Azizi Developments has acquired a large parcel of land in Dubai South to build a mixed-use development worth about Dh12 billion ($3.27 billion) as it continues to expand its portfolio of assets amid a rapid recovery in the UAE’s property market.
The company bought the plot, which measures 139 hectares (15 million square feet), from Dubai South, an aviation and logistics urban master developer in the emirate, Azizi said on Tuesday.
Under the agreement signed on the sidelines of the Cityscape Dubai, Azizi plans to build the mega project, with about 24 million square feet of gross floor area within the Dubai South development, a 145 square km city that includes Al Maktoum International Airport in Jebel Ali.
Azizi, which has yet to reveal the full details of the development, will also be in charge of constructing the project’s infrastructure and road network, it said.
“This sizeable land represents an exceptional opportunity to contribute to the satiation of the exponentially increasing demand for world-class properties in the UAE,” said Mirwais Azizi, chairman of Azizi Developments.
The growing number of investors and end users looking to call Dubai home “solidifies” the emirate’s standing as the world’s centre for business, tourism and innovation, he added.
The acquisition of land in Dubai South is part of Azizi’s plans to spend $15 billion in the next three years on new projects.
The developer is aggressively investing to capitalise on growth opportunities in the emirate and aims to unveil the second-tallest tower in Dubai next year amid booming demand.
The construction cost of the tower — at a “prime location” on Sheikh Zayed Road in Dubai — may reach $1.36 billion, chief executive Farhad Azizi told The National on Monday.
The property market in Dubai, which last year made a strong bounce back from the pandemic-driven slowdown, has improved further this year.
Dubai’s property market has recorded the most robust performance in the first nine months of the year since 2011, with the volume of transactions increasing by 60 per cent, compared with a year earlier, as a result of the UAE's broader economic recovery.
The Arab world’s second-biggest economy is set to expand this year at its fastest pace in more than a decade, with growth forecasts as high as 7 per cent.
Azizi, which aims to deliver 10,000 units to investors in 2023 after tripling deliveries this year to 9,000, has registered a significant rise in interest on the part of European buyers investing in Dubai’s property market.
A looming recession in Europe, the weakening of the euro and the Russia-Ukraine conflict have supported the accelerated pace of property sales in the emirate, the company's chief executive said on Monday.
Azizi said its latest development in Dubai South will be part of the Golf District, next to Emirates Road, and will provide access to Dubai’s other major motorways.
The planning and design of the project, which is close to Al Maktoum International Airport, has already begun.
The development will feature townhouses, villas, apartments and hotels, among other amenities, Azizi said.
SUZUME
%3Cp%3EDirector%3A%20Makoto%20Shinkai%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Nanoka%20Hara%2C%20Hokuto%20Matsumura%2C%20Eri%20Fukatsu%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Full Party in the Park line-up
2pm – Andreah
3pm – Supernovas
4.30pm – The Boxtones
5.30pm – Lighthouse Family
7pm – Step On DJs
8pm – Richard Ashcroft
9.30pm – Chris Wright
10pm – Fatboy Slim
11pm – Hollaphonic
UAE currency: the story behind the money in your pockets
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
Directed: Smeep Kang
Produced: Soham Rockstar Entertainment; SKE Production
Cast: Rishi Kapoor, Jimmy Sheirgill, Sunny Singh, Omkar Kapoor, Rajesh Sharma
Rating: Two out of five stars
BLACKBERRY
%3Cp%3EDirector%3A%20Matt%20Johnson%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Jay%20Baruchel%2C%20Glenn%20Howerton%2C%20Matt%20Johnson%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Match info
Deccan Gladiators 87-8
Asif Khan 25, Dwayne Bravo 2-16
Maratha Arabians 89-2
Chadwick Walton 51 not out
Arabians won the final by eight wickets
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
'Outclassed in Kuwait'
Taleb Alrefai,
HBKU Press
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
-
-
-
-
-
-
-
-
-
Political flags or banners
-
Bikes, skateboards or scooters
THE BIO
Ms Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with.
Regular contact with wildlife is the most appealing part of her role at the Environment Agency Abu Dhabi.
She loves to explore new destinations and lives by her motto of being a voice in the world, and not an echo.
She is the youngest of three children, and has a brother and sister.
Her favourite book, Moby Dick by Herman Melville helped inspire her towards a career exploring the natural world.
