Meilenstein Developments' Jawad Azizi reportedly arrested by Dubai Police
Arabian Business report states real estate executive was "arrested and detained" more than a month ago
Managing director of Germany-based real estate company Meilenstein Developments, Jawad Azizi, was recently arrested and detained by Dubai Police, according to Arabian Business, a sister title of Construction Week.
Citing a source, Arabian Business reported that the case is currently being handled by Dubai’s Public Prosecutor, with lawyers hoping that “a court hearing will be scheduled within the next week”.
The report added that Azizi had been “arrested and detained by Dubai Police more than a month ago”.
Commenting on Meilenstein’s local debut in October 2018, Azizi said the UAE’s regulatory environment was among the key factors that supported its growth as a real estate hub.
He added: “Meilenstein Developments is entering in the UAE market at a time when the real estate sector [has] achieved a high level of maturity, backed up with a regulatory environment that protects property buyers, investors, developers, and brokers.”
In November 2018, Azizi told Construction Week that he would launch a holding company named Jawad Holdings as he planned to invest in Dubai real estate projects.
At the time, Azizi said the company had sent aside $326m (AED1.2bn) to invest in future construction projects, adding that the figure could increase to $870m (AED3.1bn) in the future.