Dubai real estate company Azizi Developments is eyeing opportunities in Saudi Arabia as part of a wider push towards international expansion, according to a member of the firm’s senior management team.
Chief executive officer, Farhad Azizi, said the firm is targeting expanding into the kingdom, Germany, the UK, and Canada with “iconic” projects, adding that he spent a large part of 2018 travelling across the world to explore Azizi Developments’ growth opportunities.
“I personally had to do that,” he told Construction Week’s sister title Arabian Business.
“You can’t assign somebody to do that on your behalf. You have to personally go. I was in London, Germany, Saudi Arabia, and Canada. Now I am here full time,” Azizi added.
Azizi Developments’ focus on high-profile projects is a shift in strategy for the firm, which is popular for large-scale projects in Dubai, such as Azizi Riviera, Farhad Azizi Residence, and Azizi Shaista.
The real estate development giant is led by its chairman and founder, Mirwais Azizi, from Dubai. Farhad Azizi is the son of the industry veteran, and his brother Jawad Azizi has also made his foray in the international real estate market. In November 2018, Jawad – who is also the managing director of Germany-focused property developer Meilenstein – told Construction Week that he launched Jawad Holdings after being inspired to “prove” himself.
According to the latest news report, Farhad said that Azizi Developments’ international projects have yet to be finalised, but the wheels are already in motion to learn lessons from foreign real estate firms. Farhad said his travels for the Dubai developer showed him “how a very mature [and] seasoned market behaves nad reacts to new developments”.