Published On:August 12 2020
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Azizi Developments to invest almost $1bn in Dubai projects.

UAE-based Azizi Developments has announced plans to invest over AED3.5 billion ($953 million) in the construction of 45 buildings across Dubai over the next two-to-three years.

Works include developing 14 and 22 buildings in Riviera Phase 3 and 4 respectively, its three Avenue buildings in MBR City, two projects in Dubai Healthcare City, and four projects in Al Furjan.

It comes after the developer revealed sales of over 80 percent in its ongoing projects, despite the economic crisis caused by the global Covid-19 pandemic.

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 of this year.

CEO of Azizi Developments, Farhad Azizi, said: “The AED3.5bn 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.”

Azizi has vowed to source materials, such as concrete, steel and aluminium locally, and also build its engineering team and construction methods, so it is less dependent on contractors.

In May it was announced that Azizi had brought on 40 new staff members to ramp up business operations, with plans to hire 60 more people.

The company has previously revealed plans to complete around 3,000 units in 2020, having already finished two developments in Al Furjan-Samia and Farishta in January and February, before the onset of coronavirus.

www.arabianbusiness.com





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