Dubai developer Azizi plans 50 new projects in 2017

The 50 new projects will be developed in various parts of Dubai

UAE-based real estate firm Azizi Developments has said it will launch 50 new projects next year in the residential, commercial and retail space.

The company said the announcement showed its confidence in the Dubai real estate market and a strategy to invest in stable markets.

“The government systems are in place to encourage development from a micro perspective. When evaluated at the macro level, we are finding that currencies are in our favour; in addition, the new government changes in the United States and Europe are directing investments towards this region. This launch not only reflects our success but showcases Dubai’s booming real estate market,” said CEO Farhad Azizi.

The 50 new projects will be developed in various parts of Dubai and are in the land acquisition, permit application and design stages, according to the firm.

They will add to its existing portfolio of 20 UAE projects valued at Dhs7.3bn ($1.98bn)

The company has 15 projects in Al Furjan, two on the Palm Jumeirah and has another in Dubai Healthcare City.

Read: Azizi unveils Dhs750m apartment complex on Dubai’s Palm Jumeirah

The wider Azizi conglomerate owns two of Afhanistan’s four largest banks, and an oil and gas importing business.