New beginnings

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Omniyat, under CEO Mehdi Amjad, is expanding into new markets.

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Omniyat Properties is entering the hotel sector for the first time, following the launch of three developments in The Lagoons, Business Bay and the Dubai Waterfront.

The Dubai Waterfront development represents Omniyat's first move into hotel construction, with the firm intending to develop a six-star hotel on the site.

The launches are part of the aggressive growth plan being undertaken by the firm in Dubai, despite on-going local concerns of a property price correction.

Mehdi Amjad, CEO at Omniyat Properties, said the three new Dubai projects cover a total area of four million sq ft, with a value of US$1.6bn.

"In the Dubai Waterfront we have acquired one of the biggest plots of land, facing the Palm Jebel Ali. The 1.5 million sq ft project includes our first hotel, residential apartments, serviced apartments and a shopping mall. The US$5m development is set along 160 metres of beachfront, located in the Madinat Al Arab area. We have also purchased four plots of land on the east end of Dubai Creek, for a US$7m mixed-use development."

The new projects will take the company's investment in Dubai to US$2.7bn by the first quarter of 2008; however, Omniyat Properties intends to double this investment figure again by 2008, through acquisition and growth into new markets.

Amjad said he also has development plans for international expansion, beginning with Saudi Arabia, and Abu Dhabi.

He intends to begin full-scale operations in Saudi Arabia, while developing a tower project in Abu Dhabi.

Under these plans, Omniyat Properties will become an international company by 2008.

The Riyadh market is of particular interest to Omniyat and the company will look to launch a master development of residential, commercial and villa properties there, said Amjad. Saudi Arabia currently has an under-supply of mid-range real estate and this area is where developers should be shifting their focus to, he added.

The company is also debating the merits of listing as a public company, revealed Amjad but this was not planned for the near future, particularly in view of the strength of the private equity market.

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