Dubai: Azizi Developments will focus on delivering nine projects across Dubai from December and ruled out any possibility for an stock offering, either for its real estate division or the hospitality one.
As for projects in their “design stage”, they will not be an immediate priority, according to the chairman, Mirwais Azizi.
Mirwais, along with sons Farhad and Fawad, who hold the titles of CEO and deputy CEO, also addressed some of the points that had been the subject of intense market speculation in recent weeks.
On projects, both existing and those on the drawing board, the chairman said: “As a developer are always revisiting those projects for a simple reason — to deliver to the market what we promise.”
On whether there were any changes likely in the holding company’s shareholding, he said: “Azizi is not operated by one person. We are a continuously evolving company, and those who know us well since we started the Group in the early 90s know that we have evolved in time. We have dedicated members and personnel on board as any organisation would.”
The developer also said that immediate priorities include the Riviera project at Mohammad Bin Rashid City, as well as those on the Palm, Dubai Healthcare City and Al Furjan. Hence, the persistent emphasis on deliveries of the nine projects starting 2019.
Recently, the developer had provided a detailed road map of the construction schedules and handover plans of existing projects and plans for new ones right up to 2025 to the Dubai Land Department.