Azizi Developments finishes $124mn worth of Al Furjan projects within 18 months
The $124mn projec...
The Dubai-based property developer, Azizi Developments, had completed the development of two apartment buildings in Al Furjan, Dubai.
The $124mn projects were completed in record time, within 18 months.
Azizi Developments build the Montrell by Azizi – costing $57.6mn – and the Roy Mediterranean – costing $67.2mn.
The Montrell building features 168 studio apartments and 54 one-bedroom flats across 696sqm of land, with the construction space covering 22,000sqm.
The Roy Mediterranean includes 224 studios and 47 one-bedroom apartments in 975sqm of retail space, across 26,000sqm of construction land.
The projects note the 11th and 12th completed works in Al Furjan by the company since it decided to transform the location.
“The successful completion of these two projects is a testimony to our commitment to delivering best-in-class residential properties,” remarked Mirwais Azizi, Founder and Chairman of Azizi Developments.
“We believe that investors and buyers of Montrell by Azizi and Roy Mediterranean by Azizi will benefit from prime, high-demand locations like Al Furjan and an alpha return on investment leading up to and during the Expo 2020 Dubai.”
“Quality and timely completion of projects remains our top priority and we are continuing to make strong progress across Azizi’s live developments.”
France to invest €1.8bn in Egypt’s infrastructure
France will invest a total of €1.8bn into Egypt’s infrastructure focusing specifically on upgrading the Cairo Metro, building a railway to Sudan, and developing water and energy schemes. Officials have called the investment a “major boost to bilateral cooperation”.
The Cairo Metro
Included in the financing is a concessional government loan of around €800mn to upgrade Line 1 of the Cairo Metro, introduced in the 1980s. The financing will pay for 55 trainsets for the line and is provided by the French engineering company, Alstom.
Line 6 is also due to be upgraded using further state-guaranteed loans worth up to €2bn. Bruno Le Maire said that this would be negotiated over the next six months. France and Egypt have worked in close cooperation ever since Abdel Fattah al-Sisi became president in 2014, despite differences over human rights and strong criticism of Egypt by rights activists and some foreign states.
Nine more projects over the next half a decade
A further €1bn from France’s development agency, Agence Française de Développement (AFD), aims to cover a range of other projects over the next half a decade.
These projects include a railway line between Aswan, southern Egypt, and Wadi Halfa in Sudan, as well as several projects in the renewable energy and water purification industries. Bruno Le Maire, France’s Finance Minister, said Egypt was a “strategic partner and commercial dealings with it would be developed. France will substantially increase its direct exposure to Egypt, becoming the first counter-party for government to government loans,” he said.
According to Le Maire, the AFD will also €150mn to support the construction of a universal health insurance programme. French contractors such as Vinci and Bouygues have a long history of working on the Egyptian capital’s underground system.
Talking about the relationship between France And Egypt, Le Maire concluded: “France will substantially increase its direct exposure to Egypt, becoming the first counter-party for government to government loans”.