Azizi Developments is coaching its sights on Saudi Arabia and the UK for additional enlargement.
One of many main personal builders within the United Arab Emirates, the corporate can also be trying into diversifying its enterprise into facility administration and brokerage companies.
Farhad Azizi, chief government of Azizi, famous in a latest interview that the corporate doesn’t but have a pipeline of initiatives in these international locations.
He defined: “Whereas we’re additionally researching alternatives for initiatives in these markets (different emirates, neighbouring high-growth markets similar to Saudi, and extra mature markets similar to London), with no particular initiatives within the pipeline but, we’re trying into launching presences and gross sales actions in different emirates, the Saudi Arabia, London and Nigeria.”
Azizi Developments, which has a BB- score with a steady outlook by Fitch, expects its geographical enlargement based mostly on new initiatives or gross sales places of work to enrich this yr’s drive for higher earnings.
“These may very well be both places of work or different gross sales actions, relying available on the market, native legal guidelines and laws, and different concerns,” Azizi defined.
“Launching presences in these markets permits us to raised set up our model and to succeed in these in search of properties in a extra handy and environment friendly method.
“It permits us to create larger revenue centres within the markets which are exhibiting excessive and growing demand.”
The developer, whose properties are largely in MBR Metropolis, Palm Jumeirah, Dubai Healthcare Metropolis, Al Furjan, Studio Metropolis, Sports activities Metropolis and Downtown Jebel Ali, has acknowledged that it at the moment has 54 ongoing initiatives which are to be delivered between 2020 and 2023 and over 100 initiatives in planning which are projected to be delivered between 2023 and 2025.
Final yr, the developer rolled out a fly-in programme geared toward attracting worldwide traders, providing them customised five-star journey packages that comprise flights, all-inclusive resort stays, and transportation throughout the emirate.
“Location, infrastructure, facilities and, most significantly, the ensuing yields and worth appreciation are the figuring out components of their buy decision-making processes,” Azizi stated.
“We’re seeing a robust demand from each traders and end-users, with Saudi nationals forming our second greatest buyer demographic after Emiratis.”
The 2 most well-liked decisions of Saudi nationals, in line with the developer, are Riviera, a 71-building, French Mediterranean–impressed flagship master-planned waterfront neighborhood mission in Mohammed bin Rashid Metropolis, and Mina, a luxurious improvement on the east crescent of Palm Jumeirah.