Real Estate

News in brief

October 2018

Azizi unveils third project at Dubai Healthcare City

Fawad Azizi Residence by Azizi Developments at Dubai Healthcare City.

Fawad Azizi Residence by Azizi Developments at Dubai Healthcare City.

Azizi Developments has launched its third premium residential project at Dubai Healthcare City (DHCC).

The Dh342-million ($93 million) Fawad Azizi Residence will be spread over a total area of 565,503 sq ft and boast 396 upscale apartments comprising 201 studios, 165 one- and 30 two-bedroom apartments.

The project will feature a stylish and contemporary design with a glass façade, as well as landscaped gardens, gymnasium, swimming pool, retail areas and covered parking.

The strategically located development offers direct access to Al Khail and Oud Metha roads and has close proximity to Dubai International Airport, Downtown Dubai and the Dubai Festival City Mall.

“Fawad Azizi Residence is our third property to launch in DHCC. The other two projects are Azizi Aliyah Residences and Farhad Azizi Residence,” says group chairman Mirwais Azizi. 

The developer expects to start the delivery of seven of its key projects beginning from the fourth quarter.  The projects comprise a total of 2,268 units spread over a sprawling construction area of 283,608 sq m. Once the handover begins, Azizi’s total number of completed projects in Al Furjan will rise to 17, two in Palm Jumeirah, and one in Dubai Healthcare City, it adds.

Azizi Developments portfolio of community-oriented developments include the French-inspired waterfront lifestyle project Azizi Riviera in Meydan One, and the mega mixed-use urban project Azizi Victoria in Mohammed bin Rashid Al Maktoum City – District 7, as well as other projects in DHCC, Sports City, Studio City, and Jebel Ali.


Dar Al Arkan to open VOX Cinemas multiplex in Riyadh

Dar Al Arkan, the largest listed real estate developer in Saudi Arabia, says it has signed an agreement with Majid Al Futtaim, a leading shopping mall, communities, retail and leisure pioneer in the region, to open a VOX Cinemas multiplex in the kingdom.

As per the deal, VOX Cinemas – a unit of Majid Al Futtaim - will operate the new 15-screen multiplex at Dar Al Arkan’s Al Qasr Mall in the Saudi capital.

The deal was officially signed in Riyadh and works have started immediately, says Dar Al Arkan.

The multiplex is scheduled to open in the first quarter of 2019 and will include VOX Cinemas’ signature KIDS and MAX experiences. KIDS is a family-friendly movie environment designed for little movie fans, and MAX is the mega-screen made for big blockbuster viewing, says Majid Al Futtaim.

The design involves a major retail transformation of an existing section of the mall for the 15-screen multiplex, which will offer a superior leisure experience to the mall visitors. The addition of more outlets for casual dining and entertainment, including indoor bowling, will enhance the visitors’ experience at the mall, it states.

Dar Al Arkan Development CEO Kelvin Kwok Han Sim says: “The new cinema complex will meet the expectations of our discerning guests and will feature the next generation technology fit for the current sophisticated and tech-savvy Saudi movie-buffs. This is a significant contribution and a novel addition to the evolving Saudi cinema culture. We are delighted to be partnering with Majid Al Futtaim on this exciting project in Riyadh.”


Sreco inks partnership deal with Saudi PSS

Saudi-based Al Akaria Saudi Real Estate Company (Sreco) says it has signed a framework agreement with the Presidency of State Security (PSS) to provide real estate services for all its projects in the kingdom.

PSS is a Saudi security body created in 2017 by combining the counterterrorism and domestic intelligence services under one roof to deals with matters related to state security.

One of the largest publicly listed developers on the Saudi stock exchange (Tadawul), Sreco will provide end-to-end delivery for all PSS projects in the kingdom, in accordance with the country’s regulations and after its obtaining the necessary approvals including project management, infrastructure, building and construction, operation, maintenance and facilities management.

These projects are located in over 100 different locations across the kingdom and are varied in scale and composition.

Chairman Abdulrahman Almofadhi says Sreco is an integrated, full service real estate development company with a proven track record of more than 40 years of experience in successfully developing and managing large-scale real estate projects that have contributed to creating the modern Saudi Arabia.

“We have embraced a new business strategy leading a new generation of real estate concepts, systems and practices across Saudi Arabia, moving away from the ‘business as usual’ approach,” says Almofadhi.

It provides a complete value chain solution, from conceptualisation, finance and planning to real estate development, leasing, property and portfolio management, and facilities management, he adds.

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