Omniyat to manage hotel developments

by ArabianBusiness.com staff writer Saturday, 08 December 2007

Omniyat Properties, the real estate development arm of UAE-based Omniyat Holdings, has formed a strategic partnership with Bahrain-based Investate which will see the company branch out into hotel development.

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Omniyat's chief marketing officer Ehab Shouly said the new venture would see Omniyat Properties acting as managing developer for all Investate projects.
"One of the first projects we'll be doing will have a hotel in the development," Shouly revealed. "Our developments are going to be Shariah-compliant so we have been looking into that, especially in Saudi Arabia.

"Our first project is a residential development, which we'll be announcing the details of very soon. The hotel element will come a little bit later," he explained.

The agreement with Omniyat came within 24 hours of Investate's launch in Bahrain, following the company's first shareholders meeting.

Omniyat Holdings and Omniyat Properties' president and chief executive officer Mehdi Amjad, also vice chairman of Investate, said the companies had integrated experts from across the industry.

Investate chief executive officer Salah Nooruddin said the company would initially invest in and develop property in the GCC and MENA region, before international expansion.



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