Moafaq Al Gaddah’s MAG Group has made significant inroads in the UAE’s burgeoning industrial real estate segment during the past 12 months. His company is currently spearheading the development of a warehouse project in Dubai’s Al Quoz area on Al Khail Road.
MAG Group purchased the 5.4ha Warehouses Complex from Tecom just over two years ago. The land has since been divided into nine segments to offer single- and multi-storey facilities.
Meanwhile, the company’s property arm, MAG Property Development (MAG PD), has been researching and pursuing opportunities within the field of affordable residential real estate. The company has conducted extensive demographic studies of Dubai’s resident population, and has identified a niche to develop property for individuals with salaries between $135,000 (AED500,000) and $150,000 (AED600,000).
In addition to MAG PD, Al Gaddah’s real estate operations include Invest Group Overseas (IGO) Property Development, MAGme Property Solutions, Emirates Financial Towers, and Shoumous Properties. Last year, the firm also formed MAG 5 PD, a joint venture with MBM Holding.