UAE: Azizi Developments, the real estate arm of Azizi Holdings, says it has funds in place to complete 20 developments in Dubai.
The 20 schemes, worth a total of Dh4.5 billion, include nine
hotel/serviced apartments projects, four of which will be launched
Chief executive officer Ali Omer said: "We have done our calculation in terms of investing our own money to ensure continuity and completion of all our projects. Selling off-plan has also has helped us a lot. We don't see any problem continuing these projects. We are ensuring any project that we launch has the financial backing for it. We assure our investors that we will build all our projects that we launch and will not stop."
In Al Furjan, a master development close to the Expo 2020 venue, the developer is building 17 projects (eight residential and nine hotel/serviced apartments). Work has commenced on eight residential towers, while four hotel/serviced apartment projects will be launched soon.
Azizi is aiming to have over 1,000 rooms/apartments under management by 2020.