Mirwais Azizi's son forms Jawad Holding amid $326m investment drive
Jawad Azizi told CW his foray into real estate is driven in part by the "pressure" to prove himself
The 28-year-old son of Azizi Developments' founder and chairman will create his own holding company called Jawad Holdings ahead of investing millions of dollars in Dubai real estate.
Jawad Azizi told Construction Week the holding company will be registered in November 2018, as he looks to bring his portfolio of companies under one roof.
Azizi is the managing director of German property developer Meilenstein and also owns joinery firm Artigianato, fit-out contractor Mon Palais, JMA Supermarket, and Alawooz Classifieds.
Plans to set up Jawad Holdings are linked to Meilenstein's pipeline that features eight construction projects across Mohammed Bin Rashid City, Al Furjan, Dubai Studio City, and Dubai Sports City between now and 2019.
“Studio City and Al Furjan are prime locations in Dubai [and both have] lots to offer with flexible payment plans and affordable residential units,” Azizi said.
“Dubai Studio City has the right combination of planned infrastructure and a dynamic business environment located in the heart of the city.”
The business has set aside $326m (AED1.2bn) for investment in construction schemes, but this figure could rise to up $870m (AED3.1bn) in the future.
Coming from a family of real estate developers, Azizi said his decision to create Jawad Holdings stemmed from the “pressure [to] prove” himself.
Claiming to be one of the youngest property developers in Dubai right now, Azizi said his father and brother, Mirwais and Farhad Azizi respectively, remain “close advisors” as he makes his first major forays in the UAE's real estate sector.