Azizi Investments, the Dubai-based multinational property developer, has confirmed the purchase of over 667,000 square feet of land at Mina Rashid, the redevelopment of the old Port Rashid and masterplanned by Nakheel.

The acquisition allows Azizi Investments to move into high rise development. 

Mina Rashid is set for re-development, without losing the culture and heritage of the original port. The developer wants to build it as a tribute to the memory of His Highness Sheikh Rashid bin Saeed Al Maktoum, the father of modern-day Dubai.

Merwiss Azizi, chairman of Azizi Investments, said: "When we were invited by Nakheel to participate in the re-development of Port Rashid we were thrilled to accept.

"It holds a special place and importance in the hearts of the people of Dubai and has been dedicated to the memory of Sheikh Rashid.

"We were impressed by the re-development plans at what is one of Dubai's best addresses and we are very excited and motivated about the contribution that we will be able to make to the new community that will come to call Mina Rashid home."

Azizi Investments will have an estimated Dh170 billion ($46.2 billion) project value for developments by the end 2010.

By October 2008 the company expects to confirm the acquisition of 15 million square feet of land for the 50 projects that they are planning for 2008.

Over the next few weeks Azizi will be conducting a series of interviews with leading architects to draw up plans. - TradeArabia News Service