AZIZI Investments - Dhs3.5bn projects confirmed with land purchases at Palm Jebel Ali and Dubai World Central

The value of property projects earmarked by AZIZI Investments for the two sites now totals Dhs3.5bn.

These latest acquisitions form a central part of AZIZI Investments' three year strategy to dramatically increase its property development portfolio to an estimated 165 million square feet by 2010 and increases the AZIZI Investments total land bank on the Palm Jebel Ali alone to 1,477,078 square feet.

With an Dhs3bn project value, the acquired 617,847 square feet of plots on Crest A and Crest E at the Palm Jebel Ali will be developed into a number of luxury properties. AZIZI Investments has confirmed that negotiations for further plots on the Palm Jebel Ali are currently underway with the site developers, Nakheel.

In a joint announcement with Dubai World Central (DWC), AZIZI Investments can also confirm the acquisition of four plots totalling 302,615 square feet in Dubai World Central (DWC), with a project value of approximately Dhs500m. Dubai World Central (DWC) is one of the most strategically important commercial infrastructure developments to have been launched in the region.

The 140 sq km urban aviation project centred around the world's largest international airport, will transform the region into one of the most powerful global centres for logistics, tourism and commerce.

On the announcement of the acquisitions, Mr Merwiss Azizi, chairman of AZIZI Investments commented:

"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 working relationships we have built with Nakheel and Dubai World Central (DWC) are of the utmost importance to AZIZI Investments and we are honoured to conduct business with them as we look forward to future opportunities."

The recent launch of AZIZI Investments is supported by high profile brand awareness campaign of prime bill-board site and print advertising across the UAE.