Staff Report
Dubai: Azizi Developments has announced that it will invest Dh9.1billion across its operations in the UAE next year, significantly higher than its investments in 2017.
The budget was approved by Mirwais Azizi, Azizi Group Chairman during Azizi Developments’ Year-End Gala Dinner on Thursday, 14 December, in the presence of His Excellency Saeed Al Tayer, Chairman and CEO of Meydan Group, and Fawad Azizi, Deputy CEO of Azizi Developments.
The budget announcement aims to meet the developer’s commitment to further develop the Dubai real estate market by establishing unique community lifestyle projects in key locations across the city reinforcing His Highness Sheikh Mohammed bin Rashid Al Maktoum’s vision for the Emirate to emerge as one of the top cities in the world to work and reside.
Farhad Azizi, CEO of Azizi Developments, said: “We are pleased to announce that we have
allocated Dh9.1billion 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, 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 Dh12billion 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.
