Azizi starts $1.5bn Dubai tower, world's potential second tallest

Azizi Developments has commenced construction on a mega-tall tower with aspirations to become the world's second tallest, pending final approval on its height. The $1.5 billion Burj Azizi, situated on Sheikh Zayed Road, is set to include luxurious apartments, a multi-floor mall, a seven-star hotel, high-end F&B outlets, and an observation deck. The project's height is undisclosed until approval, but Azizi confirms it will be Dubai's second tallest building. Completion is projected within four years.

Mirwais Azizi, founder and chairman of Azizi Developments, expressed the tower as a legacy, symbolizing gratitude to Dubai for safety and opportunities. To claim the global second spot, Burj Azizi needs to surpass 679m, the height of Malaysia's Merdeka 118. Locally, it must exceed 450m, the height of the Franck Muller Aeternitas tower under construction in Dubai Marina.

Presently, the city's second tallest tower, Marina 101, stands at 425m, according to the Council on Tall Buildings and Urban Habitat. The third tallest is Princess Tower in Dubai Marina, measuring 413m.

Azizi Developments had initially proposed the tower in March 2018, envisioning it as a landmark on Sheikh Zayed Road. The developer aims for a unique concept, describing it as "like a master community but in one tower." The company also plans to invest up to Dh60 billion in developing a portfolio of 50 luxury hotels and resorts in Dubai, including a seven-star hotel.

Amid a booming real estate market in the UAE, Azizi currently has around 40,000 units under construction, scheduled for delivery by 2027. In September, it introduced Azizi Venice, a Dh30 billion ($8.16 billion) mixed-use development featuring over 30,000 homes in mid-rise apartment complexes, villas, and mansions.

Despite an optimistic outlook for UAE property prices in 2024, there are expectations of a potential inflection point by summer, particularly affecting the high-end luxury market.