Check out market updates

Dubai’s Azizi awards $54m deals to build Al Furjan projects

CEO Farhad Azizi

Azizi Developments has announced it has awarded a contract worth AED200 ($54 million) million to construct two new serviced residences in the Al Furjan area of Dubai.

The deal will see Keilani Construction Company build high-end serviced residences – named Roy-Mediterranean and Montrell – which will comprise studios and one-bedroom apartments.

The AED510 million worth projects, which are already under construction, will be delivered by the end of 2017, Azizi said in a statement.

Roy-Mediterranean will feature 271 units including 224 studios and 47 one bedroom apartments while Montrell comprises 222 units, divided into 168 studios and 54 one-bedroom residences, it added.

Facilities also include laundry and valet parking, room service, landscaped gardens, restaurants, café, gymnasium, swimming pool, kids’ pool, spa, and prayer rooms.

Besides Al Furjan Projects, where Azizi Developments is the biggest private-developer with 24 plots, the company also owns an ongoing project in Palm Jumeirah, Royal Bay Residence.

The company, which is owned by the chairman Mirwais Azizi, owner of two large commercial banks, said it saw around $217 million worth of sales in 2015 for its projects in Dubai.

Azizi added that it is expected to deliver eight projects at Al Furjan during 2016.

Future projects worth AED1.8 billion are also planned for Healthcare City, Palm Island and Al Furjan. The group plans to launch over 2,000 units of serviced residences by December.