Azizi Developments has initiated the construction of Burj Azizi, a mega-tall tower in Dubai, aiming to become the world's second-tallest if approved. Although the exact height is pending final approval, the $1.5 billion tower is confirmed to be the second tallest in Dubai. Located on Sheikh Zayed Road, Burj Azizi will boast luxury apartments, penthouses, a multi-floor mall, a seven-star hotel, upscale dining establishments, and an observation deck. The Developer said: Burj Azizi is scheduled to completion within four years.
Mirwais Azizi, founder and chairman of Azizi Developments, expressed that Burj Azizi signifies their commitment to Dubai, describing it as their legacy and a way of giving back to the emirate that has provided safety and opportunities. The Burj Khalifa, standing at 828 meters, has been the world's tallest since its opening on January 4, 2010. The Burj Azizi aims to be the world's second-tallest, surpassing Malaysia's Merdeka 118 (679m) and Dubai's current second-tallest, the Franck Muller Aeternitas tower (450m). Currently, Marina 101 holds the city's second spot at 425m, followed by the Princess Tower at 413m, according to the Council on Tall Buildings and Urban Habitat.
Master Community
Azizi Developments, with plans announced in 2018, envisions Burj Azizi as a landmark tower on Sheikh Zayed Road. The CEO, Farhad Azizi, described it as a "master community in one tower" during Cityscape in 2022. The company has an extensive investment plan, including the development of 50 luxury hotels and resorts, with about 40,000 units under construction for delivery by 2027.
Azizi Developments had initially proposed a landmark tower on Sheikh Zayed Road, unveiling plans for a 570m, 122-storey skyscraper in March 2018. At Cityscape 2022, CEO Farhad Azizi announced a multibillion-dollar investment plan, envisioning the construction of Dubai's second-tallest tower as a "master community in one tower." In May, the developer disclosed intentions to allocate up to Dh60 billion for the development of 50 luxury hotels and resorts, including a seven-star hotel in Dubai.
With around 40,000 units under construction for delivery by 2027, Azizi launched the Dh30 billion ($8.16 billion) Azizi Venice project in September, featuring over 30,000 homes in mid-rise apartment complexes, villas, and mansions. Despite a record year, UAE property prices are anticipated to rise by 5-7% in Dubai in 2024, according to ValuStrat. However, Haider Tuaima, ValuStrat's director of real estate research, suggests a potential inflection point by summer, affecting the high-end luxury market first.
Source: The National News
