Amwaj International, a national conglomerate with over 10,000 employees and a global footprint across 27 cities, announced it has acquired 18% stake in Dubai-based development firm Cledor. Industry veteran Omar Gull founded Cledor. This investment marks Amwaj’s entry into the real estate market in the UAE, with Cledor’s post-money valuation hitting $100 million.
This funding is a major component of Amwaj’s expansion strategy into one of the world’s most significant real estate markets. For 30+ years, Namir El Akabi has successfully directed developments and investments worth more than $60 billion across nearly every sector of the real estate industry.
Through the partnership, Cledor will manage and spearhead Amwaj’s upcoming real estate ventures in the UAE, harnessing its luxury real estate development expertise. And the funds will enable Cledor to support recruitment and manage operational expenses until its projects generate liquidity. Cledor will also utilize Amwaj’s global team of professionals, procurement network, and expertise to accelerate future growth.
Dubai’s real estate sector recorded significant transaction volumes. Last year, Dubai reached an all-time high in real estate transaction values. This surge has been fueled by foreign direct investment, a growing demand for luxury properties, and a pro-business regulatory framework.
Dubai also provides a business-friendly environment that supports company growth. And with a tax-free income regime, ease of doing business, and a dynamic investment ecosystem, the city continues attracting international firms due to its regulatory and tax framework
Cledor founder Omar Gull career path has seen him achieve sales upwards of $30 billion. And he has previously held key leadership roles including the Chief Sales Officer of Dubai Holding, Head of Sales at Emaar Properties, General Manager of Emaar Saudi Arabia, Head of International Business at DAMAC Properties, and prior consulting experience at JLL.
Cledor is also exploring high-growth emerging markets such as Far East Asia and Eastern Europe for potential expansion opportunities.
Through current and upcoming projects spanning about 20 million sq m of land, Amwaj looks to provide 50,000 units to accommodate 200,000 residents. To date, the company has invested about $2.4 billion in real estate assets that are either sold or under development in Iraq alone. These assets include residential, retail, and office properties in Iraq’s premier property market.
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.”
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.”
Namir El Akabi, Founder and Chairman of Amwaj Group
