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The UAE’s Azizi Developments has unveiled its plans to invest more than US$950mn in the next two to three years to develop 14 and 22 buildings in Riviera Phase 3 and 4 respectively, its three Avenue buildings in MBR City, two projects in Dubai Healthcare City and four projects in Al Furjan
This announcement is in line with the surge of demand in MBR City, DHCC and Al Furjan – the three most sought-after residential destinations in all of the UAE.
The construction of the Al Furjan and Dubai Healthcare City projects, which will feature around 645 and 973 units respectively, Riviera’s Phase 3, comprising approximately 3,700 units, Phase 4, with around 5,400 units, and the 423 Avenue units, will commence between August and December of this year.
Farhad Azizi, CEO of Azizi Developments, remarked, “The new communities will be unique in the lifestyles they grant residents – they are a new type of product, and we will be reaching out to new markets with them.”
“The US$950mn will be spread out across several years, with more than 11,000 homes being developed. We are confident that this investment in Dubai, the most promising, forward-thinking and growth-inclined city in the world, is well placed, and look forward to further catalysing the emirate’s vision and development,” he added.
For the construction of the 45 buildings, Azizi will minimise vertical supplier structures by sourcing materials, such as concrete, steel and aluminium, locally. In addition, it will continue to build its engineering team and construction methods, making the developer less contractor-dependent and taking efficiency and reliability to new heights.