The leading developer in UAE, Azizi Developments, plans to invest over AED3.5bn ($952 million) in the next 2-3 years to develop 45 buildings comprising over 11,000 homes in Dubai.
The projects include 14 and 22 buildings in Riviera Phase 3 and 4 respectively, three Avenue buildings in MBR City, two projects in Dubai Healthcare City, and four projects in Al Furjan.
This announcement comes in light of it having sold over 80 per cent of its current ongoing projects and inventory, and demand projected to surge, especially 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.
For the construction of the 45 buildings, Azizi will minimize vertical supplier structures by sourcing materials, such as concrete, steel, and aluminium, locally. It will also continue to build its engineering team and construction methods, making the developer less contractor-dependent and taking efficiency and reliability to new heights.