Azizi Investments confirms Mina Rashid land deal
Dubai, August 4, 2008
Azizi Investments, the Dubai-based multinational property developer, has confirmed the purchase of over 667,000 square feet of land at Mina Rashid, the redevelopment of the old Port Rashid and masterplanned by Nakheel.
The acquisition allows Azizi Investments to move into high rise development.
Mina Rashid is set for re-development, without losing the culture and heritage of the original port. The developer wants to build it as a tribute to the memory of His Highness Sheikh Rashid bin Saeed Al Maktoum, the father of modern-day Dubai.
Merwiss Azizi, chairman of Azizi Investments, said: "When we were invited by Nakheel to participate in the re-development of Port Rashid we were thrilled to accept.
"It holds a special place and importance in the hearts of the people of Dubai and has been dedicated to the memory of Sheikh Rashid.
"We were impressed by the re-development plans at what is one of Dubai's best addresses and we are very excited and motivated about the contribution that we will be able to make to the new community that will come to call Mina Rashid home."
Azizi Investments will have an estimated Dh170 billion ($46.2 billion) project value for developments by the end 2010.
By October 2008 the company expects to confirm the acquisition of 15 million square feet of land for the 50 projects that they are planning for 2008.
Over the next few weeks Azizi will be conducting a series of interviews with leading architects to draw up plans. - TradeArabia News Service
More Construction & Real Estate Stories
- Asian skyscraper prices tower over rest of the world
- Tamleek opens new office in Dubai
- $29m allocated for Bahrain drainage projects
- Indian group plans $300m Bahrain Bay investment
- Drake and Scull awards key supply contract
- FCC wins $702m Doha metro line contract
- SPF Realty sees Dubai project success
- Abu Dhabi set for big property show
- Aldar working on $1.5bn UAE housing projects
- Gulf Finance House to start $3bn Tunisia project
- Abu Dhabi to see 10pc surge in new homes
- Saudi construction sector booming on new contracts
- Emaar offers 330 apartments in MBR City
- Dubai Design District sees big demand
- HUGE DEAL: Arabtec inks $40bn Egypt housing project
- Galfar ex-CEO gets 15 years' jail over bribes
- $32m BFH car park work underway
- Bahrain awards $5.8m project tenders
- Spinneys to set up distribution centre at Kizad
- Dubai unveils $300m hitech 'green' city project
- Deyaar plans $245m Dubai complex
- IFA unveils $272m Dubai mixed-use project
- CBRE tops Fortune’s most admired firms list
- Kuwait's real estate sales hit $1.1bn in Jan
- Dubai RTA awards $27m roads contract
- Work to start on Bahrain beach project
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman
- Rubber World to showcase at Big 5 Saudi
- Tool to help create effective property listings