Dubai's Omniyat to focus on launched property projects

Dubai-based developer puts on hold any plans of expanding beyond emirate.
Dubai's Omniyat to focus on launched property projects
By Kevin Fylan (Additional reporting by Mark Meadows, Karolos Grohmann, Iain Rogers and Jean-Paul Couret)
Mon 02 Feb 2009 03:54 PM

Dubai-based developer Omniyat Properties will focus on completing its launched projects in 2009 before considering expanding outside the emirate, as a result of the global financial crisis.

"It's part of our long-term strategy to go international but with what's happening in the world, this is not the year to do it," the company's chief executive Peter Walichnowski told reporters on Monday, adding that it would not launch any new projects this year.

"We believe that just focussing on the nine projects we have in Dubai and launching our asset management division is enough for us to do this year."

Omniyat Holdings, the parent company of the private developer, launched Omniyat Asset Management on Monday.

The private developer has launched nine projects in Dubai worth around 13.5 billion dirhams ($3.68 billion) and is on track to deliver three projects a year as planned, with the first three due in the second quarter of this year.

Six additional projects are under design phase "for some time to come", the firm's executive chairman Mehdi Amjad told Reuters.

The company's total development portfolio is valued at around 28 billion dirhams, Walichnowski said.

In November Omniyat Properties cut 69 jobs mainly in sales, marketing and support services functions, but there would be no adjustments required in the future" Amjad said. (Reuters)

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