Investate partners with Omniyat for development project in Dubai Business Bay

Dubai's Business Bay is the fastest growing financial district in Dubai and promises to become the 'Manhattan of the Middle East'. Covering an area of 64 million square feet, the development will be made up of over 240 towers and will feature facilities such as office and residential towers. It is set to be completed in 2010.

The Project is a development of an office building in Dubai Business Bay standing majestically on an expanse of 102,704 square feet and strategically located in the North East of the Business Bay. A masterpiece of form and functionality, this 19 storey, Grade A commercial tower is intelligent yet robust, futuristic yet warm and overall, the ideal place to conduct business.

Investate CEO Salah Nooruddin said, "This partnership with Omniyat properties is the second of its kind after the successful Dubai Waterfront deal. We believe partnerships with innovative real estate developers like Omniyat Properties will ensure success and result in adding value to our products and achieving positive returns for our shareholders."

Investate's strategy lies in offering shareholders a range of Shari'ah-compliant investments that are diversified by asset, class and location, with a portion of this investment being placed with partners and shareholders in GCC countries.

Mr. Nooruddin added: "We at Investate have recognized Dubai as a growing market which has now become acknowledged as the commercial centre of the Gulf. Industry reports have shown that the year 2008 will be a prime time for investment in the office real estate market in Dubai. The forecasts are in favour of the project showing a gap between supply and demand and a significant portion of the new supply will come from the Business Bay development. The project offers a Grade A office space which is expected to be less sensitive to any potential market adjustment."

The Emirate has shown robust growth averaging 17.9 percent in nominal terms since 2001. Similarly, real estate and business services have recorded an average growth of 25% a year, driven significantly by government-backed developers.

President and CEO of Omniyat Holdings and Omniyat Properties, Mehdi Amjad said: "We are very excited about our second tie up with Investate guided by the fact that the return on investment in Dubai is very promising. We have observed a notable rise in interest by both developers and investors towards real estate investment in the Emirate"

Business Bay will fulfill the growth needs in the medium and long term. Besides the growing demand of the local economy, which is projected to achieve an average growth of 5 to 9% annually over the next few years, Dubai and the UAE in general is attracting increasing foreign investment. Hundreds of companies are setting up offices in Dubai every month and an increasing number of regional and international companies are working from the country

Investate targets market segments where there is stable and secured growth, and assets that are income-generating to ensure liquidity for investors. These factors are present in the Dubai Business Bay project. The project's feasibility study was reviewed and the potential for success is high due to its location, futuristic design and high-tech features.