DIA Holding to complete LuzOra on Dubai Islands within 24 months

DIA Holding, a construction and project management group operating across the UAE, Kazakhstan and Spain, will complete the development of LuzOra, its residential project located on Dubai Islands, within 24 months. This compares well against the regional average of around 36 months for projects of similar scale.

Unveiled six months ago, LuzOra reflects DIA Holding’s long-term strategy of value-driven, full-cycle real estate development in the Middle East. The company will oversee site planning, construction, logistics and delivery of the project.

Led by Faruh Kurbanov, Co-founder and a key figure behind DIA Holding, whose portfolio includes residential, educational and mixed-use developments across multiple markets, LuzOra is positioned as a lifestyle-focused residential community, designed to balance efficient construction timelines with a carefully structured level of resident services.

This accelerated timeline reflects the company’s operational model, which is based on the principles of kaizen, a management philosophy focused on continuous improvement and efficiency. In other markets, particularly Kazakhstan, DIA Holding has built a reputation for completing construction projects in nine to ten months, significantly faster than local benchmarks, while maintaining build quality standards.

Broader strategy for the UAE

DIA Holding acquired the land plot for LuzOra for $6.5 million. According to the company, it has already received offers of up to $19 million for the site. Despite this, the group has chosen to proceed with development rather than pursue a short-term exit, underlining its focus on long-term value creation in the UAE market.

“Dubai is one of the most competitive real estate environments in the world,” explains Kurbanov. “For us, LuzOra is not about rapid resale. It is about delivering a well-structured residential project that responds to how people actually live, while maintaining discipline in timelines, cost control and execution.”

LuzOra is not positioned within the ultra-luxury segment, but is designed to offer a range of services typically associated with high-end developments. Planned amenities include concierge services, on-demand wellness options, and golf-cart transportation to the beach. Partnership agreements with neighbouring hotels are also under consideration.

LuzOra represents DIA Holding’s broader strategy in the UAE, where the company sees sustained demand for thoughtfully planned residential developments rather than purely speculative projects. The group views Dubai Islands as a strategic location with long-term growth potential, driven by infrastructure investment, tourism development and evolving residential demand.

Expansion into the UAE

Kurbanov’s expansion into the UAE follows a multi-regional track record. Born in Karaganda, Kazakhstan, he began his career in manufacturing and construction before co-founding DIA Holding. Over time, the group has diversified its activities across real estate, education and socially oriented development projects.

Beyond commercial real estate, DIA Holding is actively involved in educational and social initiatives through its partnership with the Mereke Charitable Foundation. The group supports housing and education programmes for low-income families and funds scholarship initiatives for students in Kazakhstan. According to the company, more than 120 students received DIA-funded scholarships during the 2024–25 academic year.

Kurbanov’s leadership has received regional recognition. In December 2025, he was named Real Estate Leader of the Year at the Entrepreneur Middle East Leadership Awards 2025, held at W Dubai – The Palm. The award acknowledged his role in building a multi-country development platform and advancing a long-term, value-oriented approach to real estate.

With LuzOra, DIA Holding aims to apply the same principles to the UAE market — disciplined execution, resident-centric design and controlled expansion. Construction is scheduled to proceed in line with the company’s 24-month delivery target, with further project details to be announced as development progresses.

“As we expand in the Middle East, our focus remains consistent,” Kurbanov adds. “We build projects that are commercially sound, operationally efficient and relevant for the communities they serve.”