Azizi Developments has been part of Dubai’s real estate industry for two decades now. How have you seen the city change during this time?
I have seen the city evolve tremendously over the past 30 years, both as a resident and business owner. There is no other city you can compare Dubai with. From a business perspective, it functions at a different speed - building permits are received fast, there is little bureaucracy, and the government is highly functional, even when compared to major cities such as Frankfurt or London. Dubai has built one of the cities of the future, with only Singapore coming close.
This city has given us so much, and we want to give back. We have the business opportunity but also the emotional attachment. Presently we are building in different parts of Dubai and every project is incredibly important to us.
Could you talk about your upcoming projects? We know, for instance, that earlier this month you released new units at the Riviera Project.
Indeed, the Riviera project encompasses 71 buildings with around 16,000 units, divided into four phases. Phases one and two are being delivered now, with phase three scheduled for next year. Phase four is a very special one as it includes 22 buildings, among which a shopping mall and a hotel. We have other exciting running projects in Dubai including in Dubai Sports City and Dubai Healthcare City, among many others.
Furthermore, we have two iconic projects that are still in the concept stage. One will be the second tallest tower in the country, after the Burj Khalifa, situated on Sheikh Zayed Road. The other will be mainly residential, and will be five times bigger than the Jumeirah project. Moreover, we’ve just purchased over 15 million square feet of land with 24 million square feet of GFA in Dubai South, where we will be developing an entire city comprising villas, townhouses and apartments.
We will be the master developer, meaning that we will be developing the entire infrastructure, including the roads, pavements and more.
When talking about the cities of the future, sustainability and technology are two core concepts. How are you implementing these across your portfolio?
We have been focusing on integrating these concepts early on, in the design phase. As an added advantage, this early concern with sustainability also helps control expenses better. We concern ourselves, for instance, with proper insulation of our buildings - this is particularly important given the excessive need for air conditioning in Dubai - and we are also investing into solar panels so that buildings can create their own energy.
We build our homes to be long-lasting in the environment they are built in, while also ensuring that they have a low environmental impact, in terms of both construction and maintenance, energy consumption, and more.
Do your customers care whether their homes are sustainable?
We have clients who are not too familiar with sustainability, but when they understand that they are in fact saving money, they become very interested. There are, however, also clients who simply choose to live in properties that are good for the environment. On the whole, the majority appreciate it and see the benefit in it, much like we do when we develop them.
Your customer portfolio spans across more than 100 nationalities. What countries tend to invest most in Dubai's real estate?
Roughly 40% are from the Middle East region, 25% from India and Pakistan and the rest are global. Since the war in Ukraine emerged, we have been seeing a lot of demand from Russian buyers. This being said, we are pleased to see that locals are also investing in high quality homes - thinking of the Riviera project, about 27% of the properties were bought by Emiratis. European buyers are also increasing in proportion, with more and more purchasing homes here in the UAE.
Are you planning to expand your footprint internationally?
We were keen to carry out projects in London, Frankfurt and Toronto but COVID-19 delayed our plans. Now that things have settled down we are turning this into a priority. The ambition is to develop truly iconic projects, by leveraging the expertise we have developed here in the UAE, is now in full swing. We will do this as an originally Dubai-based developer, taking our Dubai brand to other cities.
What are the challenges that new investors should be aware of in Dubai?
The real estate sector in Dubai is very competitive and keeping this in mind is extremely important for all stakeholders. Developers who are not building the right properties, in the right areas, will undoubtedly fall behind. Moreover, since buyers come from many different countries developers must cater to very diversified needs. Another aspect is related to financing; the market fluctuates so developers need to help customers with long-term financing solutions.
Do you have a final message for our readers?
While Dubai may not be rich in natural resources, it offers everything else. Its fantastic leaders look out for their residents, giving them safety, proper infrastructure and an outstanding quality of life – the best in the world. This has encouraged us to want to be part of its remarkable growth trajectory, and imagine, and transform our ideas into reality.
