Azizi Developments — Private Powerhouse Scaling Toward 150K Units

Introduction & Executive Overview

Azizi Developments has evolved from a boutique‐scale builder in 2007 into one of Dubai's most prolific private developers, handing over 40,000+ homes to buyers of 100+ nationalities and selling a record AED 10 billion worth of property in 2024 alone. Today the company is executing an ambitious pipeline of ~150,000 units across the emirate—an inventory that spans waterfront condos, master-planned villa zones, hospitality assets and what is slated to be the world's second-tallest tower, Burj Azizi.

Azizi's model is deliberately diversified:

Business Pillar	2025 Snapshot
Residential	Riviera (MBR City), Venice (Dubai South), Beach Oasis & Central (Al Furjan), Mina (Palm)
Mixed Use & Super-tall	Burj Azizi, Sheikh Zayed Road
Manufacturing Back-End	AED 1 bn cap-ex in 12 KEZAD factories for precast, joinery, aluminum, façade and modular bathrooms
Digital Platform	End-to-end SAP S/4HANA roll-out (2025) to support global sales roadshows and 30+ customer events per month

Collectively these businesses position Azizi as a scaled, vertically integrated player that still prices 10–25% below "tier-one" peers such as Emaar or Sobha, a gap that attracts yield-hungry investors.

Short History & Milestones

Year	Milestone
2007	Afghan-born entrepreneur Mirwais Azizi founds Azizi Developments after launching Azizi Bank a year earlier
2008-09	Global crisis hits off-plan buyers; Azizi refunds deposits, preserving brand goodwill
2013-2019	Construction restarts; first completions in Al Furjan and Healthcare City establish a reputation for on-time delivery
2020-2023	Riviera (71 mid-rise buildings, MBR City) tops out; hospitality arm launches Mina on Palm Jumeirah
2024	Company delivers 19 projects, sells 10,000+ units and is named "Top Contributing Developer" by Dubai Land Department
2025	Announces 150K-unit growth plan, AED 1 bn manufacturing hub, global SAP transformation, and starts construction of 725 m Burj Azizi
CSR 2025	Pledges AED 3 bn to the UAE Fathers' Endowment healthcare campaign

Flagship & Upcoming Projects

Project	Location	Typology	Status / Key Dates	Investor Hooks
Azizi Riviera	MBR City (Meydan)	71 mid-rise blocks around crystal lagoon	Phases 1-3 handed over 2024-25; final phase Q2 2026	Avg. deal AED 2,040 / sq ft; 10% booking – 40%/50% plan; 12-min to Downtown
Azizi Venice	Dubai South	Lagoon city with opera house & retail boulevard	Launched Jun 26 2025; handover Dec 2026	Studios from AED 751K; 40/60 pay-on-handover; adjacency to Al Maktoum Airport
Burj Azizi	Sheikh Zayed Rd	725 m mixed-use super-tall	Sales opened Feb 2025; completion 2028	Units AED 10–17K / sq ft; world's highest hotel lobby & sky deck
Beach Oasis	Dubai Studio City	Two lagoon-front mid-rises	94% complete (Aug 2025)	High-yield studio focus; ready Q1 2026
Central	Al Furjan	17-storey resi tower	35% built; handover Q4 2025	Walkable to Route 2020 Metro; 25 yr payment plan
Mina by Azizi	Palm Jumeirah	Beachfront serviced apts	Completed 2021; resale active 2025	Sea-view units trading ~AED 3,100 / sq ft

2024-25 Performance Highlights

Deliveries: 19 projects, 8.4 mn sq ft BUA, 43.6 mn man-hours logged in 2024
Sales: AED 10 bn in 2024; H1 2025 internal memo shows net profit tripled to AED 1.82 bn on booming off-plan demand
Pipeline Funding: AED 1 bn plant investment ring-fences supply-chain risk amid material-price volatility
Digital Edge: SAP S/4HANA stack unifies CRM, construction, and finance, prepping Azizi to host 100 global roadshow events / month
Government Alliances: MoU with DLD & DET to create a first-time-buyer programme with exclusive pricing and simplified contracts

Key Market Metrics (Investor Cheat-Sheet)

KPI	Riviera (MBR)	Al Furjan	Mina – Palm	Dubai Avg. (Jun 2025)
Avg. Sale Price / sq ft	AED 2,040	AED 1,408 – 1,565	AED 3,100	AED 1,640
Median Ticket (apt.)	AED 730K	AED 615K (apt.), 2.1M (villas)	AED 2.6M (1-BR)	—
Gross Rental Yield	6.8% (studio)	7.5% (apartments)	5.1% (1-BR beach)	6.9%
12-mo Transactions	3,220 deals; AED 2.4bn	3,223 deals; AED 2.1bn	190 deals; AED 0.6bn	—

Take-away: Azizi stock now trades 20-25% below the Sobha/Emaar quality tier yet yields 50–100 bp higher than the citywide average, making it a compelling mid-risk income play.

Why Investors Like Azizi Developments

Price-Point Arbitrage – Entry tickets in Riviera Phase 4 still start near AED 751K, a rare sub-AED 800K lagoon product 12 minutes from Downtown
Scalable Payment Plans – Standard 10/40/50 structure, with Venice offering a buyer-friendly 40% during build / 60% on handover, slashing interim cash drag
Manufacturing Control – KEZAD factory network locks in fit-out quality and cushions margins against supply shocks
Mega-Project Upside – Burj Azizi is projected to reset Sheikh Zayed Road micro-pricing to AED 10K+ / sq ft, creating a "halo effect" for existing Azizi inventory nearby
Social Licence & ESG – AED 3 bn endowment pledge and SAP-driven transparency appeal to institutional money seeking governance benchmarks

Practical Guidance for Buyers & End-Users

Handover Calendar – Riviera 65-71 buildings complete between Q4 2025 – Q2 2026; budget snagging teams early
Mortgage Levers – Most Azizi launches qualify for developer-backed 50/50 post-handover plans; leverage LTV rises from 50% (off-plan) to 80% (ready) for UAE residents
Service Charges – Expect AED 15–17 / sq ft in Riviera (lagoon upkeep) and AED 17–19 / sq ft on Palm; factor into net-yield models. Developer disclosure, FY 2024
Rental Liquidity – Al Furjan apartment vacancy < 6% with avg. leasing cycle 22 days, enabling quick exit strategies
Exit Horizon – Transaction volumes in Riviera and Al Furjan support a 45-60 day sell window at fair value, based on 12-mo deal counts above

Outlook 2025-2030

Azizi's aggressive 150K-unit rollout is underpinned by self-owned factories and a digital sales platform capable of 1,200 closing seats worldwide. Even if Dubai price appreciation moderates to 4% CAGR, an entry at today's Riviera price of AED 2,040 / sq ft could deliver unlevered IRRs around 9%; leveraged (80% LTV) returns push comfortably into mid-teens.

Risks include execution capacity on the Burj Azizi super-tall, macro cooling from higher global yields, and margin pressure if construction input prices spike beyond the group's hedging cover. Nevertheless, Azizi Developments offers investors a diversified, value-oriented gateway to Dubai's structural growth story—balancing affordable waterfront product with marquee skyline projects—making it one of the most watch-listed developers heading into Expo 2030 preparations.