UAE-based Azizi Developments on Thursday said that construction has begun on Azizi Riviera, an urban community in Dubai inspired by the vibrant French Riviera.
The AED12 billion ($3.27 billion) waterfront development that is situated on the banks of the Dubai Canal is being developed by KCC Engineering and Construction Ltd and Actco General Constructing Co, a statement said.
Situated in the prestigious Mohammed Bin Rashid Al Maktoum City Meydan One project, Azizi Riviera comprises 69 mid-rise residential buildings of 13,000 units of one-bedroom, two-bedroom and studio apartments, a mega integrated retail district and a four and a five-star hotel.
The ground breaking ceremony took place in the presence of Saeed Humaid Al Tayer, chairman and CEO of the Meydan Group, and Mirwais Azizi, chairman of Azizi Developments.
Al Tayer said: “Meydan is committed to enabling Dubai become a world class city by developing integrated communities in strategic locations across the city.
"Our strategic partnership with Azizi aims to deliver high-end living spaces such as Azizi Riviera to meet existing market demands. The real estate market in the UAE and Dubai in particular is seeing growing interest from international investors and we remain confident of the dynamism of the sector and its long term prospects.”
Azizi added: “The start of the construction of the Azizi Riviera project is a landmark milestone for Azizi Developments, marking our foray into creating urban living spaces which will revolutionise the meaning of community living in Dubai."
A key feature of the new development is a mega integrated retail district which will consist of high street bridge brands, leisure and entertainment options. The overall development will also offer access to long paved pedestrian paths and water transport, yachting facilities and a proposed marina.
Azizi Riviera represents the first in a series of urban neighborhood projects that Azizi Developments is planning to develop in the Meydan One mega-development, following the strategic partnership with Meydan Group announced earlier this year.
Phase 1 and 2 of the project is scheduled to be completed in December 2018.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.