Azizi buys land at Palm Jebel Ali

Merwiss Azizi

Property developer Azizi Investments yesterday confirmed it has bought more than 920,000 square feet of land at The Palm Jebel Ali and Dubai World Central for Dh3.5 billion. These form a central part of the firm's three-year strategy to increase its property development portfolio to an estimated 165 million square feet by 2010 and increases the Azizi Investments land bank on The Palm Jebel Ali alone to a massive 1,477,078 square feet, the company said in a statement.

With a Dh3 billion project value, the acquired 617,847 square feet of plots on Crest A and Crest E at Palm Jebel Ali will be developed into a number of luxury properties.

The company has acquired four plots totalling 302,615 square feet in Dubai World Central, with a project value of Dh500 million.

Chairman Merwiss Azizi said: "The land purchases are within our property development strategy for 2008."