Dubai-based Omniyat has signed a financing facility with Ajman Bank for Dh500 million, which will be used for the construction of a mixed-use project at Dubai Water Canal in Business Bay. The project is a partnership between Omniyat, Saudi Arabia’s Rashed Al Rashed Group and Jenina Real Estate Development Co. Ltd., a Saud Kanoo’s company.
The facilities are structured in line with Sharia-compliant practices for a five-year tenor.
The project cost is Dh1.34 billion and scheduled for completion by 2020. It will consist of a hotel, residences and retail development. The official announcement is due in 2018 first quarter. Construction on site has already begun.
“Omniyat has separated itself from the competition by focusing on unique projects that resonate with discerning investors and by collaborating with like-minded partners,” said Mahdi Amjad, Chairman and CEO of Omniyat.
The project will cement Omniyat’s move into the lifestyle sector and precedes the opening of ME Dubai at The Opus by Zaha Hadid later in the year. Omniyat currently has a development portfolio valued at more than Dh23 billion.
Omniyat is a sophisticated and savvy real estate investment, development and management company with a track record of identifying opportunities to create superior value and solid returns via a portfolio of residential, commercial, leisure and retail properties. Headquartered and have a strong presence in Dubai – one of the world’s most dynamic and diverse property markets – Omniyat also pursue opportunities in the wider Middle East and beyond. Omniyat focus on creating iconic property experiences that answer our customers’ unmet and unarticulated requirements through projects imbued with an artistic sensibility, both inside and out.
Mahdi Amjad founded Omniyat in 2005 with a vision to contribute to Dubai’s skyline through the development of modern commercial and residential buildings. He is the Executive Chairman and Chief Executive Officer of what has become one of Dubai’s fastest growing and most significant players in the real estate industry.
Over the last decade, Amjad has lead Omniyat to become a leading privately-held property developer that has dynamically enhanced the city’s skyline with landmark projects. He has led Omniyat to put art and design at the heart of every one of its developments and has been instrumental in large-scale collaborations with award-winning and globally respected designers, including the late Dame Zaha Hadid, Foster & Partners and Super Potato.
At the start of 2017, Amjad led the unveiling of ultra-luxury development One Palm, the newest and most exclusive residential space on the globally-recognized Palm Jumeirah. Also in 2017, Amjad will unveil The Opus, the first Dame Zaha Hadid-designed building in Dubai and the home to the first ME by Melia hotel in the region.
Amjad’s astute management capability, visionary outlook and proactive decisions have helped Omniyat to orchestrate development of unique projects at vantage locations within master communities. The company’s consistent and bespoke approach to all projects, from their design through to their delivery, generates a superior value proposition in a variety of investment environments and is widely recognized as an industry benchmark in the Arab region.
In 2005, Amjad looked at Dubai’s skyline as his canvas and still today he is making his mark with brushstrokes of unique and landmark projects, and with many more projects in the pipeline continues to innovate and delight