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Fri 15 Sep 2017 12:10 AM

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UAE developer hints at new $13bn Dubai projects launch

Azizi Developer says to unveil two mega projects at Meydan One in last quarter of 2017

UAE developer hints at new $13bn Dubai projects launch

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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Mounir Ajam 2 years ago

Once again we hear about these mega projects, which raise many questions? 1. Is not the market already saturated and over-supplied? 2. Some of the schedules we hear about these projects are not logical, which leads to another question 3. How good are these organizations in managing their projects? We ask these questions because now we hear about great and mega projects with unrealistic deadlines and in a year or two we hear about these projects being delayed for whatever reasons. These comments are not specific to a given company but to the regional market in general. It is glorified to talk about projects but we forget the essentials; proper stage-gate approach and sound organizational project management systems, while we see overdependence by project owners on contractors and PM consultants.