Azizi Real Estate Investments and Development announced beginning an investment programme for a sum of more than AED 3.5 billion in hotel and real estate projects in Dubai till 2020. This programme includes the construction of eight hotels and hotel apartment complexes as well as 10 hotel-serviced residential projects.

Azizi CEO Mohsen Kamel said that 10 construction work contracts have been signed for new projects in Al Furjan in Dubai, eight of which were signed with S.S. LUTA Company, while the remaining two were signed with the Modern Building Contracting Company (MBCC). The two companies have already begun construction works, he added.

Azizi Company has begun executing three projects and is planning its first five-star hotel in December 2014, Kamel told Al Etihad newspaper, adding that property demand in the market has begun growing significantly.

The establishment of a hospitality company bearing the name ‘Azizi Hospitality’ is one of the Company’s strategic goals as Azizi is currently working on developing eight hotels, which supports the need to have a company operating in this field in the future, Kamel highlighted, noting that the Company is also examining several options for partnerships with international trademarks to manage and operate Azizi’s five-star hotel.