Omniyat Holdings launched with capital of US$250 million

Omniyat Holdings has been created with an authorised capital of US$250 million (AED 918 million), and an initial paid-up capital of US$100 million (AED 367 million). The company will manage Omniyat Properties and future companies, investments and business ventures, and will identify viable opportunities in the region, with an emphasis on the property sector.

"An impressive track record of success for Omniyat Properties, together with favourable market conditions in the property development sector, has prompted the board of directors to establish Omniyat Holdings as the vehicle for Omniyat's horizontal expansion in the property sector. The first company to be unveiled under the Omniyat Holdings umbrella will be a public company that will be listed on one of the main international stock markets,"

said Mehdi Amjad, President and CEO, Omniyat Holdings & Almasa Holdings.

"The value of developments in Dubai is projected to reach US$100 billion (AED 367 billion) over the next few years, and the aim of Omniyat Holdings is not only to continue to expand Omniyat Properties and become one of the leaders in the property development sector, but also to seek out and invest in new business ventures that will benefit directly or indirectly from this major element of the economy.

"During its first year of operations, Omniyat Properties has successfully managed to launch and sell four commercial and one residential project, with a value of US$ 733 million (AED 2.7 billion). We anticipate that the company will build upon its current momentum, and the value of projects under development will increase to US$ 2.71 billion (AED 10 billion) by 2007," Mr Amjad added.

The formation of this new company will contribute to the group's economic success by complimenting and enhancing its existing property development business and generating new income streams through a future portfolio of investments and companies. Almasa Holdings will concentrate on the information technology sector, which will allow Omniyat Holdings to focus more closely on the development and real estate sectors. A series of new property related projects and companies are already in the pipeline, with the launch of the first company coming within the next month.

"We have already assessed various opportunities and ventures for Omniyat Holdings to undertake, which will contribute to our new philosophy of 'enhancing future living'," commented Ehab Shouly, Chief Marketing Officer, Omniyat Holdings.

"Omniyat Holdings will provide the necessary financial resources, management supporting services and flexibility to continue driving the success of Omniyat Properties by complimenting its business model with future projects and services, and also functioning independently so that opportunities in or related to the property sector can be assessed for potential future investments."

Omniyat Properties has already launched four commercial towers, One Business Bay, Bayswater, The Binary and Gemini all within the boundaries of Dubai Business Bay. The first residential project, The Square, has already experienced significant sales success with phase-one being sold out within the first three days of launch.