- Amwaj International acquires 18% of Cleodar, marking its entry into Dubai’s booming real estate market.
- The deal gives Cleodar a USD 100M valuation and positions it to lead Amwaj’s UAE real estate ventures.
- Cleodar will use the funds to grow operations, attract talent, and leverage Amwaj’s global resources.
Amwaj
What happened? Amwaj International acquired an 18% stake in Dubai-based development firm Cleodar. This acquisition makes Amwaj’s entry into the real estate market in the UAE with Cleodar’s post-money valuation hitting USD 100 million.
What does this mean for the two companies? Cledor will manage and spearhead Amwaj’s real estate ventures in the UAE, harnessing its expertise in luxury real estate development.
The funds will enable Cledor to attract talent and manage operational expenses until its projects generate liquidity. It will also leverage Amwaj’s global team of professionals, procurement network, and expertise to accelerate future growth.
Through this investment, Amwaj Group aims to strengthen its presence in Dubai’s real estate sector. This is to drive growth and innovation across the region.
Real Estate
Why does this matter? Dubai’s real estate sector is witnessing growth, with record-breaking transactions and rising investor confidence.
In 2024, Dubai reached a real estate transaction value, totaling over AED 760.7 billion from 226,000 transactions. This is fueled by foreign direct investment, a growing demand for luxury properties, and a pro-business regulatory framework.
Furthermore, as a thriving global business hub, Dubai offers a fruitful environment for startups, enabling rapid scaling for companies like Cledor. This is because of its tax-free income regime, ease of doing business, and a dynamic investment ecosystem.
Who are they? Amwaj International is a billion-dollar multi-national conglomerate with a global presence in 27 cities, employing over 10,000 people. The company has committed over USD 2.4 billion to real estate assets in Iraq and is now strategically expanding into the UAE market.
Meanwhile, Cledor is a Dubai-based real estate development firm specializing in luxury properties and high-value investments.
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