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Omniyat unveils $1.63bn of projects

Dubai-based Omniyat Properties on Monday announced three real estate projects in Dubai totalling 6 billion dirhams ($1.63 billion) as it looks to cement its place as one of the emirate’s leading developers.

The first project is an office complex in Business Bay, while the other two are mixed-used developments on Dubai Waterfront close to the Palm Jebel Ali and in The Lagoons facing the Flamingo Wildlife Sanctuary.
The mixed-use projects will include hotels, shopping malls and residential units.

The first project will cost 1.5 billion dirhams, while the Dubai Waterfront and Lagoons developments will cost 2 billion dirhams and 2.5 billion dirhams respectively.

All are scheduled for completion by the second quarter of next year.

Omniyat said the launches will brings its real estate investment up to 10 billion dirhams by 2008.

It said none of the three projects will be on show at this month's Cityscape real estate expo in Dubai, where it will be showcasing another Business Bay development The Opus.

Other projects Omniyat is working on in Dubai include One Business Bay, Bayswater, The Binary, The Gemini, The Square and The Pad.

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