Azizi to invest Dh3.5b in next two, three years on offplan launches in Dubai

Dubai: Dubai developers are chalking out their offplan projects for a post-COVID-19 marketplace.

Azizi Developments has confirmed plans to channel Dh3.5 billion over the next two to three years at multiple locations in the city. Some of these are part of already announced projects, such as the Riviera in Meydan. There, Azizi has now confirmed 36 additional buildings in phases 3 and 4.

In addition, the planned investments extend to three ‘Avenue’ properties at MBR City, two in Dubai Healthcare City, and four at Al Furjan. “The Dh3.5 billion will be spread out across several years, with more than 11,000 homes being developed,” said Farhad Azizi, CEO.

Source local

For the 45 new buildings, Azizi will minimise "vertical supplier structures" by sourcing materials such as concrete, steel and aluminium locally. It will also continue to build its engineering team, making the developer less contractor-dependent.

"Our current stock across these up-and-coming locations is nearly sold out, which is why we are now planning further developments accordingly," the CEO added. "They are a new type of product, and we will be reaching out to new markets with them.”