Omniyat to quadruple Dubai portfolio

Omniyat Properties plans to quadruple the value of its property portfolio in Dubai to Dhs21bn ($6bn) in 2008, following strong sales in 2007. Mehdi Amjad, President and CEO of Omniyat Holdings, announced that the group's flagship company, Omniyat Properties, achieved sales of just over Dhs3bn ($817m) last year compared to Dhs1.5bn ($408 million) in its debut year in 2006. He also revealed that the Omniyat Holdings group's profits tripled in 2007 compared to the previous year but did not disclose the company's profits value.