Omniyat plans investments

Omniyat Holdings has established Omniyat Investment Management (OIM) Company, with plans for it to manage deals worth over US $544 million (AED2 billion) in 2008.
Omniyat plans investments
By Administrator
Sat 05 Apr 2008 04:00 AM

Omniyat Holdings has established Omniyat Investment Management (OIM) Company, with plans for it to manage deals worth over US $544 million (AED2 billion) in 2008.

The new company will be the first of its type affiliated to a freehold property developer and is licensed by the Dubai Financial Services Authority (DFSA).

"With OIM, we are taking another step towards realising our vision of being active in the entire real estate value chain," said Mehdi Amjad, president and CEO, Omniyat Holdings. "OIM will be 100% focused on real estate and will benefit from the synergies created by Omniyat Properties.

The new company has been authorised by the DFSA to arrange investment deals, advise on financial products or credit and manage assets. "We aim to offer a range of property fund products and we already have a deal flow because of our property development arm, Omniyat Properties," said Amjad.

Wui-Hua Tan, OIM's chief financial officer, said the company was already working on arranging two deals with an estimated value of $544 million during the second half of this year.

"These will be two closed-ended real estate funds which we will place privately to our database of investors as well as institutional investors," said Tan.

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