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Omniyat hopes to expand UAE portfolio by 280%

Dubai-based property developer Omniyat Properties yesterday announced they expect to raise their UAE portfolio by a staggering 280 per cent to Dh21 billion ($6 billion) this year.

  • By Suzanne Fenton, Staff Reporter
  • Published: 00:31 March 4, 2008
  • Gulf News

Dubai: Dubai-based property developer Omniyat Properties yesterday announced they expect to raise their UAE portfolio by a staggering 280 per cent to Dh21 billion ($6 billion) this year.

Mehdi Amjad, President and CEO of Omniyat Properties said the company saw its sales double and its profits tripled in 2007. The launch of the Dh1.2 billion ($327 million) Octavian, the group's sixth commercial tower and eighth project in Dubai, will bring Omniyat's current Dubai property portfolio to Dh7.5 billion.

"Business Bay is emerging as the commercial capital of the Gulf, resulting in strong demand from multinationals and local conglomerates for grade A offices to serve as regional and international headquarters. Offices in Business Bay are today commanding a yield of 15 to 20 per cent," said Amjad.

The project is a joint venture with Investate, a Bahrain-based real estate investment company. Investate has contributed 50 per cent of equity in the project mainly through GCC investors, especially from the two major markets of Saudi Arabia and Kuwait.

Octavian twin-tower

The twin-tower Octavian will be 19 storeys high and spread over 580,000 square feet of Business Bay with 60,000 square feet reserved for retail space. Amjad said that construction will begin in the third quarter of this year with completion scheduled for the first quarter of 2011. Prices will start at Dh3,000 per square foot.

High-tech features of the building will include a virtual receptionist and a virtual banker, telepresence facilities and many features will be Radio Frequency Identification Device-enabled, allowing seamless access throughout the building.

Seven other projects with a combined value of around Dh13.5 billion will be launched this year to boost the company's portfolio to Dh21 billion and they will be a mix of hotel apartments, retail, residential and commercial across Dubai. Omniyat Properties are also looking to expand in to Abu Dhabi, Saudi Arabia and Bahrain.

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