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Dubai: Omniyat Holdings, the Dubai-based real estate conglomerate, on Sunday announced the launch of its latest venture, Omniyat Investment Management (OIM), with plans to manage deals worth over Dh2 billion in 2008.
"OIM will be 100 per cent focused on real estate. Omniyat Properties can expand further as it can tap in to the capital that Omniyat Investment Management will provide," said Mehdi Amjad, president and chief executive officer of Omniyat Holdings.
This is a key element, the synergetic value through the different companies within Omniyat Holdings to create a greater strength to all of them," he added.
World funds
Located in Dubai International Financial Centre (DIFC), OIM intends to be part of the DIFC's plans to be host to 20 per cent of the world's investment funds.
OIM is licensed in Dubai and Abdullah Al Awar, managing director for DIFC said Dubai is an ideal location for the venture.
"Dubai was recently named the world's fastest growing emerging financial centre. It has access to 2.2 billion people in the Middle East, North Africa and South Africa regions with a combined GDP of $2.3 trillion," said Abdullah Al Awar, managing director for DIFC.
OIM is the first company of its kind to be linked with a freehold property developer.
Property market
Dr Omar Bin Sulaiman, governor of the DIFC said, "In recent times, real estate has become a highly attractive and popular investment vehicle for regional and international investors looking to benefit from the impressive returns that the property market can generate."
The OIM is currently working on arranging two closed-end real estate funds worth around Dh2 billion during the second half of this year.
Ehsan Abbas, CEO of OIM said that OIM will go where their capital dictates and will manage assets belonging to other financial institutions and super high-net worth customers in addition to real estate owned by Omniyat Properties.
The company also hopes to manage a wide range of property fund products to rival leading onshore fund centres, such as London, New York, Singapore and Hong Kong.
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