Is Omniyat back for good?


  • Share via facebook
  • Tweet this
  • Bookmark and Share

After bursting onto the property scene in 2005, and later taking its fair share of the collateral damage when the market crashed, Dubai real estate and services group Omniyat has lately been lying low.

With the exception of the ongoing fallout from its cancelled Beachfront Living project, which is still making its way through the local property regulator, there has been little news from the company for about four years despite it previously revelling in the media spotlight.

It was not accidental, it turns out. Rather, Omniyat has been using this time to regroup and work out the best way forward.

“During the course of this five years we looked at our portfolio and we looked at how we could effectively enhance this portfolio, reflecting the market demand,” Omniyat’s executive chairman and CEO, Mahdi Amjad, explains.

The end result is the company is now shifting away from residential-only developments to more diverse and, it believes, lucrative hotel-residential projects.

“The demands back in 2008 were different,” Iraqi-born Amjad says. “The demand of Dubai has gone more towards tourism and the growth of tourism reflects that.

And after consolidating its portfolio down to AED6bn ($1.63bn) during the downturn, from a high of about AED28bn ($6bn) in 2009, Omniyat is again looking to grow with plans for AED11bn ($3bn) in projects by the end of 2014.

Its return to the big stage has come in the form of three major ventures launched at the three-day Cityscape Global last week. Giving details of two projects, Amjad confirms The Opus will be a revamp of the mega-development it launched in 2008 in Business Bay.

Previously a 23-storey retail and commercial tower that was slated to be finished in 2010, the project will now also comprise a five-star, mixed-use hotel, as well as apartments.

Amjad says the new Opus development is again designed by world-renowned Iraqi-British architect, Dame Zaha Hadid, but will now be the first hotel and apartment project to her name.

Article continued on next page...

Related:
Topics
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: bruno

What about "The Gemini" project?
Do you know, Mr. Amjad that is still on hold?
Do you know, Mr. Amjad, that is an Omniyat project?

Posted by: Mario

Omniyat has to walk the talk !!!.

Have they got the investors to agree for these sudden shifts from commercial / residential to hospitality. I don't think so. Obviously the party to benefit from these changes are Omniyat.

I pity the investors who invested in the projects way back in 2007 and after 6 years have still not got any returns. Whats the guarantee that Omniyat will deliver the relaunched projects...only time will tell. till then fingers crossed !!!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Do celebrity branded projects ever work?

Do celebrity branded projects ever work?

The long list of celebrity-endorsed real estate developments...

1
Is this the end of the Gulf’s Indian cash dash?

Is this the end of the Gulf’s Indian cash dash?

From currency woes to taxation loopholes closing and a clampdown...

2
Mall talk

Mall talk

Plans for Dubai’s Mall of the World have made headlines all over...

1
Most Popular
Most Discussed
  • 10
    UAE teens among the highest for obesity rates

    Everyone in UAE knows that biggest is best.

    UAE may not light up the international league tables in standard of living, education standards, press... more

    Friday, 29 August 2014 4:20 PM - Proud UAEer
  • 9
    Saudi Arabia seeks talks on hiring of Sri Lankan maids

    perhaps the unemployed saudi men or the millions of women who are not allowed to work could pick up a broom and start sweeping their own houses. more

    Sunday, 31 August 2014 3:28 PM - nice
  • 9
    Smoke-free Dubai - the big debate

    Surprisingly the only studies that show a negative financial impact of the smoking ban on the hospitality industry are sponsored by tobacco companies ... more

    Wednesday, 27 August 2014 4:19 PM - Telcoguy
  • 24
    World's most pierced man refused entry to the UAE

    Tolerance has its limits everywhere including Dubai and those who considered Dubai a lawless circus were held accountable...so thank you Dubai authorities... more

    Thursday, 21 August 2014 10:51 PM - Khalil
  • 23
    Baby NOT on board?

    Some of you cry babies need to get your own personal apartments on the plane ! You cry more then the babies I have seen in my travels. LOL more

    Thursday, 28 August 2014 9:10 AM - Jim
  • 21
    Israel “must be punished” over Gaza, says Dubai police chief

    This high moral ground that Mick is talking abt sound very familiar. May I remind Mick that the US & its British ally alone killed over 1 million innocent... more

    Thursday, 7 August 2014 4:12 PM - Mathew