Property firm Azizi Developments has announced the launch of a Dhs750m ($204.1m) hotel apartment complex on Dubai’s Palm Jumeirah.
The Azizi Mina Hotel Apartments will comprise 120 one-bedroom and 58 two-bedroom apartments with four penthouses.
The development, spread across 120,989 square feet, is due to be completed in 2018.
Azizi Developments CEO Farhad Azizi said the project will take the company’s current portfolio in Dubai to Dhs7.3bn with 20 projects under construction.
“While we have several interests and projects in many countries around the world, Dubai is a favourite with Azizi Developments, due to its location, great infrastructure, business-friendly rules and regulations, easy access to support from investors and a clear legal framework relating to the real estate market,” he said.
Earlier this year, the company unveiled Royal Bay Palm Jumeirah, a block of 90 apartments due to be completed in March 2017.
The wider Azizi conglomerate owns two of Afhanistan’s four largest banks, and an oil and gas importing business.