Historically, commercial bank lending has been the major source of debt for real estate developers and investors in the Middle East as there has been an absence of alternative sources of debt. The growth of this alternative sector, private lending (defined as non-bank debt), forms the focus of this paper which aims to provide a better understanding of the private real estate debt market in the UAE and KSA by addressing the current condition of the market and giving insights on its potential growth and the opportunities it will present to both lenders and borrowers.