Dubai-based Azizi Developments has launched a new residential project in the Al-Furjan area near Dubai’s Discovery Gardens community.

The firm says the 12-storey residential will cost AED250m ($68m) to build and is scheduled for completion in 2018.

The project will comprise 284 residential units and have a total construction area of approximately 33,537 square metres.

In August the company told MEED that it has recently appointed the local Al-Kaitoob Building Contracting for several residential and hospitality projects in Dubai.

The contracts were awarded to Al-Kaitoob for three residential towers and one hotel in the Al-Furjan area in Dubai.

Al-Kaitoob was also appointed as the main contractor for the $74m Candace Acacia hotel tower and the $48m Candace Acacia hotel apartments.

Azizi Developments, which is a subsidiary of Azizi Investments, has been bullish about the UAE market, with other schemes planned and under way in Dubai, including a residential project in Dubai Healthcare City.

“There are currently 6.5 million square feet of real estate projects under construction in our portfolio at the moment,” says the company’s CEO, Farhad Azizi. “We are also expecting to start work on 4 million sq ft in the next year.”

Azizi tells MEED the company remains focused on mid-market residential schemes. “There is a gap in this segment of the market,” he says. ”We are involved in luxury projects, but we are also very interested in practical living solutions.”