MAG Lifestyle Development (MAG LD) is part of the Moafaq Ahmad Al Gaddah (MAG) Group – a multinational conglomerate based in the UAE. As chief executive officer, Talal Moafaq Al Gaddah, oversees MAG LD’s interests, which range from affordable housing initiatives to high-end luxury developments and wellness-focused living.
The project developer has enjoyed strong performance of late, reporting revenue for the period from January 2017 to January 2018 of $600m (AED2.20bn). And this success is expected to continue, with MAG LD projecting $3bn (AED11.02bn) in revenue over the next three years.
The company has recently completed projects such as the Polo Residence in Dubai’s Meydan development, MAG 5 Boulevard in the Dubai South district, Al Sajaa Warehouse and Al Shoumous Villas in the emirate of Sharjah, and an almost 2,000m² sales centre at the company’s headquarters in the Dubai International Financial Centre’s Emirates Financial Towers. And in the next 12 months, the MAG EYE development in Meydan, worth AED4.7bn ($1.28bn), will be a top priority.
A residential gated community in Meydan’s MBR City, MAG EYE features 4,061 apartments and 536 townhouses. The company says it “presents a new opportunity for an advanced urban way of life that includes cutting-edge amenities, while guaranteeing that living spaces are both practical and affordable”. Phase 1 is expected to be completed by Q1 2020 and the remaining phases will follow from 2020 to 2023.
MAG LD’s ongoing projects also include the AED2.2bn ($598.98m) MAG Creek Wellbeing Resort located in Dubai Healthcare City Phase 2; the AED550m ($149.75m), 439-unit MAG 318 in Dubai’s Business Bay; the AED640m ($174.25m), 472-unit MBL Residence in Jumeirah Lakes Towers; and the AED800m ($217.81m) MAG 5 Boulevard, located near the Expo 2020 Dubai site in Dubai South, which is expected to be completed by Q2 2018.