Dubai's Azizi Developments Expands into Sharjah with Massive Dh30 Billion Mixed-Use Project

Dubai-based property developer Azizi Developments is launching a Dh30 billion ($8.16 billion) mixed-use project in Sharjah, marking the company’s entry into the emirate. The freehold development, named Azizi Florence, will feature 1,130 villas, more than 6,000 town houses, and 3,500 apartments, according to a statement released by Azizi on Wednesday. Three-bedroom town houses in the development are priced starting from Dh1.89 million.

"Azizi Florence will bring together residential, retail, hospitality, education, leisure, and wellness offerings, centred around a 1.7 million-square-foot Central Park," the company stated. "Six residential clusters will each feature a park, clubhouse, community centre, and landscaped gardens." Azizi did not provide a specific timeline for construction.

Azizi currently has approximately 150,000 units under construction, representing a development portfolio valued at several tens of billions of US dollars. The developer is currently building Burj Azizi, which is slated to become the world’s second-tallest skyscraper after Burj Khalifa upon its completion in 2028. Located in the Dubai World Trade Centre area along Sheikh Zayed Road, that project is valued at Dh6 billion. Other notable projects by the company include Azizi Riviera and Azizi Venice in Dubai.

Meanwhile, the total value of real estate transactions in Sharjah climbed 9.3 per cent year-on-year to Dh29.5 billion in the first half of the year, with the total number of transactions increasing 23.7 per cent year-on-year to 59,460, according to a recent Wam report. Additionally, Emaar Properties founder Mohamed Alabbar stated this week that the property market in Dubai is set for a "nice balance" next year, despite regional developments.

"I'm getting ready for 2027," Mr Alabbar told delegates at the AIM Congress in Dubai on Monday. "A lot of supply is coming in, so I think there'll be a nice balance in the city." When asked to predict the impact of regional conflict on Dubai’s property sector, Mr Alabbar noted: "I would say … an adjustment of 5 per cent to 10 per cent because it's an extraordinary situation."