Dubai's Azizi offers $2.7m bonus to contractors for timely construction

Contractors working for the Dubai-based developer could be eligible for bonuses under Azizi's new incentive scheme.

Dubai-based real estate company Azizi Developments has announced a multimillion-dollar incentive scheme for contractors to encourage the timely completion of its projects across the emirate, with builders to be eligible for bonuses of up to $2.7m (AED10m).

“With on-time delivery, costs involved in snagging and hiring new contractors, if a project is delayed, as well as other expenses, can be curtailed,” the developer said in a statement.

According to chief executive officer, Farhad Azizi, the group now has 70 projects under construction in Dubai, with 120 in the development phase.

Commenting on the new scheme, the CEO said: “This new incentive is a token of gratitude and an encouragement to our contractors and partners for their commitment to ensure the timely delivery of our projects.

The CEO told Construction Week on the side-lines of Cityscape Abu Dhabi 2019 that he was targeting 2020 as a timeline for Azizi Developments to launch projects in Abu Dhabi.

Earlier this month, the developer said its Farishta Azizi project in Dubai's Al Furjan had passed the 86% construction mark, with external works hitting the 60% completion mark.

The Al Furjan-based residential development is on schedule to complete in Q2 2019

Ref: Property Report