By: Mahmoud Gamal
Dubai – Mubasher: Azizi Development is planning to deliver residential units across nine of its developments starting the end of 2018, founder and chairman Mirwais Azizi revealed.
Speaking to Mubasher, Dubai-based developer’s top official said that these projects house over 2,000 residential units in unique locations across the emirate of Dubai including developments such as Al Furjan, Dubai Medical City, and the Palm Jumeirah.
Azizi Development’s current real estate portfolio comprises over 200 projects at various stages of construction and development, the chairman revealed.
Below is Mubasher’s exclusive interview with Azizi Development chairman Mirwais Azizi.
Mubasher: What are your plans for the next five years in the UAE? Are you planning to expand?
Mirwais Azizi: The company's focus is on completing its large number of projects in Dubai and delivering these on time, enhancing our reputation of trust and goodwill and ensuring the satisfaction of buyers and investors.
Mubasher: What is your opinion of Cityscape?
Mirwais Azizi: Cityscape Global is the largest and most influential real estate investment and development event for emerging markets globally. It has proven to be an excellent platform for Azizi where we continue to witness successful sales across our residential projects in prime locations of the city, highlighting the trust of our customers and reaffirming Dubai’s attractiveness for home buyers and investors alike.
Mubasher: What do you think about the recent government resolutions regarding residency and its impact on the real estate sector?
Mirwais Azizi: The new laws launched by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on the new residency visa system for investors are a major catalyst for the further growth of Dubai’s real estate market. The laws will encourage a higher demand for Dubai property and will increase the competition between developers to deliver the most desirable properties to customers.
Mubasher: What are your expectations for the real estate market next year in the UAE and Dubai in particular?
Mirwais Azizi: In light of the laws and regulations protecting ownership rights, issued by the Dubai Land Department (DLD) and the Real Estate Regulatory Agency (RERA), many regional and international investors view Dubai as a secure option. Dubai is one of the fastest-growing cities in the world, increasing at a rate of 10.7% annually.
Additionally, Dubai is ranked as the 11th safest city in the world, has a strategic global location, enjoys a steady currency, and has world-class infrastructure, all of which are attractive to home buyers and investors. As the market progresses, we expect a surge in demand for real estate, especially as Expo 2020 approaches bringing forth an anticipated 25 million visitors annually, boosting the operations of hotels and leisure attractions.
Mubasher: Are any of your current projects ready for delivery?
Mirwais Azizi: Azizi Developments’ diverse experience in the property market has enabled it to expand to include a portfolio with more than 200 projects under various stages of development.
From the end of 2018, the company will commence the delivery of nine projects with over 2,000 units across prestigious locations including Al Furjan, Dubai Healthcare City, and Palm Jumeirah.
Mubasher: Are you planning to go public anytime soon?
Mirwais Azizi: As mentioned previously our main focus is on completing our existing projects. In the future, we may consider proceeding with an initial public offering (IPO).
