Amwaj International acquires 18% stake in Dubai-based Cledor at $100M post-money valuation - Middle East Business News and Information
Left to right – Namir El Akabi, Founder and Chairman of Amwaj Group; Omar Gull, Founder & CEO of Cledor Investment marks entry of billion-dollar MNC into UAE's real estate market
Within a year, Cledor secures AED 2.3 billion in Gross Development Value spanning 1.3 million sqft of projects in Dubai
Cledor's first AED 435 million project sells out in four days
Dubai, United Arab Emirates: 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 USD 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. For over 30 years, 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. The funds will enable Cledor to attract top talent and manage operational expenses until its projects generate liquidity. Cledor will also leverage Amwaj's global team of professionals, procurement network, and expertise to accelerate future growth.
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. With a tax-free income regime, ease of doing business, and a dynamic investment ecosystem, the city continues to attract ambitious companies ready to disrupt industries.
'Dubai provides the ideal environment for entrepreneurs to dream big and scale quickly,' said Omar Gull, Founder of Cledor. 'In just under a year, we secured AED 2.3 billion in Gross Development Value (GDV) and more than 1.3 million square feet 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 AED 435 million. Our partnership with Amwaj will further fuel our growth, allowing us to capitalize on Dubai's booming real estate market.'
Omar's illustrious career path has seen him achieve sales upwards of USD 30 billion. 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.
Namir El Akabi, Founder and Chairman of Amwaj Group stated: '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.'
While Cledor's primary focus remains Dubai, the firm is also exploring high-growth emerging markets such as Far East Asia and Eastern Europe for potential expansion opportunities.
Through current and upcoming projects spanning approximately 20 million sqm of land, Amwaj aims to provide 50,000 units to accommodate 200,000 residents. To date, the company has invested about $2.4 billion in real estate assets that are either sold or under development in Iraq alone. These assets include residential, retail and office properties in Iraq's premier property market.
About Amwaj International:
Amwaj International is a billion-dollar multi-national conglomerate with a global presence in 27 cities, employing over 10,000 people. With more than 30 years of experience, Amwaj has successfully directed developments and investments across diverse sectors, including real estate, energy, and infrastructure. The company has committed over $2.4 billion to real estate assets in Iraq and is now strategically expanding into the UAE market. Through its recent investment in Cledor, Amwaj Group is poised to strengthen its presence in Dubai's booming real estate sector, driving growth and innovation across the region. www.amwaj.com
About Cledor:
Cledor is a Dubai-based real estate development firm specializing in luxury properties and high-value investments. In less than a year, Cledor has secured AED 2.3 billion in Gross Development Value (GDV) with over 1.3 million square feet of real estate projects in Dubai. With a proven track record, including the rapid sell-out of its first AED 435 million project in just four days, Cledor aims to become a billion-dollar company in five years. The firm continues to expand its portfolio, launching five major developments in 2025 while exploring high-growth emerging markets such as Far East Asia and Eastern Europe. www.cledor.com
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