Amwaj International, a billion-dollar multinational conglomerate with over 10,000 employees and a global presence in 27 cities, has announced the acquisition of an 18% stake in UAE-based real estate development firm Cledor, at a $100 million post-money valuation.
This strategic investment aligns with Amwaj’s ambition to expand in one of the world’s most dynamic real estate markets. For over 30 years, its Founder and Chairman, Namir El Akabi, has overseen $60 billion worth of developments across diverse sectors of the property industry.
As part of this partnership, Cledor will manage Amwaj’s upcoming real estate projects in the UAE, leveraging its expertise in luxury real estate development. The funding will also empower Cledor to attract top talent and cover operating costs until its projects generate liquidity.
Furthermore, Cledor will benefit from Amwaj’s global team, procurement network, and expertise, enabling it to scale rapidly.
Dubai will remain Cledor’s primary market, but the firm is also exploring expansion into emerging markets with high-growth potential, including Far East Asia and Eastern Europe.
Cledor Founder Omar Gull commented, “Dubai offers the ideal environment for entrepreneurs to dream big and scale quickly.” In under a year, the company secured AED 2.3 billion in GDV across over 1.3 million square feet of projects, including a sell-out first development in just four days worth AED 435 million.
Amwaj’s vision includes the delivery of 50,000 residential units to accommodate 200,000 residents. To date, the group has invested around $2.4 billion in Iraq alone, covering residential, commercial, and office developments in the country’s key property sectors.
