AZIZI Investments, the Dubai-based real estate developer, has purchased 920,000 sq ft of land worth Dh3.5 billion at The Palm Jebel Ali and Dubai World Central to commence its two realty projects. The latest acquisitions form a central part of AZIZI Investments' 3 year strategy to dramatically increase its property development portfolio to an estimated 165 million sq ft by 2010.
Merwiss Azizi, Chairman, AZIZI Investments, said, "The land purchases at the Palm Jebel Ali and Dubai World Central are key acquisitions within our property development strategy for 2008 and further cement our commitment and vision for this region.
The 617,847 sq ft of plots on Crest A and Crest E at The Palm Jebel Ali will be developed into a number of luxury real estate projects. AZIZI Investments also confirmed the acquisition of 4 plots totaling 302,615 sq ft in Dubai World Central with a project value of approximately Dh500 million.
