Azizi Developments announces investments worth over AED 3.5 billion
Azizi Developments, a principal private developer in the UAE, announces its plans to invest over AED 3.5bn in the next 2-3 years to develop 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.
This announcement comes in light of it has sold over 80 per cent of its current ongoing projects and inventory, and interest projected to surge, especially in MBR City, DHCC and Al Furjan – the three most sought-after residential destinations in all of the UAE.
The construction of the Al Furjan and Dubai Healthcare City projects, which will feature around 645 and 973 units respectively, Riviera’s Phase 3, including 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, Mr Farhad Azizi, announced with the following remarks: “Our launches are based on interest, which has been excellent in MBR City, Dubai Healthcare City and Al Furjan. Our current stock across these up-and-coming places is almost sold out, which is why we are presently planning more developments respectively.
The new communities will be unique in the lifestyles they grant residents – they are a new type of product, and we will be reaching out to new markets with them.” “The AED 3.5bn 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 encouraging, forward-thinking and growth-inclined city in the world is well placed, and look forward to further catalysing the emirate’s concept and community”, he added.
For the construction of the 45 buildings, Azizi will minimise vertical supplier structures by sourcing materials, such as concrete, steel and aluminium, locally. It will also resume building its design team and construction methods, making the developer less contractor-dependent and taking productivity and security to new heights.