Azizi Developments makes $729.3m investment pledge
The UAE developer will use the funds to construct 45 buildings comprising over 11,000 homes across over the next 2-3 years
Dubai-based private real estate developer Azizi Developments is set to inject $729.3m (AED 3.5bn) worth of funds across its Riviera, Avenue, Dubai Healthcare City, and Al Furjan projects over the next two-three years.
The developer will construct 45 buildings comprising over 11,000 homes across MBR City, Dubai Healthcare City and Al Furjan.
The move is due to the firm selling over 80% of its current ongoing projects and inventory, and demand projected to surge, especially in MBR City, DHCC and Al Furjan.
The construction of the Al Furjan and Dubai Healthcare City projects will feature around 645 and 973 units respectively, while Riviera’s Phase 3 comprises approximately 3,700 units, Phase 4 with around 5,400 units, and 423 Avenue units.
The development of all these projects will begin between August and December of this year.
Commenting on the investment pledge, Azizi Developments CEO, Farhad Azizi, said: “Our launches are based on demand, which has been exceptional in MBR City, Dubai Healthcare City and Al Furjan. Our current stock across these up-and-coming locations is nearly sold out, which is why we are now planning further developments accordingly.”
He added: “The $729.3m (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 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.”
by Ashley Williams, 04 Aug 2020 for Construction Week