Amwaj International Acquires 18% Stake in Dubai Developer Cledor
Amwaj International, a leading national conglomerate with a workforce of over 10,000 employees and a presence in 27 cities worldwide, has announced the acquisition of an 18% stake in Dubai-based development firm Cledor. Cledor was founded by industry expert Omar Gull. This investment marks Amwaj’s official entry into the UAE real estate market, with Cledor’s valuation reaching $100 million post-investment.
This strategic funding aligns with Amwaj’s broader expansion plan into one of the world’s most dynamic real estate markets. For more than 30 years, Namir El Akabi has successfully overseen developments and investments valued at over $60 billion across nearly every sector of real estate.
Under this partnership, Cledor will take charge of managing and leading Amwaj’s forthcoming real estate projects in the UAE, leveraging its expertise in luxury development. The investment will also enable Cledor to boost its recruitment efforts and cover operational expenses until the launch of its projects begins generating liquidity. Moreover, Cledor will tap into Amwaj’s global team, procurement network, and extensive experience to fast-track its future growth.
Dubai’s real estate sector has experienced remarkable transaction volumes, reaching record-high values last year. The growth has been driven by foreign direct investment, rising demand for luxury real estate, and a supportive pro-business regulatory framework.
Dubai offers a highly favorable environment for businesses, with advantages such as tax-free income, ease of doing business, and a dynamic investment climate. These factors continue to attract global companies eager to benefit from the city’s regulatory and tax benefits.
Omar Gull, the founder of Cledor, has a distinguished career that includes achieving sales exceeding $30 billion. His leadership history includes key 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 earlier consulting experience with JLL.
Cledor is also eyeing expansion into emerging high-growth markets, particularly in Far East Asia and Eastern Europe.
Amwaj, through its ongoing and upcoming projects, is developing approximately 20 million square meters of land, aiming to deliver 50,000 housing units to accommodate 200,000 residents. The company has already invested around $2.4 billion in real estate assets that have either been sold or are under development in Iraq, encompassing residential, retail, and office projects in the country’s top property markets.
Key Quotes:
“Dubai provides the ideal environment for entrepreneurs to dream big and scale quickly. 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.”
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Omar Gull, Founder of Cledor
“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.”
