Image courtesy of Newmark. Back Row L to R: Azmi Abdelmajid, Artem Malikov; Front Row L to R: Elliot Nolan, Vit Dostalik, Puneet Phulwani.
October 20, 2025 8:00 AM
Newmark is expanding its Middle East business with a series of senior hires to establish its Middle East Advisory practice in Dubai, shortly following the launch of its Valuation & Advisory regional office. Encompassing Development & Deal Advisory, the practice will be led by Senior Director and Head of Advisory Vit Dostalik. He is joined by Azmi Abdelmajid, Elliot Nolan, Puneet Phulwani and Artem Malikov, whose expertise broadens the practice’s capabilities. Building on the firm’s growing reach across EMEA, including its International Capital Markets practice led by Vice Chairman, International Capital Markets - Middle East Joe Morris[1], the expansion underscores the firm’s continued momentum in one of the world’s fastest-growing real estate markets and its commitment to providing clients with integrated, best-in-class solutions.
“To see such promising momentum just weeks after officially opening our regional Advisory practice is incredibly exciting,” said Stefan Burch, Senior Managing Director, Middle East Valuation & Advisory. “These additions reinforce our commitment to the Middle East as a priority market and highlight the demand we are seeing from across the region. By expanding our Advisory capabilities here in Dubai, we are ensuring that clients — whether sovereign wealth funds, family offices, institutional investors or developers — have access to the full strength of Newmark’s integrated global platform, paired with deep local expertise.”
The Dubai-based Advisory team will provide feasibility and highest & best use studies, portfolio optimization, strategic asset management, business planning and market due diligence. Their expertise spans residential, commercial, mixed-use, hospitality, industrial and master-planned communities, enabling Newmark to support clients across various asset classes. Joining Newmark’s Middle East Valuation & Advisory practice is:
Vit Dostalik, Senior Director and Head of Advisory, bringing more than a decade of experience leading strategic mandates for government entities, sovereign wealth funds and institutional developers across Saudi Arabia, the United Arab Emirates (UAE) and the wider Gulf Cooperation Council (GCC). Prior to joining Newmark, Dostalik led Deloitte’s real estate development practice in Saudi Arabia.
Azmi Abdelmajid, Director in the Development & Deal Advisory practice, with over 10 years of experience delivering development advisory, feasibility strategies and business planning across multiple asset classes throughout the Middle East. He joins from Deloitte’s Middle East real estate practice, where he focused on advancing feasibility frameworks and tailored planning solutions for diverse client portfolios.
Elliot Nolan and Puneet Phulwani, Managers in the Development & Deal Advisory practice, each with more than eight years of experience in development advisory, highest & best use studies, feasibility analysis and strategic asset management. Nolan began his career in private equity in London before moving into real estate advisory roles with JLL and Deloitte in the Middle East, where he has spent the past seven years delivering high-impact advisory and development solutions. Phulwani honed his technical and advisory expertise across diverse development contexts at Deloitte before joining Newmark.
Artem Malikov, Senior Associate in the Development & Deal Advisory practice, specializing in financial analysis, market due diligence and large-scale mixed-use development advisory across the GCC. He previously worked with Deloitte Middle East’s Real Estate Development practice, where he delivered strategic development advice and financial solutions for landmark projects in the region.
Dostalik commented: “Dubai serves as a gateway to the region and a first step in our Middle East expansion. The Middle East is full of potential and is at the forefront of global growth and innovation in real estate. With our expanded team, we can deliver a broader range of advisory solutions — combining deep local expertise with a global perspective — to empower clients across the Middle East to make informed, strategic decisions that drive value.”
[1] Employed by Newmark affiliate Cantor Fitzgerald
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended June 30, 2025, Newmark generated revenues of over $2.9 billion. As of June 30, 2025, Newmark and its business partners together operated from 165 offices with over 8,400 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.
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