Revealed: Dubai developer Azizi eyes 2020 for Abu Dhabi debut
EXCLUSIVE: CEO Farhad Azizi says firm is in talks to potentially acquire land and build in UAE capital sometime next year
Azizi Developments is mulling the launch of projects in Abu Dhabi by 2020, which would mark the Dubai-headquartered real estate developer's debut in the UAE capital, chief executive officer, Farhad Azizi, told Construction Week on the side-lines of Cityscape Abu Dhabi 2019.
“[Earlier this month] I had our business development team go to Abu Dhabi,” Azizi revealed. “They spoke to a few of the massive developers about potentially acquiring land and developing in the UAE capital.
“We are considering 2020 as the year when we potentially do a project in Abu Dhabi,” the CEO added.
“We are looking at two types of projects – residential and villas. We truly like projects that are more focused on freehold.”
Azizi is one of the biggest names in the UAE’s real estate development market, with the group saying that it launches a project roughly every month. According to the CEO, the group now has 70 projects under construction in Dubai, with 120 in the development phase.
In 2019, Azizi added, his personal focus for Azizi Developments is “more [oriented towards] construction than sales and marketing”.
The group’s efforts are already expanding beyond Dubai, with Azizi Developments also starting work on residential schemes in Germany's Frankfurt – albeit on a much smaller scale than those in its home market.
“These projects are residential – one of them is already under construction with a contractor appointed for the other,” said Azizi. “We want to test the waters and see how the whole process works, how lengthy it is, and so on.”
Earlier this month, the developer announced that its Farishta Azizi project in Dubai's Al Furjan development had passed the 86% construction mark, with external works hitting the 60% completion mark.