Amwaj International Acquires 18% of Cledor at $100M Valuation

Global powerhouse Amwaj International has taken its first major step into the UAE’s booming property market by acquiring an 18% stake in Dubai-based luxury real estate developer, Cledor. The transaction values Cledor at $100 million post-investment. Founded by industry stalwart Omar Gull, Cledor is set to become the face of Amwaj’s real estate ambitions in the region.

A Bold Expansion Strategy Led by a Veteran Visionary

The acquisition aligns with Amwaj’s broader strategy to tap into one of the most dynamic real estate landscapes globally. Steering this vision is Namir El Akabi, a real estate veteran with a track record of overseeing developments exceeding $60 billion across various sectors over the past three decades.

Empowering Cledor to Lead UAE Operations

Under the new partnership, Cledor will lead Amwaj’s real estate initiatives in the UAE. The funding will fuel Cledor’s operational capabilities and help onboard top-tier talent while sustaining the company until project-generated revenues begin to flow. In turn, Cledor will benefit from Amwaj’s international network, procurement strength, and extensive industry experience.

Real Estate Boom Reinforces Strategic Timing

Dubai's real estate market has been on an unprecedented growth trajectory. In 2024, the city recorded over AED 760.7 billion in transaction value across 226,000 deals—setting an all-time record. The surge is powered by rising foreign investments, an appetite for high-end properties, and a supportive regulatory environment.

Dubai’s Business Landscape: A Launchpad for Innovation

Cledor’s growth story is anchored in Dubai’s reputation as a magnet for innovation and business excellence. The city’s investor-friendly policies, tax-free income, and seamless business environment provide fertile ground for high-growth startups aiming to scale quickly and redefine industries.

“Dubai provides the ideal environment for entrepreneurs to dream big and scale quickly,” said Omar Gull, Founder of Cledor. “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's illustrious career path has seen him achieve sales upwards of USD 30 billion. 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, as well as prior consulting experience at JLL.

Future Horizons Beyond the UAE

Namir El Akabi, Founder and Chairman of Amwaj Group, stated: “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 a testament to its vast potential. We are excited to support its journey and join hands in redefining the UAE’s real estate sector.”

While Cledor’s core operations will remain rooted in Dubai, the company is setting its sights on international expansion. High-growth markets in Far East Asia and Eastern Europe are currently being explored as part of its strategic roadmap.

Amwaj’s Expansive Development Pipeline

Amwaj is actively developing projects that span approximately 20 million square meters of land. The goal: to deliver 50,000 residential units to house 200,000 people. The company has already invested $2.4 billion in real estate developments in Iraq, covering residential, commercial, and office spaces in key urban centres.