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UAE developer Azizi Developments announces Dhs3.5bn investment

UAE developer Azizi Developments announces Dhs3.5bn investment

The developer will construct 45 buildings comprising over 11,000 homes across MBR City, Dubai Healthcare City and Al Furjan over the next 2-3 years

UAE private developer Azizi Developments intends to invest over Dhs3.5bn in the next 2-3 years, it announced on August 4.

The investment will be to develop 14 and 22 buildings in Riviera Phase 3 and 4 respectively, three Avenue buildings in MBR City, two projects in Dubai Healthcare City, and four projects in Al Furjan.

Over 80 per cent of its current ongoing projects and inventory is already sold, with most of its ongoing projects expected to be completed by year’s end.

Azizi will source materials, such as concrete, steel and aluminium, locally, for the construction of the 45 buildings. It will also continue to build its engineering team and construction methods, making the developer less contractor-dependent.

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 2020.

CEO of Azizi Developments, Farhad Azizi, said: “Our launches are based on demand, which has been exceptional in MBR City, Dubai Healthcare City and Al Furjan. Our current stock across these up-and-coming locations is nearly sold out, which is why we are now planning further developments accordingly. The new communities will be unique in the lifestyles they grant residents – they are a new type of product, and we will be reaching out to new markets with them.”

“The Dhs3.5bn 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,” he added.

Azizi currently has 54 ongoing projects that are to be delivered between 2020 and 2023, and over 100 additional projects in planning, that are projected to be delivered between 2023 and 2025.

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