Omniyat Properties ties up with Bahrain Investment firm

by Conrad Egbert Tuesday, 30 October 2007

UAE based Omniyat Properties, has signed a strategic partnership with Bahrain-headquartered Investate, the first of its kind in the Middle East to focus on investing in the region's booming real estate sector and beyond.

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Under the agreement, Omniyat Properties will act as managing developer for all Investate projects.
The agreement came within 24 hours of Investate's launch in the Bahrain capital of Manama following the company's first shareholders meeting. Investate was launched with a paid-up capital of US $108 million (AED397 million), an authorised capital of $500 million, and a shareholder base that includes the ‘who's who' of the region's business community.

Investate's shareholders include: Omniyat Holdings (Dubai), Almasa Holdings (Dubai), Kuwait Investment Company (Kuwait), The First Investor (Qatar), Al Rashed Group (Saudi Arabia) and Al Hokair Group (Saudi Arabia) to mention a few from a wider shareholder base.

"We believe the time is ripe for a company such as Investate to enter the market," said Mehdi Amjad, president and CEO of Omniyat Holdings.

"We have succeeded in creating a synergy second to none by integrating the industry's leading experts into a well conceived and planned enterprise. Investate blends together the financial acumen of a strong Board of Directors, the proficiency of a workforce rich in property finance experience and the innovation of our prominent partners."



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