The Top 25 developers in the GULF Countries.

It’s a well-established maxim that within typical property and construction cycles, it is the developers who feel the pain of a recession earliest, followed by contractors, subcontractors and suppliers. The same can also be said in terms of an improvement in conditions, though.

Therefore, while many contractors are still dealing with legacy issues from the recent downturn in the industry– particularly in relation to stretched balance sheets – developers are already seeing a healthy turnaround in fortunes, as our list of the GCC’s top 25 publicly-listed developers shows.

The majority of firms on the list have seen an uplift in terms of their share price performance over the past 12 months, with a number posting significant rises.

Post-merger Aldar Properties’ shares have doubled in value, while fellow Abu Dhabi developer Eshraq Properties has seen its stock almost quadruple. Emaar Properties, the darling of the UAE market which has announced a string of new projects over the past 12 months, has seen its shares increase rise by 65%.

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Meanwhile, many of the worst-performing shares have been in the Qatar market, although in many cases significant chunks of these firms remain in concentrated ownership, which may prove offputting to external investors.

Methodology: This is a ranking of developers whose shares can be publicly traded on one of the GCC’s stock exchanges, and therefore disallows many major firms which remain in private hands. The ranking has been based on each company’s market capitalisation, with values taken after stockmarkets closed on Thursday, 26 September.

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Via : Construction Week Online.

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