Azizi Investments commits to delivery of all projects

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Addressing media at a briefing this morning, Mr. Merwiss Azizi, Founder and Chairman of Azizi Investments, said, 'All of the projects that we have announced, we will deliver.'

Mr Azizi also stated that although Dubai and Dubai developers were being impacted by the current global economic downturn, he believed its strong fundamentals meant that it would suffer less, and for a shorter time, than any other market.

Mr Azizi said: 'Dubai's ports, its infrastructure - including the best airlines and largest airport in the world - and most importantly the safety and security it provides means it has a great future ahead.' He praised the leadership and vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum as integral to this success.

Mr Azizi also advised the company was committed to helping any buyers - whether investors or end users - who may be experiencing problems in the current economic climate. 'It is our goal to be flexible, to help buyers affected by the current situation,' he said, 'because we know that this situation will change. We are not here to make people's lives harder, and we know that Dubai will recover quicker than other markets.'

The developer advised that the initial ambitious plans for growth in 2009 may be adjusted considering the current worldwide markets, and that it would adopt a 'wait and see' approach before launching any new projects. Mr Azizi said, 'We are still very keen to implement our plans for growth, but this will now happen at a slower pace. We will focus on delivering our existing projects.'

Although sales had fallen in the last quarter, the company stressed that demand for property in Dubai still outstrips supply, as people continue to flock to Dubai - drawn by employment opportunities and the tax free environment. With the cancellation of some projects by smaller developers, this supply shortage will become even greater within a relatively short timeframe.

The developer also praised the efforts of the UAE Government and its master developers in helping to minimise negative market impacts.