Amwaj International has acquired an 18 percent stake in Dubai-based development firm Cledor, marking its 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 International’s expansion strategy into one of the world’s most vibrant real estate markets. 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 International’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. In just under a year, we secured $626 million (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 $118 million (AED 435 million). Our partnership with Amwaj International will further fuel our growth, allowing us to capitalize on Dubai’s booming real estate market.”
Namir El Akabi, Founder and Chairman of Amwaj Group, stated that, “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 a testament to its vast potential. We are excited to support its journey and join hands in redefining the UAE’s real estate sector.”
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.
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 International 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.
