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Dubai Property Developer Bets on Quick Rebound



One of Dubai’s smaller developers is making a big bet that the city’s battered property market will soon be back to business after the shock of the coronavirus pandemic.

About a month after the lockdown eased, the chief executive officer of privately-owned Azizi Developments, saw a rebound in property inquiries and sales. Now he’s preparing for a rebound and hiring almost 100 employees as he seeks to sell properties in 54 apartment buildings under construction. Expanding at this time wasn’t an easy decision.

“We were split” and didn’t know if we should grow or shrink the team, said Farhad Azizi, whose father Mirwais Azizi, a prominent Afghan businessman, started the company in 2007. “My father said: ‘Let’s go bigger because there is a lot of talent in the market.’ And when the new joiners came in our sales picked up.”

Source: BNN Bloomberg

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