Omniyat to expand realty portfolio in Dubai to Dh21b |
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Omniyat Properties, the region’s most innovative
real estate development company, has announced that it will quadruple
the value of its property portfolio in Dubai to Dh21 billion in 2008,
following an excellent year that saw its sales double and its profits
tripled in 2007 compared to the previous year. It was announced that
during 2008, the company will enter new real estate markets such as Abu
Dhabi, Bahrain and Saudi Arabia.
Mehdi Amjad, President and
CEO, Omniyat Holdings, said, “2007 was an excellent year for our
investors who bought property from Omniyat. In addition to the Dh5.5
billion already launched in the last 2 years, we will be bringing to
the market another Dh15 billion worth of real estate in Dubai”.
The
important real estate project launched by Omniyat in Dubai are The Pad,
Dh585 million tower in Business Bay and The Opus, designed by the
world’s leading architect, Zaha Hadid. Another important milestone for
Omniyat Holdings in 2007 was the launch of Investate, a real estate
investment company to be subject to the Central Bank of Bahrain
regulation, in which Omniyat Holdings is the majority shareholder with
a 40% stake.
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