Azizi Developments has revealed plans to launch two more mega projects in Dubai by the end of this year.
The announcement follows the success of phase 1 and 2 of the its AED12 billion waterfront project Azizi Riviera at Cityscape Global 2017, where it registered $350 million in sales.
The developer said in a statement that it will announce the new mega developments at Meydan One in the last quarter of 2017.
It did not give any details but said they will be four times the size and value of the Azizi Riviera project which puts the new investment at about AED48 billion ($13 billion).
The projects are on top of plans to build an “iconic tower” in Dubai which Azizi announced earlier this week.
The Dubai-based developer is fast becoming one of the emirate’s largest with a current portfolio of over $5 billion.
Inspired by the French Riviera, Azizi Riviera is collectively made up of 69 mid-rise residential buildings of 13,000 units of studio, one-bedroom and two-bedroom apartments, a mega integrated retail district and a four and a five-star hotel.
The project commenced construction in July with the completion of phase one and two scheduled for the second half of 2018.
Farhad Azizi, CEO of Azizi Developments, said: “The success we have seen at the Cityscape Global 2017 is unprecedented and we are extremely proud of our performance at the exhibition. Azizi Developments is committed to contributing to the development of the city of Dubai and meeting His Highness Sheikh Mohammed bin Rashid Al Maktoum’s vision for the emirate by delivering world class unique community lifestyle projects to buyers and investors.”
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