Wednesday, October 18, 2017

Azizi launches $6.8bn Dubai community project

Azizi Developments, a UAE-based real estate developer, has announced plans to launch a new mega community project in the heart of Dubai at an investment of Dh25 billion ($6.8 billion).

The project, whose name is yet to be announced, will have a distinctly British feel, with themes and elements influenced by contemporary British culture and way of living, said a statement from Azizi.

Work on the project is scheduled to begin next month and is due for completion by Expo 2020, it stated.

The development will comprise residential, commercial and retail space, with 105 mid-rise and high-rise residential buildings boasting 30,000 apartments, said the Dubai group.

The announcement comes on the back of the developer’s success at this year’s Cityscape Global and the sellout of Azizi Riviera Phase one and two canal-facing projects in Meydan One, it added.

Mirwais Azizi, the chairman of Azizi Group, said: "When we arrived in Dubai 20 years ago, I always had the desire to be part of this city’s success story. The new project announcement comes as part of Azizi's commitment toward developing a city which has given us many opportunities, including secure investments and business environment, as well as excellent standard of living and education, and a world-class healthcare system."

The new project, he stated, will be located in central Dubai with a construction area of 33 million sq ft – twice the size of Azizi Riviera in Meydan One – and will include all facilities needed for its residents to enjoy a happy lifestyle.

"The development will include education facilities, retail outlets, hospitality, a shopping area and outdoor recreation spaces," he added.-TradeArabia News Service

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