Exclusive: Talal Moafaq Al Gaddah talks about MAG’s $13.6 billion investment in wellness real estate
This story was in our April 2025 issue, which includes the Top 100 Most Impactful Real Estate Leaders ranking.
According to Savills, a real estate company based in the U.K., global real estate investments are expected to reach $952 billion in 2025, with the amount crossing $1 trillion next year. The Middle East and North Africa (MENA) region, especially the U.A.E., Saudi Arabia, and Egypt, is expected to benefit the most from this growth, with demand increasing steadily. In the first nine months of 2024, the real estate sector was the fifth-largest contributor to the U.A.E.’s non-oil GDP, making up 7.6% of the $268.7 billion reported by the Ministry of Economy. Dubai alone saw a 36% increase in real estate transactions, with 226,000 deals made in 2024.
While the real estate market is currently at its highest point, many of the biggest developers in the country recognized its potential years ago. One of these companies is MAG Lifestyle Development, based in Dubai, which is part of MAG Group Holding, a 47-year-old family business involved in real estate, construction, logistics, and hospitality. MAG Group Holding was founded in 1978 by Moafaq Ahmad Al Gaddah, an Emirati entrepreneur, who is still the chairman today. In 2003, the company started a real estate division to build logistics warehouses mainly for its own businesses. What started as a business need grew into a major player in the region’s real estate market.
“The plan was just to develop properties for rental income and logistics, to support our other businesses. We built more than two million square feet of warehouses, and within a year and a half, land prices had doubled,” says Talal Moafaq Al Gaddah, CEO of MAG Lifestyle Development and the second generation of the Al Gaddah family leading the business. “At that point, we saw that real estate had far more potential than our other ventures. A 100% return in such a short time was unbelievable.” In the early 2000s, Dubai’s real estate market changed when freehold ownership was introduced, allowing international buyers to own property. This change, combined with the rapid increase in warehouse values, helped MAG expand as it recognized the huge untapped potential in property development.
Over the last 11 years, MAG Lifestyle Development’s portfolio value grew from $200 million in 2013 to $5.5 billion in 2024, and they plan to add $13.6 billion in projects in 2025. By March 2025, MAG had completed over 14 freehold projects, covering almost six million square feet, and developed nearly eight million square feet in non-freehold areas. Their main properties include the MAG 330 residential towers in Downtown Dubai, Emirates Financial Towers in DIFC, MAG 22 in Nad Al Sheba, MAG 218 in Dubai Marina, MAG 214 in Jumeirah Lakes Towers, and MBL Residence in Jumeirah Lakes Towers. The company currently operates in the U.A.E. and Switzerland, and is considering expanding to Italy, Australia, and Asia because of their stability and growth.
In February 2025, AD Ports Group made MAG Group Holding the lead developer for the first phase of Marsa Zayed, a beachfront resort and residential area in Aqaba, Jordan, along the Red Sea. The project, supported by the U.A.E. and Jordanian governments, aims to turn 3.2 million square meters of beach into a tourism and business center. Phase 1 will cover 1.2 million square meters and include a yacht club and a souk marketplace.
The company is growing quickly now, but Al Gaddah moved to the U.S. in 2010 for his studies. He stayed involved with the family business and started Invest Group Overseas in the U.S. in 2011. This company is now a part of MAG Group Holding and operates in both the U.S. and the U.A.E.
Meanwhile, MAG started its journey in Dubai’s property market by launching its first residential tower, MAG 214, in Jumeirah Lakes Towers in 2003, and its second tower, MAG 218, in Dubai Marina in 2010. Al Gaddah returned to Dubai in 2012, worked with different subsidiaries, and became CEO of MAG Lifestyle Development in 2014. In 2015, the company began offering affordable housing in Dubai South.
Al Gaddah’s shift from the stable U.S. market to the fast-moving Dubai market brought both challenges and opportunities. In 2017, he led a rebranding effort, changing the company’s name from MAG Property Development to MAG Lifestyle Development. He became senior executive vice chairman in 2019 and refocused the company’s strategy on high-end projects and investments. This shift was successful when, after the global pandemic, many wealthy people moved to Dubai. “By late 2020, many high-net-worth individuals began relocating to Dubai, which changed the market. I believe that between 2021 and 2023, high-end properties made up 40-45% of the market,” says Al Gaddah.
In 2022, Al Gaddah launched Keturah, a luxury wellness brand focusing on spacious designs, nature-inspired architecture, and sustainability. They also launched The Ritz Carlton Residences, Dubai, Creekside, as part of Keturah Resort, which is still being built. Al Gaddah says, “We saw Keturah’s potential in 2015, but the market didn’t catch up until late 2021.” The wellness real estate market has grown rapidly. From 2019 to 2023, it grew by 18.1%, reaching $438.2 billion, and it’s expected to double to $912.6 billion by 2028.
Keturah is also working on other projects like Keturah Reserve in Meydan, which started in 2023, and Stabio Garden Living by Keturah in Switzerland, launched in 2024. The company plans to launch more Keturah developments in 2025, including possible projects in Italy and more in Switzerland, focusing on luxury residences. Another project, Keturah Ardh, designed for multi-generational living, will also launch in the MENA region in 2025.
MAG Group Holding, which owns Keturah, has real estate subsidiaries like MAG Lifestyle Development, IGO, MBL, and others. Their total portfolio of current and upcoming projects is valued at $11.9 billion as of November 2024. Dubai remains their biggest market, and the real estate market in Dubai and Abu Dhabi is expected to stay strong for the next 12-18 months. This growth is driven by an influx of expatriates, remote workers, and investors, as well as support from oil prices and a shortage of housing.
Louis Harding, CEO of Betterhomes, also believes in Dubai’s growth. He says 2024 outperformed 2023, with more transactions, higher sales, and a growing luxury market. The demand for luxury properties is strong, driven by wealthy people moving to Dubai for tax benefits, lifestyle, and economic stability. Developers continue to build high-end projects to meet this demand.
Looking to the future, Al Gaddah highlights the role of technology in real estate, with AI being a key factor. AI is seen as a game-changer, helping with faster designs, feasibility studies, and secure transactions. He believes AI is essential for staying competitive and driving innovation in smart communities.
As Al Gaddah expands the family’s property business, he emphasizes the importance of blending tradition with new ideas. He says the company’s growth is based on trust—between the company, the government, clients, and employees. This trust is the company’s greatest strength.
Published: 21th April 2025
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