|
Cannes: Omniyat Properties will launch a Dh3.5 billion new development in June this year at the Dubai Waterfront area, a senior official told Gulf News.
The development will be the ninth in the company's portfolio, taking its total investments up Dh10.2 billion, compared to Dh5.5 billion by the end of 2007.
"We are exposing this project during the MIPIM exhibition, as we seek to get international investors' feedback during the big-gest industry event worldwide," Ehab Shouly, Omniyat's chief marketing officer told Gulf News.
"The project is a mixed-use development spreading on a total area of 1.5 million square feet, and occupying a landscape directly at the waterfront and beach. It will include a hotel, a shopping arcade, as well as residential apartments," he said.
Joint venture
The development is a joint-venture between Omniyat and the Bahrain-based Investate, in which Omniyat has a 40 per cent stake. Each side is providing for 50 per cent of the investment.
The Bahraini venture is already seeking to become an investment bank, and has applied already for the licence, pending the Bahraini Central Bank's approval.
"We are planning to invest about Dh15 billion in 2008, of which we have announced the first development, the Octavian, last week for Dh1.2 billion, and now this development for Dh3.5 billion, and still more to come," he added.
Reaching out
Participating in MIPIM is the first venture for Omniyat outside Dubai, as the company plans to extend its reach in the region a beyond.
"We are now positioning ourselves to expand beyond Dubai and the UAE and become international players, with plans for projects in countries like Bahrain, Saudi Arabia, and Morocco to be announced soon," Shouly said.
Last week, the company announced a twin-tower office development, the Octavian, at the Business Bay area, where two developments are also subject to delivery in 2008, namely two office towers, One Business Bay and Bayswater, 30 and 24 storeys high respectively.
The company's portfolio is expected to quadruple in 2008 to approximately Dh21 billion, following a remarkable performance in 2007.
|
