Amwaj International Acquires 18% Stake in Dubai-Based Developer Cledor, Marking Its Entry into UAE Real Estate
Dubai, UAE – April 22, 2025 – Amwaj International, a global conglomerate valued at over a billion dollars and employing more than 10,000 people across 27 cities, has officially acquired an 18% share in Dubai-based luxury real estate firm Cledor. The company, founded by industry veteran Omar Gull, now boasts a post-money valuation of USD 100 million. This marks Amwaj’s inaugural venture into the dynamic UAE real estate sector.
This strategic move is part of Amwaj’s broader goal to expand into one of the globe’s most robust property markets. Over the past three decades, Namir El Akabi has led development and investment initiatives exceeding $60 billion across multiple real estate verticals.
With this new partnership, Cledor will lead the charge in overseeing Amwaj’s real estate endeavors within the UAE. The funding will bolster Cledor’s capacity to attract top talent and cover operational costs as it ramps up projects. In addition, the firm will benefit from Amwaj’s global team, procurement expertise, and strategic support to accelerate its expansion plans.
Dubai’s real estate market has seen an unprecedented surge in activity. In 2024, the city witnessed real estate transaction volumes reaching an all-time high, with over AED 760.7 billion generated from 226,000 deals. Factors such as increased foreign investment, rising demand for luxury homes, and favorable business regulations have contributed to this growth.
Known as a global commercial powerhouse, Dubai offers an ideal business environment supported by a tax-free income structure, streamlined regulations, and a vibrant investment climate that continues to attract global players.
“Dubai is a city where entrepreneurs can think big and achieve fast,” said Omar Gull, Founder of Cledor. “In less than a year, we’ve secured AED 2.3 billion in Gross Development Value (GDV) and 1.3 million square feet of project space. Our debut project, valued at AED 435 million, sold out within just four days. Partnering with Amwaj positions us to scale even faster in this thriving market.”
Omar Gull brings a wealth of experience to the table, having achieved sales totaling USD 30 billion. His career includes key roles such as Chief Sales Officer at Dubai Holding, Head of Sales at Emaar Properties, GM of Emaar Saudi Arabia, and senior positions at DAMAC Properties and JLL.
Namir El Akabi, Founder and Chairman of Amwaj Group, expressed confidence in the new collaboration: “Omar’s leadership and vision are outstanding. Cledor’s rapid growth in under a year speaks volumes about its potential. We’re proud to be part of its journey and eager to contribute to reshaping the UAE real estate market.”
While Dubai remains its primary focus, Cledor is actively eyeing opportunities in fast-growing regions like Eastern Europe and the Far East.
With ongoing and upcoming developments covering nearly 20 million square meters, Amwaj aims to deliver 50,000 residential units designed to house 200,000 people. The firm has already committed $2.4 billion to real estate ventures in Iraq, encompassing premium residential, commercial, and office spaces.
About Amwaj International
Amwaj International is a diversified multinational group operating in 27 cities with over 10,000 employees. With over 30 years of experience, Amwaj has developed and invested across sectors such as infrastructure, energy, and real estate. The group has invested $2.4 billion in real estate within Iraq and now turns its sights to Dubai through its investment in Cledor, signaling a strategic push into the UAE property market. www.amwaj.com
About Cledor
Based in Dubai, Cledor specializes in luxury real estate development. Within its first year, it has secured AED 2.3 billion in GDV and over 1.3 million square feet in projects. Notably, its first project, worth AED 435 million, was sold out within four days. The company aims to become a billion-dollar enterprise within five years, with five major project launches planned for 2025. Cledor is also exploring expansion in high-growth global markets. www.cledor.com
