Dubai, United Arab Emirates, April 22nd, 2025, FinanceWire
In a significant move poised to reshape the landscape of Dubai’s real estate market, Amwaj International has acquired an 18% stake in the Dubai-based development firm Cledor. This strategic investment, amounting to a valuation of USD 100 million for Cledor, marks Amwaj’s inaugural foray into the booming real estate sector of the UAE.
The partnership is indicative of Amwaj’s ambition to tap into one of the world’s most dynamic real estate markets. With more than 30 years of experience, Namir El Akabi, the Founder and Chairman of Amwaj, has successfully led and managed developments worth over $60 billion across various sectors of real estate. This wealth of knowledge and expertise promises to synergize well with Cledor’s operations, enhancing the company’s ability to navigate Dubai’s competitive property landscape.
Cledor, founded by industry veteran Omar Gull, is positioned to utilize this investment to bolster its operations. The funds will support recruitment efforts and cover operational expenses—a crucial step until the firm’s projects start generating revenue. Furthermore, Cledor plans to leverage Amwaj’s extensive global team and procurement networks to accelerate its growth trajectory in the luxury real estate domain.
Dubai’s real estate market is characterized by robust activity, and 2024 witnessed unprecedented transaction volumes. The emirate reported over AED 760.7 billion in real estate transactions, driven by foreign direct investments and rising demand for luxury properties. The favorable regulatory environment has made Dubai an attractive destination for international firms looking to invest.
Omar Gull has articulated his enthusiasm for this partnership. “Dubai provides the ideal environment for entrepreneurs to dream big and scale quickly,” he stated. Under Cledor’s management, the firm has already secured AED 2.3 billion in Gross Development Value (GDV), highlighting its capability to execute ambitious projects rapidly. Notably, Cledor sold out its first development of AED 435 million in just four days, a testament to its operational efficiency and market understanding.
Omar Gull’s impressive career has included pivotal roles such as Chief Sales Officer of Dubai Holding and Head of Sales at Emaar Properties, where he cultivated vast expertise in real estate. His vision, combined with Amwaj’s resources, creates a formidable partnership poised for success.
Namir El Akabi expressed strong confidence in Omar’s capabilities. He remarked, “The remarkable speed and scale at which Cledor has grown in under a year is testament to its vast potential.” This partnership is not merely a financial arrangement; it signifies a commitment to innovate and redefine standards within the UAE’s real estate sector.
While Cledor’s primary objective is growth within Dubai, it is also exploring expansion opportunities in emerging markets such as East Asia and Eastern Europe. This strategic outlook aligns with Amwaj’s broader ambition, which includes projects covering approximately 20 million square meters and catering to 200,000 residents. Currently, Amwaj has invested around $2.4 billion in real estate in Iraq, encompassing residential, commercial, and office spaces in the region’s premier property market.
About Amwaj International
Amwaj International stands as a billion-dollar conglomerate with an expansive global presence in 27 cities and a workforce exceeding 10,000 employees. With a diverse portfolio spanning over three decades, Amwaj excels in multiple sectors, including real estate, energy, and infrastructure. The company’s recent investment in Cledor strengthens its foothold in Dubai’s flourishing real estate sector, paving the way for future growth.
About Cledor
Cledor is carving a niche in Dubai’s competitive real estate space, focusing on luxury developments and significant investments. In under a year, the firm has achieved AED 2.3 billion in GDV, boasting a portfolio of over 1.3 million square feet. Cledor aims to transform into a billion-dollar enterprise within the next five years and continues to push boundaries with several major developments set to launch in 2025.
Contact
Keel Comms
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Disclaimer: This is a paid press release and is distributed for general information only and is not intended to constitute investment advice, financial advice, or trading advice.
