 jobs, nearly 2.7 percent of the total.
In its report, Dhaman said the UAE was the top foreign investor in the Arab region for construction projects, with a value of around $139 billion, accounting for nearly a third of the total value of foreign construction projects of $430 billion.
During 2023, the number of FDI-led construction projects stood at 19 with a total value of $15 billion, the repor said. In the first half of 2024, the corresponding figures were 7 and $2.4 billion respectively.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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