Amwaj International, a billion-dollar multinational conglomerate, has acquired an 18% stake in the Dubai-based development firm Cledor. This investment, which values Cledor at $100 million post-money, marks Amwaj’s entry into the thriving real estate market in the UAE. Cledor was founded by industry veteran Omar Gull and has achieved significant milestones within a year, including securing AED 2.3 billion in Gross Development Value across 1.3 million square feet of projects in Dubai.

The investment aligns with Amwaj’s strategy to tap into one of the world’s most dynamic real estate markets. Namir El Akabi, who has over 30 years of experience in directing developments and investments exceeding $60 billion, will oversee this partnership. Under this arrangement, Cledor is set to manage Amwaj’s upcoming real estate projects in the UAE, utilizing its luxury real estate development expertise. The funding will allow Cledor to attract top talent and cover operational costs until its projects start generating revenue.

Dubai’s real estate sector is currently experiencing remarkable growth, with an all-time high in transaction values reaching over AED 760.7 billion in 2024 from 226 000 transactions. This surge is attributed to increased foreign direct investment, a rising demand for luxury properties, and a supportive regulatory environment for businesses.

Omar Gull, the founder of Cledor, emphasized that Dubai is an ideal environment for entrepreneurs, highlighting that within a year, Cledor secured AED 2.3 billion in Gross Development Value and sold out its first AED 435 million project within just four days. He expressed confidence that the partnership with Amwaj would further accelerate growth and capitalize on Dubai’s booming real estate market.

Namir El Akabi, Founder and Chairman of Amwaj Group, expressed strong confidence in Omar Gull’s leadership and vision, noting the rapid growth of Cledor as a testament to its potential. He stated that Amwaj is excited to support Cledor’s journey and contribute to reshaping the real estate landscape in the UAE.

While focusing on Dubai, Cledor is also exploring expansion opportunities in high-growth emerging markets like Far East Asia and Eastern Europe. Amwaj aims to provide 50 000 housing units for 200 000 residents through its current and upcoming projects, which span approximately 20 million square meters of land. The company has already invested about $2.4 billion in real estate assets in Iraq, which include residential, retail, and office properties.

Amwaj International, with operations in 27 cities and a workforce of over 10,000, is strategically expanding its influence in the UAE market, driving growth and innovation in the real estate sector. Cledor, specializing in luxury properties, aims to establish itself as a billion-dollar company within five years while continuing to launch major developments.