Azizi Developments is training its sights on Saudi Arabia and the United Kingdom for further expansion.
One of the leading private developers in the United Arab Emirates, the company is also looking into diversifying its business into facility management and brokerage services.
Farhad Azizi, chief executive of Azizi, noted in a recent interview that the company does not yet have a pipeline of projects in these countries.
He explained: “While we are also researching opportunities for projects in these markets (other emirates, neighbouring high-growth markets such as Saudi, and more mature markets such as London), with no specific projects in the pipeline yet, we are looking into launching presences and sales activities in other emirates, the Saudi Arabia, London and Nigeria.”
Azizi Developments, which has a BB- rating with a stable outlook by Fitch, expects its geographical expansion based on new projects or sales offices to complement this year’s drive for better profits.
“These could be either offices or other sales activities, depending on the market, local laws and regulations, and other considerations,” Azizi explained.
“Launching presences in these markets allows us to better establish our brand and to reach those seeking properties in a more convenient and efficient manner.
“It allows us to create bigger profit centres in the markets that are showing high and increasing demand.”
The developer, whose properties are mostly in MBR City, Palm Jumeirah, Dubai Healthcare City, Al Furjan, Studio City, Sports City and Downtown Jebel Ali, has stated that it currently has 54 ongoing projects that are to be delivered between 2020 and 2023 and over 100 projects in planning that are projected to be delivered between 2023 and 2025.
Last year, the developer rolled out a fly-in programme aimed at attracting international investors, offering them customised five-star travel packages that comprise flights, all-inclusive hotel stays, and transportation across the emirate.
“Location, infrastructure, amenities and, most importantly, the resulting yields and value appreciation are the determining factors in their purchase decision-making processes,” Azizi said.
“We are seeing a strong demand from both investors and end-users, with Saudi nationals forming our second biggest customer demographic after Emiratis.”
The two preferred choices of Saudi nationals, according to the developer, are Riviera, a 71-building, French Mediterranean–inspired flagship master-planned waterfront community project in Mohammed bin Rashid City, and Mina, a luxury development on the east crescent of Palm Jumeirah.