Omniyat launches property investment vehicle
by This email address is being protected from spam bots, you need Javascript enabled to view it on Monday, 31 March 2008
Dubai-based Omniyat Holdings on Sunday launched a real estate asset management company and plans to offer two property funds worth 2 billion dirhams ($544 million) this year.
Based at the Dubai International Financial Centre (DIFC), Omniyat Investment Management (OIM) has been authorised to arrange investment deals, advise on financial products and credit, and manage assets.
Mehdi Amjad, CEO of Omniyat Holdings, said OIM would offer two close-ended real estate funds promoting some of the real estate units of its subsidiary Omniyat Properties by the end of this year.
The company intends to manage a wide range of property fund products to rival leading financial centres including London, New York, Singapore and Hong Kong, Amjad said.
These would be available privately to Omniyat investors and institutional investors, he said.
The initial funds launched by OIM will be seeded by assets from Omniyat Properties' real estate portfolio, meaning investors would receive instant access to property assets, he said.
Amjad said the move into asset management was part of Omniyat Holdings’ intention to become a real estate owner, investor, developer and asset manager.
“We fully intend to be part of the DIFC’s plans to become host to 20% of the world’s investment funds,” he said in a statement.
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