Farhad Azizi, CEO of Azizi Developments, revealed that the company will raise the value of its projects portfolio in Dubai from approximately 22 billion dirhams currently to 40 billion dirhams by the end of next year.

Azizi said in remarks on the sidelines of Cityscape Dubai that the company is working on a project to construct the second tallest tower in the UAE after Burj Khalifa, making it among the 6 tallest buildings in the world, according to the Emirati newspaper, Al Bayan.

The tower, which is available for freehold ownership, is located within a land that Azizi recently acquired on Sheikh Zayed Road, and construction operations will start on the project land during the first quarter of next year in conjunction with revealing the details of the height and units, provided that the sales door in the project opens by September next year. .

The tower, which is classified under the ultra-luxury real estate category, will include a shopping center, residential units and a hotel. The estimated investment cost, including the cost of buying the land, amounts to 4.5 billion or 5 billion dirhams.

Azizi pointed out that the new project comes within the company's policy to diversify its real estate supply to include affordable units in addition to luxury real estate, similar to its project in Palm Jumeirah and the new tower project.