EXCLUSIVE: Emiratis make up 43% of Meydan One project’s Phase 1 investors, CEO Farhad Azizi tells Construction Week

Azizi Riviera, the $3.2bn (AED12bn) waterfront residential project that Azizi Developments is building in Dubai’s Meydan One neighbourhood, has achieved an overall construction completion rate of 40%, officials from the real estate company told Construction Week.

Phase 1 of the development has noted 50% progress, followed by 35% completion of Phase 2.

Of the 71 buildings being constructed as part of Azizi Riviera, 18 are included in Phase 1, and 17 in Phase 2.

Phase 3 comprises 13 buildings, while the fourth stage features 22 structures. Two buildings each in the third and fourth phases are 22 floors high.  

Executive director of engineering at Azizi Developments, Mohamed Ragheb Hussien, told Construction Week that the developer planned to deliver Phase 1 by Q4 2019.

Azizi Riviera includes 16,000 units, and each building ranges from seven to ten floors in height. Each floor comprises eight to 12 apartments.

KSS Engineering and Construction and Zahrat Al Safa Contracting are working on Phases 1 and 2 of the project. According to Hussein, both the first and second phases have a combined value of $1.7bn (AED6.2bn).

Prestige Construction is working on Phase 3 of Azizi Riviera under a $259m (AED952m) contract.

Commenting on the project, chief executive officer of Azizi Developements, Farhad Azizi, told Construction Week: “Phase 1 of Azizi Riviera has seen 43% investments from Emirati buyers.”

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