Thursday 24 January 2019

Azizi plans $2.5bn spend on UAE operations in 2018

DUBAI, December 20, 2017

Azizi Developments, one of the fastest growing developers in the UAE, said it will be investing Dh9.1 billion ($2.5 billion) across its operations in the country next year, significantly higher than its investments in 2017.

The budget was approved by Azizi Group chairman Mirwais Azizi during the company's year-end gala dinner held recently in Dubai. It was attended by Saeed Al Tayer, the chairman and CEO of Meydan Group, and Fawad Azizi, the deputy CEO of Azizi Developments.

The increase in the spending is aimed at meeting the developer’s commitment to further develop the Dubai real estate market by establishing unique community lifestyle projects in key locations across the city.

A real estate investment arm of Azizi Group, the company currently has a portfolio of over Dh20 billion ($5.4 billion) in the emirate and more than 100 projects at various stages of development.

CEO Farhad Azizi said: "We are pleased to announce that we have allocated Dh9.1 billion towards expanding our business even further in Dubai in 2018. Our developments will include new residential projects in upcoming locations and community-style projects in high-potential areas across the city."

"While 2017 was one of the busiest years for us operationally, we expect to see further business growth and development in 2018 – especially as we near the commencement of Expo 2020, one of the biggest events on Dubai’s calendar for the next few years," noted Azizi.

This year has been hugely transformational for Azizi Developments, with many projects delivered across key locations in Dubai, including in Al Furjan and Palm Jumeirah.

The Emirati developer had launched two mega residential developments – the canal waterfront project Azizi Riviera valued at Dh12 billion and Azizi Victoria in Mohammed Bin Rashid City – District 7, twice the size of Azizi Riviera.

Both of these mega projects are expected to meet the growing demand for premium residential real estate in Dubai over the next few years.

Azizi said the group's priorities for 2018 are to meet its commitments to customers while maintaining a healthy balance sheet and capital discipline.

"The sooner we can achieve our long-term goal, the sooner we can further grow our business and build on the success of 2017 and work to exceed next year’s goals while remaining a construction-driven real estate company," he added.-TradeArabia News Service

Tags: development | Projects | Azizi | UAE operations |

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