Azizi Developments to spend over Dh3.5bn on new projects in Dubai

The National: Dubai developer Azizi plans to spend over Dh3.5 billion in the next two to three years to construct 45 new buildings across Dubai.

The new projects comprising 11,000 homes will be developed in MBR City, Dubai Healthcare City and Al Furjan, according to a statement from the company on Monday.

“Our current stock across these up-and-coming locations is nearly sold out, which is why we are now planning further developments accordingly,” Farhad Azizi, chief executive of Azizi Developments, said. “Our launches are based on demand, which has been exceptional in MBR City, Dubai Healthcare City and Al Furjan.”

Property prices and rents in some of Dubai's popular communities remained fairly stable in the first half of 2020 despite a slowdown induced by the Covid-19 pandemic, according to a recent report by listings portals Bayut and dubizzle.

Real estate prices declined by less than 4 per cent during the period when compared to the second half of 2019, the report showed.

Azizi Developments has 54 ongoing residential projects with a total investment of Dh5bn across the emirate in districts such as MBR City, Palm Jumeirah, Jebel Ali, Dubai Sports City and Dubai Healthcare City, among others. It plans to deliver 3,000 property units this year.

To fund its expansion, the company is planning to raise $300m (Dh1.1bn) through a bond issuance, Mr Azizi told The National in an interview in June.

The developer expects Dubai’s property market to bounce back early next year on the back of Expo 2020 as well as the potential discovery of a vaccine to treat Covid-19 disease.

Damac Properties chairman Hussain Sajwani also expects a recovery next year on the back of Expo 2020.

The recent stimulus package announced by the UAE government will also help Dubai’s property sector to recover quickly, Mr Azizi said.

The UAE introduced Dh256bn in stimulus measures to help cushion the impact of Covid-19 on the economy.

TheNational Contribution Time: 04-Aug-2020 07:04 (GMT)
TheNational Last Update Time: 04-Aug-2020 07:04 (GMT)