MAG Group Holding Records Over AED 12.6 Billion Sales In 2023

DUBAI, UAE -- In a significant announcement, MAG Group Holding, a leading multinational conglomerate with interests spanning various sectors, has reported a remarkable AED 12.6 billion in sales for the year 2023. This impressive figure spans across its diverse real estate subsidiaries, highlighting the group's strong performance in the sector.

The innovative Keturah brand, a recent addition to the MAG Group's portfolio, founded just last year, has notably contributed to this success. The Keturah Reserve development in Meydan alone accounted for AED 2.5 billion of the total sales. Furthermore, 'The Ritz-Carlton Residences, Dubai, Creekside,' which is part of the Keturah Resort, recorded sales amounting to AED 2.8 billion. It's also worth noting that 70% of the Keturah Resort has already been sold.

Other real estate subsidiaries under the MAG Group umbrella have collectively recorded AED 7.3 billion in sales. This includes contributions from MAG Lifestyle Development, Invest Group Overseas (IGO), MBL, Shoumous, and the Art of Living Mall, along with plots and warehouses across the UAE.

Moafaq Al Gaddah, the Founder and Chairman of MAG Group Holding, expressed his satisfaction with the group's performance over the past year. He attributed this success to the UAE's real estate sector's robustness, driven by strategic vision and numerous initiatives from the leadership aimed at reinforcing Dubai's status as a premier destination for work, living, and tourism.

"Last year was a successful year for us at MAG Group with project sales across different subsidiaries recording impressive figures. This reiterates the vitality of the UAE's real estate sector, given the wise leadership's strategic vision and the countless initiatives that all aim to cement the emirate's position as one of the best cities to work, live and visit. We are proud to contribute to the government's mandate and will continue attracting investors to our unique developments," said Al Gaddah.

The achievements of MAG Group Holding in 2023 underscore not only its pivotal role in driving forward the UAE's real estate market but also its capacity to attract significant investment into its innovative projects. As Dubai continues to grow as a global hub for business and leisure, MAG Group's contributions are evidently playing a crucial role in shaping the city's landscape.