Amwaj enters UAE’s real estate market with strategic Cledor deal
CONSTRUCTION NEWS
Amwaj International, a billion-dollar multi-national conglomerate with over 10,000 employees and a global footprint across 27 cities, has acquired 18% stake in Dubai-based development firm Cledor, founded by industry veteran Omar Gull.
The investment marks Amwaj’s entry into the rapidly growing real estate market in the UAE, with Cledor’s post-money valuation hitting $100 million.
This investment is a key part of Amwaj’s strategy to expand into one of the world’s most vibrant real estate markets, said the company in a statement.
For over 30 years, Founder and Chairman of Amwaj Group Namir El Akabi has successfully directed developments and investments worth more than $60 billion across nearly every sector of the real estate industry.
Under the partnership, Cledor will manage and spearhead Amwaj’s upcoming real estate ventures in the UAE, harnessing its expertise in luxury real estate development, it stated.
The funds will enable the firm to attract top talent and manage operational expenses until its projects generate liquidity.
As per the deal, Cledor will also leverage Amwaj’s global team of professionals, procurement network, and expertise to accelerate future growth.
"Dubai provides the ideal environment for entrepreneurs to dream big and scale quickly," said Gull.
"In just under a year, we secured AED2.3 billion in Gross Development Value (GDV) and more than 1.3 million sq ft in projects. We have also demonstrated our ability to execute, having launched and sold out our first development in just four days, with a GDV of AED435 million. Our partnership with Amwaj will further fuel our growth, allowing us to capitalize on Dubai's booming real estate market," he stated.
According to him, Dubai’s real estate sector is witnessing exceptional growth, with record-breaking transactions and rising investor confidence.
In 2024, Dubai reached an all-time high in real estate transaction values, totaling over AED 760.7 billion from 226,000 transactions. The boom has been fueled by foreign direct investment, a growing demand for luxury properties, and a pro-business regulatory framework.
As a thriving global business hub, Dubai offers an unparalleled environment for startups, enabling rapid scaling for companies like Cledor, he added.
Gull's career path has seen him achieve sales upwards of $30 billion, said Amwaj in a statement.
He has previously held key leadership roles including the Chief Sales Officer of Dubai Holding, Head of Sales at Emaar Properties, General Manager of Emaar Saudi Arabia, Head of International Business at Damac Properties, as well as prior consulting experience at JLL.
On the strategic deal, El Akabi said: "We are deeply confident in the vision and leadership of Omar Gull, who brings invaluable experience in the Dubai real estate market. The remarkable speed and scale at which Cledor has grown in under a year is testament to its vast potential."
"We are excited to support its journey and join hands in redefining the UAE’s real estate sector," he added.-TradeArabia News Service
