Strategy advisory · Dubai and Cairo
We advise governments, sovereign and institutional investors and developers across the Middle East, Africa and Central Asia. Every mandate is led by senior advisers and built on primary research.
Latest report
Airport Cities: The runway dividend
11 to 1 off-plan against resale apartment sales by value in Dubai South in 2025: AED 10.23 billion against AED 0.91 billion
How we work
Where data is thin, we collect it: surveys, interviews, site visits and transaction records, before any model is built.
The people who scope a mandate stay on it, from the first workshop to the board presentation.
We have no conflicts of interest, so our recommendations follow the evidence and the client's objectives.
Offices in Dubai and Cairo, and work across the Gulf, North and Sub-Saharan Africa and Central Asia.
Capabilities
Each brings market research, financial analysis and strategy to one kind of decision, so the advice holds up in front of a board, a ministry or an investment committee.
All capabilitiesWhat to build, where and in what order: highest and best use, feasibility, development strategy and investment structuring.
7 capabilitiesExploreDemand forecasts, destination positioning and visitor-economy plans that investors and governments can act on.
4 capabilitiesExploreNational ambitions turned into programmes, partnerships and policy, with the institutions and funding to deliver them.
7 capabilitiesExploreMandates beyond a single asset: asset monetisation, cross-border expansion, investor outreach and major events.
6 capabilitiesExplorePermitting, land registry and licensing services that let real estate and construction projects move at the speed of the decision.
4 capabilitiesExploreTell us the decision you face. We will tell you how we would approach it, and whether we are the right firm for it.
Dubai · CairoContactSelected team experience
Mandates delivered by members of the Heirstone team. Client names are withheld at their request.
Sovereign authority · Egypt
Mandate
Market assessment and development strategy for a mixed-use development beside one of the world's most visited heritage sites, from demand by source market and season to land use, sizing and phasing.
Outcome
The basis for the project's positioning, commercial strategy and long-term visitor infrastructure planning.
National government · Sub-Saharan Africa
Mandate
Tourism strategy across several destination clusters: demand forecasting, positioning, product development and investment attraction.
Outcome
Adopted as the national tourism development framework, guiding policy and private investment.
Sovereign-backed developer · Saudi Arabia
Mandate
Residential strategy, branded-residence positioning and highest and best use for large government-backed developments.
Outcome
Development positioning and product strategy aligned with the sovereign investor's objectives.
Institutional investor · Egypt
Mandate
Market research and investment advice for a Central Asian institutional investor across residential, office, retail and hospitality in Greater Cairo and Ras El Hekma.
Outcome
An investment framework for deploying cross-border capital into one of the region's fastest-growing coastal markets.
Advisory platform · Egypt
Mandate
Designed and built a data platform for the Greater Cairo office market: leasing, occupancy, pricing benchmarks and market indicators.
Outcome
Institutional-grade market intelligence behind investment decisions and quarterly reporting.
Developer · Sub-Saharan Africa
Mandate
Highest and best use and feasibility for large mixed-use developments in data-scarce cities, built on primary research.
Outcome
Reshaped development programmes and supported capital structuring under frontier-market conditions.
Research
Free reports on real estate, infrastructure and tourism, each with its own benchmark and every figure referenced. Editions in English, French, Russian and Arabic.
Airport Cities
11 to 1 off-plan against resale apartment sales by value in Dubai South in 2025: AED 10.23 billion against AED 0.91 billion
Construction Costs and Building Technology
2.9x AECOM's price for a multi-storey residential block in Lagos against Nairobi on its 2024/25 guide: US$2,330 against US$796 per m²
Hotel Development in Africa
123,846 rooms in 675 hotels in the chains' African development pipeline in early 2026, a record and 19% more than a year earlier
Company profile
Our five practices, how we work and selected team experience across the Middle East, Africa and Central Asia. Free to download, with no form to fill in.
Tell us what you are deciding and by when. A senior adviser replies within one business day.
