UAE developer Azizi Developments announces Dhs3.5bn investment

UAE developer Azizi Developments announces Dhs3.5bn investment

UAE private developer Azizi Developments intends to invest over Dhs3.5bn in the next 2-3 years, it announced on August 4.

The investment will be to develop 14 and 22 buildings in Riviera Phase 3 and 4 respectively, three Avenue buildings in MBR City, two projects in Dubai Healthcare City, and four projects in Al Furjan.

Over 80 per cent of its current ongoing projects and inventory is already sold, with most of its ongoing projects expected to be completed by year's end.

Azizi will source materials, such as concrete, steel and aluminium, locally, for the construction of the 45 buildings. It will also continue to build its engineering team and construction methods, making the developer less contractor-dependent.

The construction of the Al Furjan and Dubai Healthcare City projects, which will feature around 645 and 973 units respectively, Riviera's Phase 3, comprising approximately 3,700 units, Phase 4, with around 5,400 units, and the 423 Avenue units, will commence between August and December 2020.

CEO of Azizi Developments, 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