Construction of Omniyat Properties' maiden project enters its second phase as AED 200 million main contract is awarded

Mehdi Amjad, President and CEO, of Omniyat Properties, said while the main contract for its debut project, One Business Bay, is the first major contract to be awarded, the company has already started construction on three out of the five projects it has launched so far. Work on the remaining two will start in the first half of this year.

Omniyat Properties is confident it will deliver all of its projects on time, with One Business Bay being the first to be completed in the second quarter of 2008. "We want to make sure we deliver on our promises to our customers. This is what we will be doing differently in this market, and we are on track to achieving this," Amjad added.

He pointed out that the company has already broken ground and started enablement works on another two of its projects, namely the Bayswater commercial tower in Dubai's Business Bay, as well as The Square, an integrated real estate compound with residential, commercial and retail components, in the Mamzar area of Deira, Dubai.

"We are always keen to start construction on our projects within a few months from launching them on the market. The Binary and The Gemini, two commercial towers also in the Business Bay project, are the latest additions to the Omniyat portfolio, we are currently in the process of awarding the contracts for their construction so we can break ground and lay the foundations very soon," Amjad said.

One Business Bay was launched by Omniyat in February of last year and was sold out within weeks. The company broke ground on the 30-storey commercial tower merely three months after its launch, after it had awarded the contract for the preliminary enablement works to renowned contractors Dutco Balfour Beatty.

"We decided to package the construction of the project in order to speed up the erection process and deliver on time. Dutco Balfour Beatty have done an excellent job and completed their mission on schedule. They will now hand over the site to our main contractors, Belbadi, whom we are confident will also complete their work on time,"

Amjad pointed out.

He said Emirates Belbadi Contracting Co, who have years of experience under their belt were selected as the main construction contractor for the AED 507 million (US $135 million) tower due to their excellent reputation for delivering on schedule and on budget, and the synergy of working with the German architects of the tower, Kling Consult.

"To ensure that our strategies are implemented and our promises fulfilled we always try to align ourselves with industry experts in all fields and this is why we have chosen to join forces with Belbadi who have a proven track record. Working with such a reputable organization helps us ensure that the work is completed on time and to the highest quality standards," Amjad added.

One Business Bay will rise from Plot Number One of the Business Bay District which is one of the most prominent and sought-after locations, right at the entrance of the premium property development. Combining state-of-the-art infrastructure with the latest in integrated technologies, it will offer Grade A freehold office space, affording tenants a seamlessly fused working environment that provides all the amenities and conveniences within the same building.

Emirates Belbadi Contracting Co. an ISO 9001 - 2000 certified company is one of the Belbadi Group of 37 companies and one of the leading contractors in the UAE since 1990. The company was the product of a joint cooperation with Wolf & Muller , a pioneer German Construction Company who has worked in the Gulf Region since 1983. Belbadi is renowned for delivering projects that conform to world-class standards and agreed on project timetables, including high-rise buildings, stadiums, shopping malls, palaces, and commercial towers, among others.

"We're delighted to be chosen as the construction partner for such a premium commercial tower development. Working with Omniyat Properties, a rising star in the region's property development market, and, in particular, on One Business Bay is a structurally challenging and exciting project. We believe that this high-tech high-rise will be a landmark and an impressive addition to Dubai's ever changing business skyline," commented H.E. Ahmed Saeed Al Badi, Chairman, Emirates Belbadi Contracting Co.

Omniyat Properties has proven to be a formidable force in the region's real estate market. A little over a year in operation, Omniyat Properties has so far launched one residential and four commercial projects valued at over AED 2.7 billion, with this figure expected to rise to AED10 billion by the end of 2007, making it one of the region's fastest growing property developers.