Dubai developer Azizi starts work on Dh12billion waterfront project

Azizi Riviera is the first in a series of projects that Azizi is planning to develop at the Meydan One mega-development, above, in Dubai. (Courtesy Meydan Group)
Updated 07 July 2017

Dubai developer Azizi starts work on Dh12billion waterfront project

DUBAI: Azizi Developments has broken ground on its Dh12 billion (SR12.2 billion) Azizi Riviera, a waterfront project situated within Dubai’s Meydan One mega-development.
The Mediterranean-style project will have 69 mid-rise residential buildings, a retail district and two hotels, with the first two phases expected to be completed on December 2018. The first phase will comprise 2,273 units in eight mid-rise residential buildings plus an integrated retail district. Phase two meanwhile will have 2,162 units housed in 17 buildings.
Azizi Riviera is the first in a series of projects that Azizi is planning to develop at the Meydan One mega-development following a partnership with Meydan Group announced earlier this year.
Meydan One is a 3.75-square kilometer community that will have the Meydan One mall as its centerpiece, and will contain about 620 shops, including a pair of department stores and a 131,150-square foot hypermarket.
“We are pleased that the site preparation for this dazzling community has kicked off. With this iconic new neighborhood development, we are once again demonstrating our capability to develop unique projects that will surprise the world and contribute to this great city’s evolution,” Farhad Azizi, chief executive of Azizi Developments, said in a statement.
The developer acquired 186 plots at Meydan One between February and April this year, which it subsequently integrated into 76 plots, for its plans to build a low or mid-rise apartment tower on each. The units will mainly be studio, one, two and three-bedroom apartments, ranging in price from Dh500,000 to Dh2 million.


Saudi Arabia looks to cut spending in bid to shrink deficit

Updated 52 min 22 sec ago

Saudi Arabia looks to cut spending in bid to shrink deficit

  • Saudi Arabia has issued about SR84 billion in sukuk in the year to date

LONDON: Saudi Arabia plans to reduce spending next year by about 7.5 percent to SR990 billion ($263.9 billion) as it seeks to reduce its deficit. This compares to spending of SR1.07 trillion this year, it said in a preliminary budget statement.

The Kingdom anticipates a budget deficit of about 12 percent this year falling to 5.1 percent next year.

Saudi Arabia released data on Wednesday showing that the economy contracted by about 7 percent in the second quarter as regional economies faced the twin blow of the coronavirus pandemic and continued oil price weakness.

The unemployment rate among Saudis increased to 15.4 percent in the second quarter compared with 11.8 percent in the first quarter of the year.

The challenging headwinds facing regional economies is expected to spur activity across debt markets as countries sell bonds to help fund spending.

Saudi Arabia has already issued about SR84 billion in sukuk in the year to date.

“Over the past three years, the government has developed (from scratch) a well-functioning and increasingly deeper domestic sukuk market that has allowed it to tap into growing domestic and international demand for Shariah-compliant fixed income assets,” Moody’s said in a statement on Wednesday. 

“This, in turn, has helped diversify its funding sources compared with what was available during the oil price shock of 2015-16 and ease liquidity pressures amid a more than doubling of government financing needs this year,” the ratings agency added.