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Azizi Developments announces $2.47bn budget for 2018

New developments to include residential projects in upcoming locations and community-style projects across the city

Azizi Developments budget signing ceremony.
Azizi Developments budget signing ceremony.

Azizi Developments has announced that it will invest $2.47bn (AED9.1bn) across its operations in the UAE in 2018, significantly higher than its investments in 2017.

The budget was approved by group chairman Mirwais Azizi during Azizi Developments’ year-end gala, in the presence of HE Saeed Al Tayer, chairman and CEO of Meydan Group, and Fawad Azizi, deputy CEO of Azizi Developments.

The budget announcement aims to meet the developer’s commitment to establish community lifestyle projects in key locations across the city.

Azizi Developments CEO Farhad Azizi said: “Our developments will include new residential projects in upcoming locations and community-style projects in high-potential areas across the city.

“While 2017 was one of the busiest years for us, we expect to see further business growth and development in 2018 – especially as we near the commencement of Expo 2020, one of the biggest events on Dubai’s calendar for the next few years,” he said.

In 2017, Azizi Developments began working on new projects and handed over several others, in locations such as Al Furjan and Palm Jumeirah.

In addition, the developer launched two residential developments – the canal waterfront project Azizi Riviera valued at $3.26bn (AED12bn) and Azizi Victoria in Mohammed Bin Rashid City – District 7, twice the size of Azizi Riviera.

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Construction Week - Issue 741
May 11, 2019