Developer plans new residential projects in Dubai
Azizi Developments has announced that it will invest AED9.1 billion ($2.5bn) across its operations in the UAE in 2018, significantly higher than its investments in 2017.
The budget was approved by Mirwais Azizi, Azizi Group Chairman, on Thursday, according to a statement from the developer.
The developer aims to establish “unique community lifestyle projects in key locations across” Dubai, it said.
Farhad Azizi, CEO of Azizi Developments, said: “We are pleased to announce that we have allocated AED9.1bn 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.”
“Our priorities for 2018 are to meet our commitments to our 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”.
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. In addition, the developer launched two mega residential developments – the canal waterfront project Azizi Riviera valued at AED12bn 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.