According to the Market Statsville Group (MSG), the GCC Commercial Real Estate Market size is expected to grow from USD XXX million in 2023 to USD XXX million by 2033, at a CAGR of XX% from 2024 to 2033.
The GCC commercial real estate has been experiencing great growth due to the economic diversification policies, rising urbanization levels, and the accommodating foreign investments. Saudi Arabia, the UAE, Qatar, Kuwait, Oman, and Bahrain- these countries are working hard to diversify their economy to depend less on oil hence, more investments in infrastructure and holiday facilities have seen demand for commercial property such as offices, shops, industrial units and others rising. Cities such as Dubai, Riyadh, and Doha are growing to be world cities hosting global firms and investors. Government policies such as eased restrictions on foreign ownership and taxation have been assisting the growth of the market. However, there are always risks which include volatility in oil prices, political instabilities, and a shift towards Sustainable Development. However, its favorable geographical location and continuous economic liberalization make the GCC an attractive market for commercial real estate investment in the future years.
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Scope of the GCC Commercial Real Estate Market
The study categorizes the Commercial Real Estate market based on property type, end-users, and ownership type at the regional and GCC levels.
By Property Type Outlook (Sales, USD Million, 2019-2033)
- Office Spaces
- Retail Spaces
- Industrial Spaces
- Hospitality
By Ownership Type Outlook (Sales, USD Million, 2019-2033)
- Freehold Properties
- Leasehold Properties
By Application Outlook (Sales, USD Million, 2019-2033)
- Fraud Detection and Prevention
- Continuous Authentication
- Risk and Compliance Management
- Identity Proofing
By End-Users Outlook (Sales, USD Million, 2019-2033)
- Corporates
- Retailers
- Logistics and Manufacturing Companies
- Hospitality Industry
By Region Outlook (Sales, USD Million, 2019-2033)
- GCC
- Bahrain
- Kuwait
- Oman
- Qatar
- Saudi Arabia
- United Arab Emirates
Corporate segment accounts for the largest market share by end-users
Based on the end-users, the market is divided into Corporates, Retailers, Logistics and Manufacturing Companies, Hospitality Industry. The corporate segment accounted for the largest market share in the GCC Commercial Real Estate market. This dominance is due to the region’s desire to become the center for business and commerce, especially in such cities as Dubai, Riyadh, and Doha. Multinational companies have in recent years established regional offices and expanded elsewhere in the GCC which in turn has led to significant demand for quality office spaces. Most of the countries have adopted sound business policies such as taxation exemptions, liberal policies on foreign equity, and special economic zones that lure many companies in the fields of financial services, IT, and BPO. The demands for new stylish working space to house huge organizations and cater for business expansion has spurred investment on executive offices tailored for lease. Furthermore, continuous economic diversification across the GCC countries encourages the growth of corporates extending the dominance of this segment in the commercial property segment.
United Arab Emirates (UAE) accounted for the largest market share by Region.
Based on the regions, the GCC market of Commercial Real Estate has been segmented across Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The United Arab Emirates and more specifically Dubai control the largest market share of GCC commercial real estate. The factors include; physical location, developed physical infrastructural base, and enabling business environment which are an attraction to multinational companies/ investors. The city’s strategy for strengthening its position as a business center has led to a focus on investments in the commercial property sector, significant architectural projects, the Dubai International Financial Centre (DIFC), and numerous towers for offices, shops, and hotels. Moreover, the government in Dubai has encouraged foreign investors through policies such as liberalization of foreign ownership acts and provision of incentives to investors hence creating a demand for commercial properties. Investors find the city appealing since it is home to innovations such as smart cities and green buildings among others. Current infrastructure especially in the port, airports, and transport has enhanced the commercial property and made UAE at the forefront in the GCC region.
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Competitive Landscape: GCC Commercial Real Estate Market
Competition in the GCC commercial real estate market is intense especially due to the leading local and international developers who are interested in obtaining strategic locations and project opportunities. Some of the key players in the market are Emaar Properties, Aldar Properties, and DAMAC Properties are market leaders, especially in the UAE. The rivalry stems from significant and multifaceted projects, spectacular architectural concepts, and ideas of smart and sustainable cities that are popular in the region.
Major players in the GCC Commercial Real Estate market are:
- Emaar Properties
- Aldar Properties
- DAMAC Properties
- Nakheel
- Majid Al Futtaim
- Jabal Omar Development Company
- Mabanee Company
- Dar Al Arkan
- Other Major Players
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Recent Development
- In July 2023, Aldar Properties PJSC ('Aldar'), International Holding Company ('IHC'), and ADNEC Group announced the signing of an agreement to merge their jointly owned property and facilities management businesses within the Aldar Estates platform.
- In September 2021, Emaar Properties PJSC and Emaar Malls PJSC jointly announced that the Securities & Commodities Authority has granted its final approval for the proposed merger between the two companies. This, for the first time disclosed, proposed merger has been unanimously supported and recommended by the respective boards of both companies.
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