Dubai: IT and property conglomerate Almasa Holdings yesterday unveiled Omniyat Holdings, a new sister company which will run Almasa's real estate operations.

Created with an authorised capital of $250 million and an initial paid-up capital of $100 million, Omniyat Holdings will manage a host of future firms, investments and business ventures, including Almasa's real estate arm, Omniyat Properties.

Omniyat Holdings' first venture will be a public company set to be floated on a major international stock market during the first half of 2007.

Officials were tight-lipped on the nature of the company and which exchange it would be listed on, saying an announcement will be made before the end of the month.

"The first new company is now being developed and will be launched in the next few weeks. It will be very large and strategic," said Mehdi Amjad, president and CEO of Omniyat Properties and Almasa Holdings.

Officials say the launch will allow Almasa Holdings to focus on the IT sector.

"The aim of Omniyat Holdings is not only to continue to expand Omniyat Properties and become one of the leaders in the property development sector, but also to seek out and invest in new business ventures that will benefit directly or indirectly from this major element of the economy," said Amjad.

Amjad told Gulf News the company's new luxury mixed-use projects will mostly be centred in downtown Dubai.

"We don't think the company has realised its maximum potential here yet. We've already started looking at further expansion and we will be realising that part of the vision by 2008," he said.

"We're looking very closely at Abu Dhabi. It's a very interesting market, but we haven't committed ourselves there yet."

Tony Manning, Omniyat Holding's chief financial officer, added: "We don't underestimate the difficulties of expanding overseas."

Manning admitted that a significant chunk of the company's new property launches will coincide with several other major developments entering the Dubai market.

"There is potential for over supply, but there will always be cycles in the market.

"If there is a downturn then it's up to our reputation and brand name to carry us forward," he said.

Dh10b portfolio by 2008

Omniyat Properties has so far launched property developments worth Dh2.7 billion. Projects include The Square residential tower and four commercial towers in Business Bay One Business Bay, Bayswater, The Birary and Gemini.

Another three developments worth a combined Dh3 billion are to be launched in the next six to nine months. The company is targeting a Dh10 billion portfolio by the end of 2007.