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.
UAE currency: the story behind the money in your pockets
THREE
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Specs
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Director: Juan Carlos Medina
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The biog
Hobby: Playing piano and drawing patterns
Best book: Awaken the Giant Within by Tony Robbins
Food of choice: Sushi
Favourite colour: Orange
My Cat Yugoslavia by Pajtim Statovci
Pushkin Press
ACC 2019: The winners in full
Best Actress Maha Alemi, Sofia
Best Actor Mohamed Dhrif, Weldi
Best Screenplay Meryem Benm’Barek, Sofia
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Best Film Yomeddine by Abu Bakr Shawky
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Global state-owned investor ranking by size
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Afcon 2019
SEMI-FINALS
Senegal v Tunisia, 8pm
Algeria v Nigeria, 11pm
Matches are live on BeIN Sports
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
WRESTLING HIGHLIGHTS
UAE WARRIORS RESULTS
Featherweight
Azouz Anwar (EGY) beat Marcelo Pontes (BRA)
TKO round 2
Catchweight 90kg
Moustafa Rashid Nada (KSA) beat Imad Al Howayeck (LEB)
Split points decision
Welterweight
Gimbat Ismailov (RUS) beat Mohammed Al Khatib (JOR)
TKO round 1
Flyweight (women)
Lucie Bertaud (FRA) beat Kelig Pinson (BEL)
Unanimous points decision
Lightweight
Alexandru Chitoran (ROU) beat Regelo Enumerables Jr (PHI)
TKO round 1
Catchweight 100kg
Marc Vleiger (NED) beat Mohamed Ali (EGY)
Rear neck choke round 1
Featherweight
James Bishop (NZ) beat Mark Valerio (PHI)
TKO round 2
Welterweight
Abdelghani Saber (EGY) beat Gerson Carvalho (BRA)
TKO round 1
Middleweight
Bakhtiyar Abbasov (AZE) beat Igor Litoshik (BLR)
Unanimous points decision
Bantamweight
Fabio Mello (BRA) beat Mark Alcoba (PHI)
Unanimous points decision
Welterweight
Ahmed Labban (LEB) v Magomedsultan Magomedsultanov (RUS)
TKO round 1
Bantamweight
Trent Girdham (AUS) beat Jayson Margallo (PHI)
TKO round 3
Lightweight
Usman Nurmagomedov (RUS) beat Roman Golovinov (UKR)
TKO round 1
Middleweight
Tarek Suleiman (SYR) beat Steve Kennedy (AUS)
Submission round 2
Lightweight
Dan Moret (USA) v Anton Kuivanen (FIN)
TKO round 2
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UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Zayed Sustainability Prize
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Killing of Qassem Suleimani
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
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What is Genes in Space?
Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.
It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration.
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Killing of Qassem Suleimani
The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
Surianah's top five jazz artists
Billie Holliday: for the burn and also the way she told stories.
Thelonius Monk: for his earnestness.
Duke Ellington: for his edge and spirituality.
Louis Armstrong: his legacy is undeniable. He is considered as one of the most revolutionary and influential musicians.
Terence Blanchard: very political - a lot of jazz musicians are making protest music right now.
BABYLON
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Company%20profile
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A cryptocurrency primer for beginners
Cryptocurrency Investing for Dummies – by Kiana Danial
There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine.
Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.
Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.
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Available at Magrudy’s , Dh104
