We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Tue 4 Aug 2020 08:59 AM

Font Size

- Aa +

Azizi Developments to invest almost $1bn in Dubai projects

Azizi Developments plans to construct 45 buildings, providing 11,000 homes, over the next three years

Azizi Developments to invest almost $1bn in Dubai projects

CEO of Azizi Developments, Farhad Azizi.

UAE-based Azizi Developments has announced plans to invest over AED3.5 billion ($953 million) in the construction of 45 buildings across Dubai over the next two-to-three years.

Works include developing 14 and 22 buildings in Riviera Phase 3 and 4 respectively, its three Avenue buildings in MBR City, two projects in Dubai Healthcare City, and four projects in Al Furjan.

It comes after the developer revealed sales of over 80 percent in its ongoing projects, despite the economic crisis caused by the global Covid-19 pandemic.

The construction of the Al Furjan and Dubai Healthcare City projects, which will feature around 645 and 973 units respectively; Riviera’s Phase 3, comprising approximately 3,700 units; Phase 4, with around 5,400 units; and the 423 Avenue units, will commence between August and December of this year.

CEO of Azizi Developments, Farhad Azizi, said: “The AED3.5bn will be spread out across several years, with more than 11,000 homes being developed. We are confident that this investment in Dubai, the most promising, forward-thinking and growth-inclined city in the world, is well placed, and look forward to further catalysing the emirate’s vision and development.”

Azizi has vowed to source materials, such as concrete, steel and aluminium locally, and also build its engineering team and construction methods, so it is less dependent on contractors.

In May it was announced that Azizi had brought on 40 new staff members to ramp up business operations, with plans to hire 60 more people.

The company has previously revealed plans to complete around 3,000 units in 2020, having already finished two developments in Al Furjan-Samia and Farishta in January and February, before the onset of coronavirus.

Arabian Business: why we're going behind a paywall

For all the latest real estate 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.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.