UAE-based Azizi Developments has announced that it will invest a further AED9.1 billion ($2.5 billion) across its operations in the UAE in 2018, significantly higher than this year.
The budget was approved by chairman Mirwais Azizi during the company's Gala Dinner, the developer said in a statement.
He said the budget announcement aims to meet the developer’s commitment to further develop the Dubai real estate market by establishing community lifestyle projects in key locations across the city.
Farhad Azizi, CEO of Azizi Developments, added: “We are pleased to announce that we have allocated AED9.1 billion towards expanding our business even further in Dubai in 2018. Our developments will include new residential projects in upcoming locations and community-style projects in high-potential areas across the city.
"While 2017 was one of the busiest years for us operationally, we expect to see further business growth and development in 2018 – especially as we near the commencement of Expo 2020, one of the biggest events on Dubai’s calendar for the next few years.
"Our priorities for 2018 are to meet our commitments to our customers while maintaining a healthy balance sheet and capital discipline. The sooner we can achieve our long-term goal; the sooner we can further grow our business, build on the success of 2017, and work to exceed next year’s goals while remaining a construction-driven real estate company.”
This year, Azizi Developments has launched a number of projects including two mega residential developments – the canal waterfront project Azizi Riviera valued at AED12 billion and Azizi Victoria in Mohammed Bin Rashid City – District 7, twice the size of Azizi Riviera.
Both aim to meet the growing demand for premium residential real estate in Dubai over the next few years, the statement said.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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