This investment is a key part of Amwaj’s strategy to expand into one of the world’s most vibrant real estate markets.
Amwaj International Secures 18% Stake in Cledor, Strengthens Presence in UAE Real Estate
Amwaj International has officially acquired an 18% share in Cledor, a Dubai-based property development firm founded by seasoned industry expert Omar Gull. This strategic move signals Amwaj’s debut in the flourishing UAE real estate sector, with Cledor now valued at $100 million (AED 367.25 million) post-investment.
This acquisition aligns with Amwaj’s broader strategy to establish a foothold in one of the world’s fastest-growing property markets. Over the past three decades, Namir El Akabi has spearheaded real estate projects and investments worth more than $60 billion (AED 220.35 billion), covering nearly all sectors of the industry.
As part of the collaboration, Cledor will assume responsibility for managing and advancing Amwaj’s future real estate undertakings within the UAE. The partnership aims to utilize Cledor’s luxury development experience, while the investment will support talent acquisition and operational financing until the firm achieves liquidity. Additionally, Cledor will gain access to Amwaj’s global team, procurement system, and specialized knowledge to fast-track expansion plans.
Dubai’s property sector is experiencing a remarkable upsurge, highlighted by record-breaking deals and growing investor interest. In 2024 alone, the emirate saw an all-time high in real estate transaction value, exceeding $207.1 billion (AED 760.7 billion) across 226,000 deals. This surge is driven by increased foreign investment, heightened demand for premium properties, and investor-friendly regulations.
Renowned as a global business epicenter, Dubai provides an unmatched launchpad for startups, allowing firms like Cledor to scale swiftly. With advantages such as a zero-income tax policy, business-friendly regulations, and a vibrant investment climate, the city continues to lure visionary enterprises poised to transform sectors.
“Dubai is the perfect launchpad for ambitious entrepreneurs,” said Omar Gull, Founder of Cledor. “Within a year, we’ve secured $626.5 million (AED 2.3 billion) in Gross Development Value (GDV), covering over 1.3 million square feet of development. Our ability to perform is proven — we launched and sold out our debut project in only four days, reaching a GDV of $118.3 million (AED 435 million). The partnership with Amwaj amplifies our potential in Dubai’s booming real estate scene.”
Omar Gull has achieved over $30 billion (AED 110.18 billion) in real estate sales over his career. His leadership background includes top-level roles such as Chief Sales Officer at Dubai Holding, Head of Sales at Emaar Properties, General Manager of Emaar Saudi Arabia, Head of International Business at DAMAC Properties, and prior consulting roles at JLL.
Namir El Akabi, Founder and Chairman of Amwaj Group, expressed his confidence in the partnership: “We firmly believe in the vision and leadership of Omar Gull. His experience in Dubai’s property market is unparalleled. The pace and scale of Cledor’s rise in less than a year demonstrates its vast promise. We’re proud to support its journey and jointly reshape the UAE’s real estate future.”
Although Cledor remains anchored in Dubai, it is also assessing potential expansion into rapidly growing markets such as Far East Asia and Eastern Europe.
Currently, Amwaj’s real estate ventures span nearly 20 million square meters, targeting the delivery of 50,000 units to house around 200,000 people. To date, Amwaj has allocated approximately $2.4 billion (AED 8.81 billion) toward real estate investments in Iraq alone. These holdings comprise a mix of residential, retail, and office properties situated in Iraq’s top-tier property markets.
