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Mirwais Azizi says Dubai developer considering an IPO

An audit report is due for the IPO by the end of this year, the company's founder said

Mirwais Azizi, founder and chairman of Dubai's Azizi Developments, said the firm is considering an IPO.
Mirwais Azizi, founder and chairman of Dubai's Azizi Developments, said the firm is considering an IPO.

Mirwais Azizi said Azizi Developments is mulling the launch of an initial public offering (IPO) for its hospitality and development businesses.

The founder and chairman of Azizi Developments told Arabian Business that an audit report is due by the end of this year, adding: “When this is finished, we will see whether to apply.”

Azizi Developments’ pipeline includes projects worth $12bn (AED), with more than 200 schemes ongoing across Dubai.

This March, Azizi told Construction Week that his team was planning to build the world’s fifth-tallest tower on Sheikh Zayed Road. He added at the time that the project would complete sometime between 2021 and 2022, and would be developed at a cost of $816m (AED3bn), which included land values.

Earlier this month, the company revealed that it would deliver seven projects starting Q4 2018, consequently adding 2,268 units to various Dubai locations.

These planned handovers include units in Shaista Azizi, Samia Azizi, Azizi Star, Farishta Azizi, and Azizi Plaza in Al Furjan. The development brings the total number of projects by the developer in Al Furjan to 17.

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Construction Week - Issue 749
Sep 15, 2019