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German developer Meilenstein, led by the son of Azizi Developments founder Mirwais Azizi, will spend $326m (AED1.2bn) on eight projects in Dubai as it debuts in the UAE. Meilenstein will build projects in Mohammed Bin Rashid City (MBR City), Al Furjan, Dubai Studio City, and Dubai Sports City – all of which are areas that Azizi Developments has ongoing schemes in. The development plans come after $136m (AED500m) were spent on formally creating the company in the UAE, setting up its office, hiring staff, buying land deeds, and infrastructure. READ: Germany reveals design for high-tech Expo 2020 pavilion Meilenstein revealed it could spend an additional $544m (AED2bn) on the development of new projects between now and the end of 2019, taking its real estate investment to $870m (AED3.1bn). “Meilenstein Developments is entering in the UAE market at a time when the real estate sector [has] achieved a high level of maturity, backed up with a regulatory environment that protects property buyers, investors, developers, and brokers,” said managing director Jawad Azizi, the son of Mirwais Azizi, the founder and chairman of Azizi Developments. Jawad, who owns the development rights for the real estate brand Meilenstein, said Dubais market had “a high level of transparency and accountability” that meant it was now “the best time to enter” the emirates property market. INTERVIEW: Mirwais Azizi, Azizi Developments Mielenstein has developed eight real estate projects in Germany and Jawad said he would bring the expertise of German engineering, efficiency and “building management” to Dubai to build properties for investors and prospective homeowners alike. |
