Staff Report
Dubai, UAE
Azizi Developments, a Dubai-based property developer, said it will invest Dh60 billion to develop 50 hotels in the next five years, that will help diversify its portfolio and help increase recurring income from assets.
Azizi will operate the hotels itself through a newly-established hospitality division, the company said in a statement.
“As such, the developer will add close to 20,000 new keys to Dubai’s hotel stock over the next five years. Azizi’s hotels and resorts in the UAE and beyond will be managed by its very own hospitality division,” it said.
The announcement also follows Azizi’s recently revealed plans to enter the hospitality sector, with its new Chief Operating Officer – Hospitality, Michael Zager, leading the developer’s newly established hospitality division.
“Azizi’s hospitality investment plan also comes in light of Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, having announced the UAE’s target to reach 40 million visitors and increase the tourism sector’s GDP contribution to Dh450 billion within 7 years,” it says.
Azizi has already acquired most of the necessary plots of land for its hotels and is planning to launch the construction before the end of 2023.
Mirwais Azizi, Founder and Chairman of Azizi Developments, commented: “With the UAE’s Tourism Strategy 2031 aiming to leverage public-private partnerships and seeking to attract over Dh100 billion in new investment in the tourism sector, we have decided to make a major investment in the hospitality sector. With the investment of Dh60 billion over the course of the next five years, we aim to become a major part of Dubai’s promising future as a global hub for tourism.”
“We are inspired by the vision and leadership of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, and it is always a source of pride for us to contribute to his plans for Dubai and the UAE”, he continued.
Azizi Developments earlier announced its foray in the hospitality business, saying it “will soon introduce the new global brand, under which it will both develop and acquire hotel real estate that it will then own and manage.”
Farhad Azizi, CEO of Azizi Developments, said: “The hospitality sector is especially pronounced here in our home, the UAE, with Dubai seeing a substantial influx of visitors year after year and continuing to be crowned as the number one destination in the world. As a leading developer, we are now leveraging our real estate aptitude and in-depth understanding of the wants and needs in the realm of accommodation to grant visitors unparalleled hospitality experiences, worldwide.
“We see our expansion into the tourism sector as the next big stride in our overarching mission of enhancing lifestyles and look forward to showcasing our upcoming hospitality projects to our stakeholders in the UAE and beyond, as well as more announcements in this regard, in due course.”
Azizi currently has approximately 100 ongoing projects that are to be delivered by 2023, and an additional 5,000+ projects in planning, worth several billion US dollars, that are projected to be delivered between 2023 and 2028.
Azizi Developments is now gearing up for its 2023 completions. The developer is well on its way to deliver a total of approximately 11,000 units across 45 projects in Dubai, spread across the first, second and third phases of Riviera, Park Avenue I, II and III in MBR City, and Berton in Al Furjan.
