It's Business As Usual, With Sales Reaching Up To $100 Million A Day, Says Azizi CEO

(MENAFN- Khaleej Times) Editor’s Note: Follow Khaleej Times live blog amid ** US-Israel-Iran war** for the latest regional developments.]

It is business as usual despite regional geopolitical tensions, with over $100 million in property deals being signed each day, said Farhad Azizi, Group CEO of Azizi Group.

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In an interview with Khaleej Times, the Dubai-based private developer said work on 200 buildings is proceeding despite the regional military conflict, as he expects demand for property to remain strong.

“We have almost 200 buildings under construction, and another 120-130 are in the design stage. All of those projects are progoressing as normal, and the demand is there. We’re not building homes for ourselves. We expect the demand to continue. Obviously, there are cycles for any industry in any mature market. Now, we’re at the peak, and it will continue to be so,” he said.

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Despite what is happening in the UAE and around the region due to the Israel-Iran military conflict, Farhad said they launched a new project every week.

“The turnout at our sales event was a bit low in the first two days when the conflict started for our sales, but then people came back, and sales are happening. Banks are offering mortgages to end-users and investors,” Farhad said during the interview on the sidelines of the month-long Ramadan sales event taking place at Meydan Hotel.

No delays

Importantly, the developer on Tuesday announced plans to invest Dh75 billion in the UAE’s hospitality sector to develop 151 hotels, including 100 four-star hotels, 50 five-star hotels, and one seven-star hotel, with more than 90 per cent of the portfolio based in Dubai. Once completed, the portfolio is expected to add approximately 60,000 room keys to the emirate’s hospitality capacity and create more than 75,000 jobs in the sector.

Farhad added that there are no delays in projects that are under construction, and“it’s business as usual” for the developer.

He said the supply of construction material, such as steel, concrete, aluminium, glass, windows, MEP materials, and elevators, is coming as planned.“There has not been a hiccup despite the regional geopolitical situation, which shows the resilience of the city, and that is boosting the demand.”

On the first day of the Ramadan sale event, Azizi sold Dh372 million (over $100 million) worth of properties. On average, it is selling Dh180 million to Dh190 million worth of units per day.

“In the last 20 days of Ramadan, we have had Dh1.8 billion worth of sales. For us, it’s business as usual,” said the group CEO of Azizi Developments, adding that up to 2,000 people turned up for the event on some days.

Farhad sees the ongoing regional concerns as a“temporary challenge,” and Dubai and the UAE will quickly get over it.

Prices dropping?

There were concerns around a slowdown in the local property market in the wake of the Israel-Iran military conflict. But the Azizi CEO assured that there is no impact on his company’s construction work, and they have not reduced prices as they’re able to sell their inventory every day.

“We had proposed to launch projects in Ramadan, and they’re coming as planned. Our plan didn’t change much. Dubai has gone through challenges in the past, such as the 2008 global financial crisis, COVID-19, and the 2024 flooding. One thing that has always happened here is that Dubai consistently bounced back in the number of days, not in months or years. The city is very resilient to challenges,” he said.

“We haven’t reduced prices. We’ve had more sales in Ramadan than in the other months. What we do quite often is we look at the situation project by project, as there are seasons where the market slows a bit organically,” he said, adding that they run discounts and promotions such as waiving the DLD fee, free home furnishings, among others.

Dh3.5 billion in donations

Hailing from Afghanistan, Farhad and his family have made the UAE their home for 30 years.

“We have four generations living in Dubai. We come from Afghanistan, a war-torn country. For us not to be discriminated against and to be accepted with an open heart, this means a lot to us. We started with a very humble beginning, and today we have a multi-billion dollar business, with 45,000 people working for our company. We’re very proud of this city and country,” he said.

He added that the company has given Dh3.6 billion in donations to different charitable causes in the country.

“We make money in the city, and we have to give back to society,” he concluded.

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