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Between these poles, a critical layer of capital intermediation has matured with remarkably little scrutiny. Professionals such as Karim Mourad at the Abu Dhabi Investment Authority, Amr Aboushaban at Allegiance Real Estate, Jason Kow at Queensgate Investments, and Amine Bouchentouf at Atlas MENA Capital represent a new generation of dealmakers who are packaging GCC real estate opportunities for institutional deployment. Their collective significance lies in the connective tissue they provide, linking regional deal flow to global allocation frameworks at a moment when regulation, supply, and cross-border appetite are converging.\u003C\u002Fp>\n\u003Cp>This cohort operates in a structural sweet spot. They are senior enough to access principal-level relationships, yet agile enough to originate and structure transactions that sovereign wealth funds and pension allocators increasingly demand. Understanding their role is essential for any investor seeking institutional-grade exposure to a market projected to reach USD 260.3 billion by 2034, a compound annual growth rate of 7.03% according to IMARC Group.\u003C\u002Fp>\n\u003Ch2>Who are the middle-market structurers reshaping GCC real estate capital flows?\u003C\u002Fh2>\n\u003Cp>The term "middle-market" can be misleading in the Gulf context, where transaction sizes routinely exceed what would constitute upper-market activity in most European or Asian jurisdictions. In the GCC, it refers to the intermediation layer between the largest sovereign platforms and the fragmented broker-led market that still characterises much of the region's secondary activity.\u003C\u002Fp>\n\u003Cp>Karim Mourad occupies a distinctive position within this landscape. As Global Head of Infrastructure at ADIA, he oversees investments in renewables and digital infrastructure, asset classes that increasingly intersect with real estate through data centres, logistics parks, and mixed-use developments anchored by infrastructure concessions. Mourad's mandate reflects the broadening definition of real estate capital allocation in the Gulf, where institutional investors no longer draw rigid boundaries between property, infrastructure, and operational assets.\u003C\u002Fp>\n\u003Cp>Amr Aboushaban brings a different but complementary dimension. Now CEO of Allegiance Real Estate, Aboushaban previously served as Chief Investor Relations Officer at Damac, where he raised USD 900 million. That capital-raising track record positions him as one of the few GCC-based operators who can speak fluently to both regional family capital and international institutional allocators. The ability to translate between these two investor universes is precisely what defines the middle-market structurer: a professional who understands the governance expectations of global institutions and the relationship-driven decision-making of Gulf families.\u003C\u002Fp>\n\u003Cp>Jason Kow, founder and CEO of Queensgate Investments, advises and manages approximately GBP 3 billion in assets with a focus on hospitality and operationally intensive real estate. Queensgate's emphasis on hotel assets and branded residences places it at the intersection of the two fastest-growing segments in GCC property. Hotel room supply across the GCC is anticipated to grow from 345,400 rooms in 2025 to 409,900 rooms by 2030, according to Alpen Capital. Kow's platform demonstrates how London-headquartered managers with deep Gulf relationships can structure cross-border vehicles that satisfy both UK-standard governance and the return expectations of Middle Eastern capital.\u003C\u002Fp>\n\u003Cp>Amine Bouchentouf, Chief Investment Officer at Atlas MENA Capital, adds a family office perspective with institutional discipline. Atlas MENA Capital maintains offices in Abu Dhabi and Morocco, focusing on experiential real estate and cross-border partnerships. The firm's geographic positioning across North Africa and the Gulf exemplifies the expanding definition of "GCC-adjacent" capital structuring, where deal origination extends beyond the six Council states into complementary markets.\u003C\u002Fp>\n\u003Cp>The common thread among these four professionals is their capacity to structure transactions that meet institutional due diligence standards while originating from a regional deal flow that remains opaque to most global allocators. They function as translators, structurers, and de-riskers simultaneously.\u003C\u002Fp>\n\u003Ch2>Why does regulatory modernisation demand a new class of institutional intermediary?\u003C\u002Fh2>\n\u003Cp>The arrival of Saudi Arabia's Royal Decree No. M\u002F14, the Law of Real Estate Ownership and Investment by Non-Saudis, entered into force in January 2026 and represents a watershed for institutional capital formation in the Kingdom. The decree replaces a restrictive, purpose-based regime with a zoning-driven framework, allowing non-Saudis to own real estate or in rem rights within designated Geographical Zones and establishing fund-based structures for broader foreign participation.\u003C\u002Fp>\n\u003Cp>This regulatory shift creates immediate demand for professionals who can structure compliant vehicles that channel international capital into Saudi real estate. The scale of the opportunity is considerable. Saudi Arabia's residential real estate sales reached approximately SAR 118 billion, around USD 32 billion, in 2024, according to Deloitte. Fund-based structures, now explicitly enabled by the new law, require a level of institutional packaging, from offering documents to governance frameworks to reporting standards, that the traditional broker-led model cannot deliver.\u003C\u002Fp>\n\u003Cp>The broader GCC regulatory trajectory amplifies this dynamic. Across the Council states, governments are actively encouraging institutional participation through freehold zone expansions, REIT frameworks, and residency-linked investment programmes. Each reform adds complexity that favours the structured intermediary over the transactional broker. The middle-market dealmaker thrives in precisely this environment, where regulatory knowledge becomes a competitive moat.\u003C\u002Fp>\n\u003Cp>GCC residential supply is expected to increase from approximately 6.26 million units in 2025 to 7.28 million units by 2030, while office supply is estimated to expand from 33.3 million square metres to 42.4 million square metres over the same period, according to Alpen Capital. Absorbing this pipeline requires capital formation at a pace and scale that only institutionally structured vehicles can sustain. The era of ad hoc, relationship-only transactions is not ending, but it is being supplemented by a parallel architecture of institutionally governed partnerships, co-investment platforms, and sector-specific funds.\u003C\u002Fp>\n\u003Ch2>What does this mean for global allocators evaluating GCC real estate?\u003C\u002Fh2>\n\u003Cp>For international institutional investors, pensions, endowments, and insurance allocators, the emergence of this intermediation layer addresses one of the most persistent barriers to GCC real estate exposure: deal access and structuring quality. Global allocators have historically relied on the largest sovereign-adjacent platforms or entered through global fund managers with Gulf mandates. The middle-market structurer offers a third path, one that combines local origination with institutional governance.\u003C\u002Fp>\n\u003Cp>The professionals profiled in this analysis share several characteristics that distinguish them from traditional intermediaries. They have direct experience within sovereign or quasi-sovereign institutions. They have raised or managed capital at scale in prior roles. They operate across multiple GCC jurisdictions and, in several cases, across continents. And they structure transactions with the documentation, governance, and reporting infrastructure that institutional limited partners require.\u003C\u002Fp>\n\u003Cp>This matters because the next phase of GCC real estate growth will be defined by the quality of capital formation rather than the volume of development launches. A market growing at 7.03% annually toward USD 260.3 billion by 2034 will attract capital, but the terms on which that capital enters, and the governance structures that protect it, will determine whether the growth cycle produces durable institutional returns or another generation of misaligned partnerships.\u003C\u002Fp>\n\u003Cp>GRI Institute's research and convening activity across the GCC has consistently identified the capital structuring gap as a strategic priority. Events such as the GCC-India Real Estate Week and sessions within the Global Capital Connectors programme have drawn precisely this cohort of professionals into dialogue with large-scale allocators. The Institute's community provides a platform where the emerging structurer class and established institutional capital can engage on equal terms, accelerating the professionalisation of a market segment that remains under-covered in mainstream real estate media.\u003C\u002Fp>\n\u003Cp>The emergence of middle-market dealmakers as a recognised institutional category in GCC real estate marks a maturation point for the region's capital markets. Figures such as Karim Mourad, Amr Aboushaban, Jason Kow, and Amine Bouchentouf are defining a discipline, not merely executing transactions. Their work shapes the architecture through which billions of dollars in regional and international capital will flow into Gulf property assets over the coming decade. Investors who understand this intermediation layer, and engage with it early, will hold a structural advantage in one of the world's fastest-growing real estate markets.\u003C\u002Fp>\n","The GCC real estate market is being reshaped by a class of middle-market dealmakers—including Karim Mourad (ADIA), Amr Aboushaban (Allegiance Real Estate), Jason Kow (Queensgate Investments), and Amine Bouchentouf (Atlas MENA Capital)—who bridge regional family capital and global institutional allocators. They structure transactions meeting institutional due diligence while accessing opaque local deal flow.\n\nRegulatory modernisation, notably Saudi Arabia's 2026 foreign ownership law, accelerates demand for these intermediaries. With the market growing at 7.03% CAGR toward USD 260.3 billion by 2034, the quality of capital structuring will determine whether growth produces durable institutional returns.","\u003Cul>\n\u003Cli>A new cohort of Gulf-native dealmakers is bridging family wealth and institutional capital across a USD 141.2 billion GCC real estate market projected to reach USD 260.3 billion by 2034.\u003C\u002Fli>\n\u003Cli>Saudi Arabia's Royal Decree No. M\u002F14 (January 2026) enables fund-based foreign ownership structures, creating immediate demand for institutional-grade intermediaries.\u003C\u002Fli>\n\u003Cli>GCC residential supply is expected to grow from 6.26 million to 7.28 million units by 2030, requiring capital formation at institutional scale.\u003C\u002Fli>\n\u003Cli>These middle-market structurers combine local deal origination with global governance standards, offering allocators a third path beyond sovereign platforms or global fund managers.\u003C\u002Fli>\n\u003C\u002Ful>\n","Karim Mourad & GCC real estate middle-market deals","karim mourad, amr aboushaban, jason kow, atlas mena capital","Analysis of how Karim Mourad, Amr Aboushaban, Jason Kow, and Amine Bouchentouf represent a new cohort of middle-market dealmakers structuring GCC real estate for institutional capital at scale in a USD 141 billion market.","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002Fkarim-mourad-gcc-real-estate-middle-market-dealmakers-institutional-structuring-seo.jpg",{"code":13},{"id":1469,"newsId":1447,"languageId":25,"title":1470,"subtitle":1471,"content":1472,"summary":1473,"takeaways":1474,"seoTagConversionId":8,"seoTag":8,"seoTitle":1475,"seoKeywords":1476,"seoDescription":1477,"seoAbstract":8,"seoImage":1466,"createdAt":1455,"updatedAt":8,"language":1478},3469,"Karim Mourad e a nova geração de estruturadores do mercado imobiliário do GCC em escala institucional","Uma coorte de estruturadores de capital nativos do Golfo está preenchendo a lacuna entre patrimônio familiar e mandatos institucionais em um mercado de USD 141 ","\u003Cp>O mercado imobiliário do Conselho de Cooperação do Golfo (GCC), avaliado em USD 141,2 bilhões em 2025 segundo o IMARC Group, há muito é narrado por duas perspectivas: os mega-incorporadores soberanos que moldam os skylines e as famílias de altíssimo patrimônio que os preenchem. Entre esses polos, uma camada crítica de intermediação de capital amadureceu com notavelmente pouca atenção. Profissionais como Karim Mourad na Abu Dhabi Investment Authority, Amr Aboushaban na Allegiance Real Estate, Jason Kow na Queensgate Investments e Amine Bouchentouf na Atlas MENA Capital representam uma nova geração de dealmakers que estão estruturando oportunidades imobiliárias do GCC para alocação institucional. Sua relevância coletiva reside no tecido conectivo que proporcionam, vinculando o fluxo regional de negócios a frameworks globais de alocação em um momento em que regulação, oferta e apetite transfronteiriço convergem.\u003C\u002Fp>\u003Cp>Essa coorte opera em um ponto estrutural privilegiado. São suficientemente seniores para acessar relacionamentos de nível principal, porém ágeis o bastante para originar e estruturar transações que fundos soberanos e alocadores de pensão demandam cada vez mais. Compreender seu papel é essencial para qualquer investidor que busque exposição de grau institucional a um mercado projetado para alcançar USD 260,3 bilhões até 2034, uma taxa de crescimento anual composta de 7,03% segundo o IMARC Group.\u003C\u002Fp>\u003Ch2>Quem são os estruturadores do middle-market que estão remodelando os fluxos de capital imobiliário do GCC?\u003C\u002Fh2>\u003Cp>O termo \"middle-market\" pode ser enganoso no contexto do Golfo, onde os volumes de transação rotineiramente excedem o que constituiria atividade de upper-market na maioria das jurisdições europeias ou asiáticas. No GCC, refere-se à camada de intermediação entre as maiores plataformas soberanas e o mercado fragmentado liderado por corretores que ainda caracteriza grande parte da atividade secundária da região.\u003C\u002Fp>\u003Cp>Karim Mourad ocupa uma posição distinta dentro dessa paisagem. Como Global Head of Infrastructure na ADIA, ele supervisiona investimentos em energias renováveis e infraestrutura digital, classes de ativos que cada vez mais se intersectam com o mercado imobiliário por meio de data centers, parques logísticos e empreendimentos de uso misto ancorados por concessões de infraestrutura. O mandato de Mourad reflete a ampliação da definição de alocação de capital imobiliário no Golfo, onde investidores institucionais não mais traçam fronteiras rígidas entre propriedade, infraestrutura e ativos operacionais.\u003C\u002Fp>\u003Cp>Amr Aboushaban traz uma dimensão diferente, porém complementar. Atualmente CEO da Allegiance Real Estate, Aboushaban atuou anteriormente como Chief Investor Relations Officer na Damac, onde captou USD 900 milhões. Esse histórico de captação de capital o posiciona como um dos poucos operadores baseados no GCC capazes de dialogar fluentemente tanto com o capital familiar regional quanto com alocadores institucionais internacionais. A capacidade de traduzir entre esses dois universos de investidores é precisamente o que define o estruturador de middle-market: um profissional que compreende as expectativas de governança de instituições globais e a tomada de decisão baseada em relacionamentos das famílias do Golfo.\u003C\u002Fp>\u003Cp>Jason Kow, fundador e CEO da Queensgate Investments, assessora e gerencia aproximadamente GBP 3 bilhões em ativos com foco em hospitalidade e imóveis operacionalmente intensivos. A ênfase da Queensgate em ativos hoteleiros e residências de marca a posiciona na interseção dos dois segmentos de crescimento mais rápido no mercado imobiliário do GCC. A oferta de quartos de hotel no GCC deve crescer de 345.400 quartos em 2025 para 409.900 quartos até 2030, segundo a Alpen Capital. A plataforma de Kow demonstra como gestores sediados em Londres com profundos relacionamentos no Golfo podem estruturar veículos transfronteiriços que satisfazem tanto a governança padrão do Reino Unido quanto as expectativas de retorno do capital do Oriente Médio.\u003C\u002Fp>\u003Cp>Amine Bouchentouf, Chief Investment Officer da Atlas MENA Capital, acrescenta uma perspectiva de family office com disciplina institucional. A Atlas MENA Capital mantém escritórios em Abu Dhabi e no Marrocos, com foco em imóveis experienciais e parcerias transfronteiriças. O posicionamento geográfico da firma entre o Norte da África e o Golfo exemplifica a definição em expansão da estruturação de capital \"adjacente ao GCC\", onde a originação de negócios se estende além dos seis Estados do Conselho para mercados complementares.\u003C\u002Fp>\u003Cp>O denominador comum entre esses quatro profissionais é sua capacidade de estruturar transações que atendem aos padrões institucionais de due diligence, originando-se de um fluxo regional de negócios que permanece opaco para a maioria dos alocadores globais. Eles funcionam simultaneamente como tradutores, estruturadores e mitigadores de risco.\u003C\u002Fp>\u003Ch2>Por que a modernização regulatória exige uma nova classe de intermediário institucional?\u003C\u002Fh2>\u003Cp>A chegada do Decreto Real nº M\u002F14 da Arábia Saudita, a Lei de Propriedade e Investimento Imobiliário por Não Sauditas, que entrou em vigor em janeiro de 2026, representa um divisor de águas para a formação de capital institucional no Reino. O decreto substitui um regime restritivo baseado em finalidade por um framework orientado por zoneamento, permitindo que não sauditas possuam imóveis ou direitos reais dentro de Zonas Geográficas designadas e estabelecendo estruturas baseadas em fundos para participação estrangeira mais ampla.\u003C\u002Fp>\u003Cp>Essa mudança regulatória cria demanda imediata por profissionais capazes de estruturar veículos em conformidade que canalizem capital internacional para o mercado imobiliário saudita. A escala da oportunidade é considerável. As vendas de imóveis residenciais da Arábia Saudita atingiram aproximadamente SAR 118 bilhões, cerca de USD 32 bilhões, em 2024, segundo a Deloitte. Estruturas baseadas em fundos, agora explicitamente habilitadas pela nova lei, exigem um nível de empacotamento institucional — desde documentos de oferta até frameworks de governança e padrões de relatórios — que o modelo tradicional liderado por corretores não consegue entregar.\u003C\u002Fp>\u003Cp>A trajetória regulatória mais ampla do GCC amplifica essa dinâmica. Em todos os Estados do Conselho, os governos estão ativamente incentivando a participação institucional por meio de expansões de zonas freehold, frameworks de REITs e programas de investimento vinculados à residência. Cada reforma adiciona complexidade que favorece o intermediário estruturado em detrimento do corretor transacional. O dealmaker de middle-market prospera precisamente nesse ambiente, onde o conhecimento regulatório se torna uma vantagem competitiva defensável.\u003C\u002Fp>\u003Cp>Espera-se que a oferta residencial do GCC aumente de aproximadamente 6,26 milhões de unidades em 2025 para 7,28 milhões de unidades até 2030, enquanto a oferta de escritórios deve expandir de 33,3 milhões de metros quadrados para 42,4 milhões de metros quadrados no mesmo período, segundo a Alpen Capital. Absorver esse pipeline requer formação de capital em um ritmo e escala que apenas veículos estruturados institucionalmente podem sustentar. A era das transações ad hoc, baseadas apenas em relacionamento, não está terminando, mas está sendo complementada por uma arquitetura paralela de parcerias governadas institucionalmente, plataformas de coinvestimento e fundos setoriais específicos.\u003C\u002Fp>\u003Ch2>O que isso significa para alocadores globais avaliando o mercado imobiliário do GCC?\u003C\u002Fh2>\u003Cp>Para investidores institucionais internacionais — pensões, endowments e alocadores de seguros — o surgimento dessa camada de intermediação aborda uma das barreiras mais persistentes à exposição imobiliária no GCC: acesso a negócios e qualidade de estruturação. Alocadores globais historicamente dependeram das maiores plataformas adjacentes a soberanos ou entraram por meio de gestores globais de fundos com mandatos no Golfo. O estruturador de middle-market oferece um terceiro caminho, que combina originação local com governança institucional.\u003C\u002Fp>\u003Cp>Os profissionais perfilados nesta análise compartilham diversas características que os distinguem dos intermediários tradicionais. Possuem experiência direta em instituições soberanas ou quase-soberanas. Captaram ou gerenciaram capital em escala em funções anteriores. Operam em múltiplas jurisdições do GCC e, em vários casos, em diferentes continentes. E estruturam transações com a documentação, governança e infraestrutura de relatórios que limited partners institucionais exigem.\u003C\u002Fp>\u003Cp>Isso importa porque a próxima fase de crescimento imobiliário do GCC será definida pela qualidade da formação de capital, não pelo volume de lançamentos de empreendimentos. Um mercado crescendo a 7,03% ao ano rumo a USD 260,3 bilhões até 2034 atrairá capital, mas os termos em que esse capital entra — e as estruturas de governança que o protegem — determinarão se o ciclo de crescimento produz retornos institucionais duráveis ou outra geração de parcerias desalinhadas.\u003C\u002Fp>\u003Cp>A pesquisa e as atividades de convocação do GRI Institute no GCC têm consistentemente identificado a lacuna de estruturação de capital como prioridade estratégica. Eventos como a GCC-India Real Estate Week e sessões dentro do programa Global Capital Connectors atraíram precisamente essa coorte de profissionais para o diálogo com alocadores de grande escala. A comunidade do Instituto fornece uma plataforma onde a classe emergente de estruturadores e o capital institucional estabelecido podem interagir em condições de igualdade, acelerando a profissionalização de um segmento de mercado que permanece sub-coberto na mídia imobiliária mainstream.\u003C\u002Fp>\u003Cp>O surgimento de dealmakers de middle-market como uma categoria institucional reconhecida no mercado imobiliário do GCC marca um ponto de maturação para os mercados de capitais da região. Figuras como Karim Mourad, Amr Aboushaban, Jason Kow e Amine Bouchentouf estão definindo uma disciplina, não apenas executando transações. Seu trabalho molda a arquitetura pela qual bilhões de dólares em capital regional e internacional fluirão para ativos imobiliários do Golfo na próxima década. Investidores que compreendem essa camada de intermediação — e se engajam com ela precocemente — terão uma vantagem estrutural em um dos mercados imobiliários de crescimento mais rápido do mundo.\u003C\u002Fp>","O mercado imobiliário do GCC está sendo remodelado por dealmakers de middle-market — incluindo Karim Mourad (ADIA), Amr Aboushaban (Allegiance Real Estate), Jason Kow (Queensgate Investments) e Amine Bouchentouf (Atlas MENA Capital) — que conectam capital familiar regional e alocadores institucionais globais. Eles estruturam transações com padrão institucional acessando fluxos locais opacos. A modernização regulatória, especialmente a lei saudita de propriedade estrangeira de 2026, acelera a demanda por esses intermediários. Com crescimento de 7,03% ao ano rumo a USD 260,3 bilhões até 2034, a qualidade da estruturação definirá os retornos.","\u003Cul>\n\u003Cli>Uma nova coorte de dealmakers nativos do Golfo conecta patrimônio familiar e capital institucional em um mercado imobiliário de USD 141,2 bilhões projetado para USD 260,3 bilhões até 2034.\u003C\u002Fli>\n\u003Cli>O Decreto Real saudita nº M\u002F14 (janeiro de 2026) permite estruturas de propriedade estrangeira via fundos, criando demanda imediata por intermediários institucionais.\u003C\u002Fli>\n\u003Cli>A oferta residencial do GCC deve crescer de 6,26 milhões para 7,28 milhões de unidades até 2030, exigindo formação de capital em escala institucional.\u003C\u002Fli>\n\u003Cli>Esses estruturadores combinam originação local com governança global, oferecendo aos alocadores um terceiro caminho além de plataformas soberanas ou gestores globais.\u003C\u002Fli>\n\u003C\u002Ful>\n","Karim Mourad e o middle-market imobiliário do GCC","karim mourad, amr aboushaban, jason kow, atlas mena capital, mercado imobiliário gcc, investimento institucional golfo, estruturação de capital imobiliário","Análise de como Karim Mourad, Amr Aboushaban, Jason Kow e Amine Bouchentouf representam uma nova geração de dealmakers estruturando o mercado imobiliário do GCC para capital institucional em escala em um mercado de USD 141 bilhões.",{"code":18},{"id":1480,"newsId":1447,"languageId":5,"title":1481,"subtitle":1482,"content":1483,"summary":1484,"takeaways":1485,"seoTagConversionId":8,"seoTag":8,"seoTitle":1486,"seoKeywords":1487,"seoDescription":1488,"seoAbstract":8,"seoImage":1466,"createdAt":1455,"updatedAt":8,"language":1489},3470,"Karim Mourad y la nueva ola de estructuradores del mercado inmobiliario del GCC a escala institucional","Una cohorte de estructuradores de capital nativos del Golfo está cerrando la brecha entre el patrimonio familiar y los mandatos institucionales en un mercado de","\u003Cp>El mercado inmobiliario del Consejo de Cooperación del Golfo (GCC), valorado en USD 141.200 millones en 2025 según IMARC Group, ha sido narrado durante mucho tiempo a través de dos prismas: los mega-desarrolladores soberanos que moldean los skylines y las familias de patrimonio ultra alto que los ocupan. Entre estos polos, una capa crítica de intermediación de capital ha madurado con notablemente poco escrutinio. Profesionales como Karim Mourad en la Abu Dhabi Investment Authority, Amr Aboushaban en Allegiance Real Estate, Jason Kow en Queensgate Investments y Amine Bouchentouf en Atlas MENA Capital representan una nueva generación de dealmakers que están empaquetando oportunidades inmobiliarias del GCC para despliegue institucional. Su importancia colectiva reside en el tejido conectivo que proporcionan, vinculando el flujo regional de operaciones a marcos globales de asignación en un momento en que la regulación, la oferta y el apetito transfronterizo convergen.\u003C\u002Fp>\u003Cp>Esta cohorte opera en un punto estructural privilegiado. Son lo suficientemente seniores para acceder a relaciones de nivel principal, pero lo suficientemente ágiles para originar y estructurar transacciones que los fondos soberanos y los asignadores de pensiones demandan cada vez más. Comprender su rol es esencial para cualquier inversor que busque exposición de grado institucional a un mercado proyectado a alcanzar USD 260.300 millones para 2034, una tasa de crecimiento anual compuesta del 7,03% según IMARC Group.\u003C\u002Fp>\u003Ch2>¿Quiénes son los estructuradores del middle-market que están remodelando los flujos de capital inmobiliario del GCC?\u003C\u002Fh2>\u003Cp>El término \"middle-market\" puede ser engañoso en el contexto del Golfo, donde los volúmenes de transacción rutinariamente exceden lo que constituiría actividad de upper-market en la mayoría de las jurisdicciones europeas o asiáticas. En el GCC, se refiere a la capa de intermediación entre las mayores plataformas soberanas y el mercado fragmentado liderado por brokers que aún caracteriza gran parte de la actividad secundaria de la región.\u003C\u002Fp>\u003Cp>Karim Mourad ocupa una posición distintiva dentro de este panorama. Como Global Head of Infrastructure en ADIA, supervisa inversiones en energías renovables e infraestructura digital, clases de activos que cada vez más se intersectan con el sector inmobiliario a través de centros de datos, parques logísticos y desarrollos de uso mixto anclados por concesiones de infraestructura. El mandato de Mourad refleja la ampliación de la definición de asignación de capital inmobiliario en el Golfo, donde los inversores institucionales ya no trazan fronteras rígidas entre propiedad, infraestructura y activos operacionales.\u003C\u002Fp>\u003Cp>Amr Aboushaban aporta una dimensión diferente pero complementaria. Actualmente CEO de Allegiance Real Estate, Aboushaban se desempeñó anteriormente como Chief Investor Relations Officer en Damac, donde captó USD 900 millones. Ese historial de captación de capital lo posiciona como uno de los pocos operadores basados en el GCC capaces de dialogar con fluidez tanto con el capital familiar regional como con asignadores institucionales internacionales. La capacidad de traducir entre estos dos universos de inversores es precisamente lo que define al estructurador de middle-market: un profesional que comprende las expectativas de gobernanza de las instituciones globales y la toma de decisiones basada en relaciones de las familias del Golfo.\u003C\u002Fp>\u003Cp>Jason Kow, fundador y CEO de Queensgate Investments, asesora y gestiona aproximadamente GBP 3.000 millones en activos con enfoque en hospitalidad e inmuebles operacionalmente intensivos. El énfasis de Queensgate en activos hoteleros y residencias de marca la sitúa en la intersección de los dos segmentos de más rápido crecimiento en el sector inmobiliario del GCC. Se prevé que la oferta de habitaciones hoteleras en el GCC crezca de 345.400 habitaciones en 2025 a 409.900 habitaciones para 2030, según Alpen Capital. La plataforma de Kow demuestra cómo gestores con sede en Londres y profundas relaciones en el Golfo pueden estructurar vehículos transfronterizos que satisfacen tanto la gobernanza estándar del Reino Unido como las expectativas de retorno del capital de Medio Oriente.\u003C\u002Fp>\u003Cp>Amine Bouchentouf, Chief Investment Officer de Atlas MENA Capital, añade una perspectiva de family office con disciplina institucional. Atlas MENA Capital mantiene oficinas en Abu Dabi y Marruecos, enfocándose en inmuebles experienciales y asociaciones transfronterizas. El posicionamiento geográfico de la firma entre el Norte de África y el Golfo ejemplifica la definición en expansión de la estructuración de capital \"adyacente al GCC\", donde la originación de operaciones se extiende más allá de los seis Estados del Consejo hacia mercados complementarios.\u003C\u002Fp>\u003Cp>El denominador común entre estos cuatro profesionales es su capacidad para estructurar transacciones que cumplen con los estándares institucionales de due diligence, originándose de un flujo regional de operaciones que permanece opaco para la mayoría de los asignadores globales. Funcionan simultáneamente como traductores, estructuradores y mitigadores de riesgo.\u003C\u002Fp>\u003Ch2>¿Por qué la modernización regulatoria exige una nueva clase de intermediario institucional?\u003C\u002Fh2>\u003Cp>La llegada del Real Decreto nº M\u002F14 de Arabia Saudita, la Ley de Propiedad e Inversión Inmobiliaria por No Saudíes, que entró en vigor en enero de 2026, representa un hito para la formación de capital institucional en el Reino. El decreto sustituye un régimen restrictivo basado en propósito por un marco orientado por zonificación, permitiendo a no saudíes poseer inmuebles o derechos reales dentro de Zonas Geográficas designadas y estableciendo estructuras basadas en fondos para una participación extranjera más amplia.\u003C\u002Fp>\u003Cp>Este cambio regulatorio crea demanda inmediata de profesionales capaces de estructurar vehículos conformes que canalicen capital internacional hacia el mercado inmobiliario saudí. La escala de la oportunidad es considerable. Las ventas de inmuebles residenciales de Arabia Saudita alcanzaron aproximadamente SAR 118.000 millones, alrededor de USD 32.000 millones, en 2024, según Deloitte. Las estructuras basadas en fondos, ahora explícitamente habilitadas por la nueva ley, requieren un nivel de empaquetamiento institucional — desde documentos de oferta hasta marcos de gobernanza y estándares de reporte — que el modelo tradicional liderado por brokers no puede ofrecer.\u003C\u002Fp>\u003Cp>La trayectoria regulatoria más amplia del GCC amplifica esta dinámica. En todos los Estados del Consejo, los gobiernos están incentivando activamente la participación institucional mediante expansiones de zonas freehold, marcos de REIT y programas de inversión vinculados a residencia. Cada reforma añade complejidad que favorece al intermediario estructurado frente al broker transaccional. El dealmaker de middle-market prospera precisamente en este entorno, donde el conocimiento regulatorio se convierte en una ventaja competitiva defensiva.\u003C\u002Fp>\u003Cp>Se espera que la oferta residencial del GCC aumente de aproximadamente 6,26 millones de unidades en 2025 a 7,28 millones de unidades para 2030, mientras que la oferta de oficinas se estima que se expanda de 33,3 millones de metros cuadrados a 42,4 millones de metros cuadrados en el mismo período, según Alpen Capital. Absorber este pipeline requiere formación de capital a un ritmo y escala que solo los vehículos estructurados institucionalmente pueden sostener. La era de las transacciones ad hoc, basadas únicamente en relaciones, no está terminando, pero está siendo complementada por una arquitectura paralela de asociaciones gobernadas institucionalmente, plataformas de coinversión y fondos sectoriales específicos.\u003C\u002Fp>\u003Ch2>¿Qué significa esto para los asignadores globales que evalúan el mercado inmobiliario del GCC?\u003C\u002Fh2>\u003Cp>Para los inversores institucionales internacionales — pensiones, endowments y asignadores de seguros — la aparición de esta capa de intermediación aborda una de las barreras más persistentes a la exposición inmobiliaria en el GCC: el acceso a operaciones y la calidad de estructuración. Los asignadores globales han dependido históricamente de las mayores plataformas adyacentes a soberanos o han ingresado a través de gestores globales de fondos con mandatos en el Golfo. El estructurador de middle-market ofrece una tercera vía, que combina originación local con gobernanza institucional.\u003C\u002Fp>\u003Cp>Los profesionales perfilados en este análisis comparten varias características que los distinguen de los intermediarios tradicionales. Tienen experiencia directa en instituciones soberanas o cuasi-soberanas. Han captado o gestionado capital a escala en roles anteriores. Operan en múltiples jurisdicciones del GCC y, en varios casos, en diferentes continentes. Y estructuran transacciones con la documentación, gobernanza e infraestructura de reporte que los limited partners institucionales requieren.\u003C\u002Fp>\u003Cp>Esto importa porque la próxima fase de crecimiento inmobiliario del GCC estará definida por la calidad de la formación de capital, no por el volumen de lanzamientos de desarrollos. Un mercado que crece al 7,03% anual hacia USD 260.300 millones para 2034 atraerá capital, pero los términos en los que ese capital ingresa — y las estructuras de gobernanza que lo protegen — determinarán si el ciclo de crecimiento produce retornos institucionales duraderos u otra generación de asociaciones desalineadas.\u003C\u002Fp>\u003Cp>La investigación y las actividades de convocatoria de GRI Institute en el GCC han identificado consistentemente la brecha de estructuración de capital como una prioridad estratégica. Eventos como la GCC-India Real Estate Week y sesiones dentro del programa Global Capital Connectors han atraído precisamente a esta cohorte de profesionales al diálogo con asignadores de gran escala. La comunidad del Instituto proporciona una plataforma donde la clase emergente de estructuradores y el capital institucional establecido pueden interactuar en igualdad de condiciones, acelerando la profesionalización de un segmento de mercado que permanece insuficientemente cubierto en los medios inmobiliarios convencionales.\u003C\u002Fp>\u003Cp>La aparición de dealmakers de middle-market como una categoría institucional reconocida en el mercado inmobiliario del GCC marca un punto de maduración para los mercados de capitales de la región. Figuras como Karim Mourad, Amr Aboushaban, Jason Kow y Amine Bouchentouf están definiendo una disciplina, no simplemente ejecutando transacciones. Su trabajo moldea la arquitectura a través de la cual miles de millones de dólares en capital regional e internacional fluirán hacia activos inmobiliarios del Golfo durante la próxima década. Los inversores que comprendan esta capa de intermediación — y se involucren con ella tempranamente — tendrán una ventaja estructural en uno de los mercados inmobiliarios de más rápido crecimiento del mundo.\u003C\u002Fp>","El mercado inmobiliario del GCC está siendo remodelado por dealmakers de middle-market — incluyendo a Karim Mourad (ADIA), Amr Aboushaban (Allegiance Real Estate), Jason Kow (Queensgate Investments) y Amine Bouchentouf (Atlas MENA Capital) — que conectan capital familiar regional con asignadores institucionales globales. Estructuran transacciones con estándares institucionales accediendo a flujos locales opacos. La modernización regulatoria, especialmente la ley saudí de propiedad extranjera de 2026, acelera la demanda. Con un crecimiento del 7,03% anual hacia USD 260.300 millones para 2034, la calidad de la estructuración determinará los retornos.","\u003Cul>\n\u003Cli>Una nueva cohorte de dealmakers nativos del Golfo conecta patrimonio familiar y capital institucional en un mercado inmobiliario de USD 141.200 millones proyectado a USD 260.300 millones para 2034.\u003C\u002Fli>\n\u003Cli>El Real Decreto saudí nº M\u002F14 (enero 2026) permite estructuras de propiedad extranjera mediante fondos, generando demanda inmediata de intermediarios institucionales.\u003C\u002Fli>\n\u003Cli>La oferta residencial del GCC crecerá de 6,26 millones a 7,28 millones de unidades para 2030, requiriendo formación de capital a escala institucional.\u003C\u002Fli>\n\u003Cli>Estos estructuradores combinan originación local con gobernanza global, ofreciendo a los asignadores una tercera vía más allá de plataformas soberanas o gestores globales.\u003C\u002Fli>\n\u003C\u002Ful>\n","Karim Mourad y el middle-market inmobiliario del GCC","karim mourad, amr aboushaban, jason kow, atlas mena capital, mercado inmobiliario gcc, inversión institucional golfo, estructuración de capital inmobiliario","Análisis de cómo Karim Mourad, Amr Aboushaban, Jason Kow y Amine Bouchentouf representan una nueva cohorte de dealmakers que estructuran el mercado inmobiliario del GCC para capital institucional a escala en un mercado de USD 141 mil millones.",{"code":23},{"id":25,"color":27,"translations":1491},[1492,1494,1496],{"title":26,"slug":30,"language":1493},{"code":13},{"title":37,"slug":38,"language":1495},{"code":18},{"title":33,"slug":34,"language":1497},{"code":23},[1499,1507,1515],{"id":343,"label":344,"translations":1500},[1501,1503,1505],{"label":344,"slug":355,"language":1502},{"code":13},{"label":358,"slug":359,"language":1504},{"code":18},{"label":362,"slug":363,"language":1506},{"code":23},{"id":366,"label":367,"translations":1508},[1509,1511,1513],{"label":367,"slug":378,"language":1510},{"code":13},{"label":381,"slug":382,"language":1512},{"code":18},{"label":385,"slug":386,"language":1514},{"code":23},{"id":155,"label":156,"translations":1516},[1517,1519,1521],{"label":156,"slug":167,"language":1518},{"code":13},{"label":170,"slug":171,"language":1520},{"code":18},{"label":174,"slug":175,"language":1522},{"code":23},[1524,1527,1529,1531,1533,1535],{"name":1388,"enName":1388,"ptName":1525,"iso2":1526},"United Arab Emiratesk","AE",{"name":986,"enName":986,"ptName":986,"iso2":1528},"KW",{"name":1157,"enName":1157,"ptName":1157,"iso2":1530},"OM",{"name":1202,"enName":1202,"ptName":1202,"iso2":1532},"QA",{"name":1249,"enName":1249,"ptName":1249,"iso2":1534},"SA",{"name":627,"enName":627,"ptName":627,"iso2":1536},"BH",[1538],{"name":1539,"slug":1540,"image":8,"order":632},"GRI Institute","gri-institute",{"en":1542,"pt-BR":1543,"es":1544},"\u002Freal-estate\u002Fkarim-mourad-gcc-real-estate-middle-market-dealmakers-institutional-structuring","\u002Fmercado-imobiliario\u002Fkarim-mourad-gcc-real-estate-middle-market-dealmakers-institutional-structuring","\u002Fmercado-inmobiliario\u002Fkarim-mourad-gcc-real-estate-middle-market-dealmakers-institutional-structuring",[1546,1547,1548,1549,1550,1551],"Infra Brazil","Infra Latam","Real Estate Brazil","Real Estate Europe","Real Estate India","Real Estate Latam"]