Azizi Developments to infuse AED 3.5 Billion in Dubai construction projects, affirms to use locally sourced aluminium

Azizi Development based in UAE has announced its plans to infuse over AED 3.5 billion ($953 million) in the construction of 45 buildings covering Dubai over the next two to three years.

The project incorporates developing 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.

It comes after the developer unfolds sales of over 80% in its ongoing projects, despite the economic crisis caused by the global COVID-19 pandemic.

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’20 and December’20.

Farhad Azizi, CEO of Azizi Developments, said: “The AED3.5 billion 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.”

Azizi has affirmed to source materials, such as aluminium and other construction elements locally and also build its engineering team and construction methods, so it is less dependent on contractors.

In May’20 it was publicized that Azizi had brought on board 40 new staff members to ramp up business operations, with plans to hire 60 more people.

The company has previously revealed plans to complete around 3,000 units in 2020, having already finished two developments in Al Furjan-Samia and Farishta in January’20 and February’20, before the onset of COVID-19.

 

source https://www.alcircle.com/news/azizi-developments-to-infuse-aed-3-5-billion-in-dubai-construction-projects-affirms-to-use-locally-sourced-aluminium-57665