Name: RAW District Office by IMTIAZ — OSNOVA Offplan Review
Item: RAW District Office by IMTIAZ
Rating: 8.2
Author: OSNOVA Property

Analyst Overview

Project Analysis

RAW District Office is a mixed-use development by IMTIAZ, strategically located near the terminal metro station in Jebel Ali, Dubai. The project combines residential and commercial units within one integrated community, addressing a structural gap in Dubai's commercial real estate landscape.

Historically, Dubai's commercial sector has lagged the rapid growth of residential development. While millions of square feet of residential supply continue to enter the market, the supply of modern Grade A office space remains limited — creating strong fundamentals for capital appreciation and rental growth in well-located commercial assets.

Today, office properties in Dubai are experiencing increasing demand, particularly in business-driven locations such as JVC, Motor City, and Al Jaddaf. RAW District presents investors with the opportunity to enter one of the city's most strategically positioned emerging office markets: Jebel Ali.

The Jebel Ali office market represents a unique investment story. Existing inventory is largely outdated, with most buildings developed more than a decade ago. At the same time, the district sits between two of Dubai's most important economic and logistics corridors — collectively contributing approximately 36% of the Emirate's GDP.

On one side lies Dubai's rapidly expanding logistics and e-commerce ecosystem, home to global companies including Amazon and international retailers continuing to scale their regional operations. On the other lies Jebel Ali Port — one of the world's largest ports by cargo volume — serving as a critical gateway for international trade. This creates demand from logistics operators, legal firms, consultancies, trading businesses, and corporate tenants connected to the surrounding commercial ecosystem.

Modern Grade A office space in this location offers companies not only operational convenience, but the prestige of a premium business environment suitable for executive management, client meetings, and regional headquarters.

Commercial Units

Available Office Sizes & Prices

Unit Type	Size (sqft)	Price from (AED)	AED / sqft
Office	700 sqft	1,200,000	1,714

Flexible unit configurations available for different business needs and investment strategies. Shell-and-core and fitted options subject to confirmation with developer.

Capital Appreciation

Three Scenarios · 700 sqft Office · 4-Year Hold

Conservative

+266,000 AED

+22.1% total

5.1% / year

Exit: 2,100 AED/sqft

IRR 15.7% (with LT rent)

Neutral

+546,000 AED

+45.3% total

9.8% / year

Exit: 2,500 AED/sqft

IRR 20.4% (with LT rent)

Bullish

+651,000 AED

+54.1% total

11.4% / year

Exit: 2,650 AED/sqft

IRR 22.0% (with LT rent)

Capital appreciation by scenario

GAIN ON 700 SQFT OFFICE · ENTRY 1,720 AED/SQFT · 4-YEAR HOLD · AED

Rental Income

Yield Analysis · Long-Term Rental · 700 sqft Office

Office rental yield · Long-term

ASSET VALUE 1,750,000 AED · SERVICE CHARGE 18 AED/SQFT · ANNUAL SC 12,600 AED

Gross yield

Net yield

Long-Term (LT) · 15,500 AED/month · 186,000 AED/year

Gross

10.6%

Net

9.9%

Short-term / holiday rental not applicable for office asset class. Annual service charge 18 AED/sqft × 700 sqft = 12,600 AED deducted for net yield.

Yield vs entry price

GROSS VS NET · OFFICE LT RENTAL · % OF ASSET VALUE 1,750,000 AED

Market Positioning

Competitor Price Comparison · Dubai Office Market

Project	Location	Developer	AED / sqft	Relative
RAW District Office	Jebel Ali	IMTIAZ	~1,714	This project
Capital One JVC	JVC · District 11	Centurion	~1,954	+14%
Samana Barari Avenue	Majan · Dubailand	Samana	~2,200	+28%
Piazza Roma	DAMAC Lagoons · Dubailand	DAMAC	~3,017	+76%
Azizi Emerald	Dubai Healthcare City	Azizi	~4,000	+133%

Sources: PropertyFinder.ae listings, developer launch data, insiderealty.ae · May 2026. PSF is blended launch / asking price across available unit sizes. Not DLD-verified resale data.

DLD Benchmark

Direct DLD Comparable · Jebel Ali Commercial

Commercial Grade A office DLD transaction depth is thin in Jebel Ali — most existing inventory predates DLD's full transaction reporting era. The closest direct comparable on the DLD ledger is Tilal Al Furjan Phase Two in Jabal Ali First — commercial product, same district. Wider Dubai office DLD prints (Business Bay, JLT, DIFC-adjacent TECOM) sit in a 2,000–4,000 PSF band and reflect mature inventory; RAW District is positioned in a different category — new Grade A in an emerging market.

Tilal Al Furjan (Jabal Ali)

1,214

AED/sqft · commercial DLD print

Wider Dubai Grade A

2,000–4,000

BB / JLT / TECOM offices

RAW District Entry

1,714

700 sqft Grade A · launch

Position

Grade A premium

+41% vs existing JA inventory · −15% vs mature Grade A

Subject Position vs DLD Comparable

RAW District at 1,714 AED/sqft carries a +41% premium versus the closest direct Jebel Ali commercial DLD print (Tilal Al Furjan, 1,214 AED). That premium is structurally justified — RAW is new Grade A product entering a district where existing inventory is largely outdated and developed more than a decade ago. Against mature Dubai Grade A in Business Bay / TECOM / JLT (2,000–4,000 PSF), RAW is positioned 15–55% below, creating room for PSF convergence as Jebel Ali office supply absorbs demand. The DLD comparable layer is thin here — the investment case rests primarily on the Jebel Ali corridor's structural undersupply of modern offices and on the developer's payment plan flexibility, not on a clean PSF lookup.

Source: Dubai Land Department transactions · Jabal Ali First commercial segment · OSNOVA DLD Analytics from dld.html. Commercial office DLD coverage in Jebel Ali is limited — treat figures as directional.

Strengths

Prime location near the metro station and the region's largest economic hub, contributing approximately 36% of UAE GDP
Flexible unit size options suitable for different business needs and investment strategies
High construction quality and modern development standards
Attractive and convenient payment plan for investors and end-users
Emerging growth location with strong long-term development potential

Risks

Growing competition from the KEZAD economic zone and logistics hub development
Potential geopolitical and regional risks affecting investor sentiment and business activity
Risks associated with the developer's escrow account opening process and project execution timeline

Investment Thesis

Growth Drivers

Development of the logistics hub in Jebel Ali and its growing importance as a key trade and distribution center — the district contributes approximately 36% of UAE GDP
Lack of high-quality Grade A office space in the area despite stable demand from logistics, trading, and international companies
Economic growth of the UAE and the increasing importance of the country as a global logistics and transit hub connecting Europe, Asia, and Africa

Analyst Verdict

This is a unique investment opportunity that stands out both in terms of rental income potential and long-term capital appreciation. The project offers strong fundamentals — attracting high-quality tenants is straightforward given the strategic location and growing business ecosystem around Jebel Ali. Investors will not face challenges in leasing, as demand for modern, well-located commercial space in this area is consistently strong.

One of the key advantages is the highly flexible payment structure. The project offers a 50/50 plan, allowing investors to acquire the commercial unit over 4 years. During this period, expected market appreciation significantly enhances overall capital value, effectively increasing equity even before full completion of payments.

Alternatively, investors can benefit from a structured plan where up to 40% of the investment can be covered through rental income over a 3-year period — creating a self-sustaining investment model that reduces financial pressure while maintaining strong yield potential.

Overall, this project combines scarcity of modern office supply, strong tenant demand, strategic economic location, and flexible payment terms. The conclusion from an investment perspective is clear: this is a strong buy.

DLD Fee	4%
VAT	5%
Admin Fee	AED 5,000
Registration Fee	AED 5,000

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