Dubai-based multinational conglomerate MAG Group Holding witnessed a notable milestone in its business, as its portfolio of current and under development projects across its different real estate subsidiaries has hit AED 43.7 billion ($11.9 billion).
The Group’s subsidiaries include MAG Lifestyle Development, Keturah, Invest Group Overseas (IGO), MBL, Shoumous, Art of Living Mall and MAG Leasing for warehouses. In total, they represent the entire scope of real estate development, serving residential as well as commercial needs.
In his comments, Moafaq Al Gaddah, Founder and Chairman of MAG Group Holding, said: “We take pride in our extensive portfolio of developments that cater to diverse audiences, adding value to the already thriving sector. At MAG Group Holding, our mandate is to support the UAE’s growth by creating innovative developments and meeting the evolving needs of both residents and investors.”
The UAE’s real estate market has witnessed sustained growth in the last few years with remarkable growth in Abu Dhabi and robust demand in Dubai.
According to Asteco’s latest Q3 2024 real estate report Dubai saw a surge in new handovers. The emirate’s apartment segment witnessed nearly a 50 percent increase in completions in the period under review, with approximately 8,100 units entering the market. Q4 of 2024 is expected to see the handover of an additional 14,900 residential units, consisting of 11,800 apartments and 3,100 villas, although some handovers may spill over into 2025.
In addition, the Dubai government’s efforts to create a positive investment climate have transformed the UAE into an excellent place for global investors. The authorities’ proactive approach to enhancing the emirate’s physical, social, technological, and legal infrastructure, in addition to robust underlying fundamentals, will also contribute to resilience against external factors.
Meanwhile, Abu Dhabi recorded the completion and delivery of 950 residential units in Q3 across the real estate market in areas such as Noya on Yas Island, Jubail Island, and Al Raha Beach, the report said. This period also witnessed the announcement and launch of several key residential projects, totaling approximately 2,560 units.
MAG Group Holding at a Glance
Founded: 1978 Headquarters: UAE Employees: 2000
