Azizi eyes Dh170b portfolio by 2010

Dubai: Property developer, Azizi Investments plans to reach an estimated project value of Dh170 billion across all their developments by the end of 2010, with over 50 projects in the pipeline.

On the ambitious road to reach their goals, Azizi Investments last week became the largest real estate developer in Dubai World Central, acquiring 627,000 square feet across 11 plots of residential space.

Azizi Investments also recently announced their acquisition of a 677,000 square foot plot in Mina Rashid, the redevelopment of Port Rashid, which is being master-planned by Nakheel.

This plot will be developed into a 45-storey mixed-use tower, which is their tallest tower to date, with a project value of Dh1.8 billion.

Vice-chairman of Azizi, Farhad Azizi estimated the project value to be "in the billions", as the land value alone is Dh500 million.

They will announce additional plots in Mina Rashid in the near future.

Azizi also said that by the end of October, they hope to have acquired 15 million square feet of land to be used for 55 developments in Dubai alone.

Plans to expand out in to the northern emirates are on the cards, once adequate regulations are in place, such as escrow laws and land registration laws.

"In Ajman, we're waiting for the laws to be fin-alised," Steve Nosrat, marketing director at Azizi, said.

Azizi Investments still hold all rights to develop the only five-star hotel in Emirates City in Ajman.