Amwaj International Acquires 18% Stake in Cledor at $100M Valuation, Signaling Major Entry into Dubai Real Estate Market
In a strategic move signaling its entry into one of the world’s most dynamic real estate markets, Amwaj International, a billion-dollar multinational conglomerate, has acquired an 18% stake in Dubai-based luxury real estate firm Cledor at a post-money valuation of USD 100 million.
Founded by real estate veteran Omar Gull, Cledor has made a meteoric rise in less than a year, securing AED 2.3 billion in Gross Development Value (GDV) across 1.3 million square feet of projects in Dubai. Its first project, worth AED 435 million, sold out within just four days, highlighting strong investor confidence and market demand.
The investment from Amwaj is a key component of its strategic expansion into the UAE. Led by Namir El Akabi, Amwaj has a proven track record, having directed developments and investments exceeding USD 60 billion globally. The partnership empowers Cledor to lead Amwaj’s UAE real estate ventures, leveraging its deep market insight and luxury development expertise.
“We are deeply confident in the vision and leadership of Omar Gull, who brings invaluable experience in the Dubai real estate market,” said Namir El Akabi, Founder and Chairman of Amwaj Group. “The remarkable speed and scale at which Cledor has grown in under a year is testament to its vast potential.”
Cledor will utilize the capital infusion to attract top-tier talent, scale operations, and drive future developments while also benefiting from Amwaj’s global procurement networks and multinational expertise.
“Dubai provides the ideal environment for entrepreneurs to dream big and scale quickly,” said Omar Gull, Founder of Cledor. “With Amwaj’s backing, we are poised to accelerate our growth and redefine luxury real estate in the UAE.”
Gull’s extensive career includes senior leadership roles at Emaar Properties, DAMAC, and Dubai Holding, where he managed over USD 30 billion in sales. His strategic insights have been instrumental in Cledor’s rapid success.
Dubai’s real estate sector continues to thrive, with AED 760.7 billion in transactions recorded in 2024 alone. Favorable regulations, growing demand for high-end properties, and strong FDI inflows have positioned the city as a global hotspot for property investment.
While Cledor’s current focus remains Dubai, the company is actively exploring emerging markets in Far East Asia and Eastern Europe for future expansion.
Amwaj, which has already invested USD 2.4 billion in real estate assets across Iraq, aims to deliver 50,000 residential units across 20 million sqm of land, reinforcing its commitment to large-scale, high-impact developments in the region.
