Recently in March Azizi Developments were confirmed to take on a grand project for Dubai Sports City which would cost over $200m around AED750million; this would build 431 apartments which are split into 238 studio flats, 140 one bed, 53 two-bedroom apartments. The project would be located on the well-known Sheikh Mohammed bin Zayed Road taking up an enormous 47,100 square meters and have the usual UAE touches such as a panoramic view, two swimming pools, half a dozen elevators etc.
Today the chairman has come out with a statement to let the public know they are planning to expand there portfolio from Dubai where they are originally based, the chairman and owner Mirwais Azizi said: “In future, Azizi will go for hotel business in other countries,” “We are looking at markets such as the Seychelles, Maldives and India – countries where there are high numbers of tourists,” he added from an interview done by The National UAE.
Announcement is said to be held mid of this year, as they currently planning behind the scenes; this move might not come as a surprise as the UAE property market has taken a downfall over the years due to the oil slump which triggered jobs losses and demands decreasing but the worse is yet to come as analysts predict it will continue to go down more within 2018.
Developers, however, are not going to sit in one position and allow the market to determine there future this is why they have turned to diversify their portfolio; another example is Emaar Properties who are the largest real estate company within Dubai looking to launch into Europe and North Africa.