UAE's Azizi to press on with new projects after Dubai Land Dep't talks

Azizi Developments CEO Farhad Azizi.

UAE-based Azizi Developments on Thursday said it was to press on with plans to launch 50 new developments in 2017, which will comprise residential, commercial and retail space, following talks with Dubai Land Department.

The developer said in a statement that it discussed Dubai’s economic situation, the current market conditions and predictions for the upcoming year as well as regulatory changes.

Sheikh Mohammed Bin Khalifa Bin Saeed Al Maktoum, chairman of Dubai Land Department, and Sultan Butti Bin Mejren, director general, met with Azizi Developments to discuss the 50 new projects to be developed in various areas in Dubai, which are currently in the land acquisition, permit application and design stages.

CEO Farhad Azizi said that following the "productive meeting" with Dubai Land Department, his confidence in the market’s potential for high returns was justified.

He said: “The meeting was very fruitful and bolstered our confidence for the possibilities of 2017. This early progress demonstrates our commitment to delivering the announced plans for the upcoming year.”

Azizi added: “The meeting confirmed the upward trend of property prices. Those who are savvy enough to start buying properties now will see significant returns in 2017. Our expectations for the coming year are for real estate and property prices to reach unprecedented heights.”

The 2017 project plan adds to the company’s existing portfolio, which includes 20 UAE-based projects valued at around AED7.3 billion. Azizi Developments currently has 15 projects in Al Furjan, two in the Palm and one in Dubai Healthcare City.

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