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Omniyat to launch four projects worth Dh3.65b

DUBAI — Omniyat Properties, the real estate development arm of Almasa Holding will launch four new projects worth a total of Dh3.65 billion this year, said one senior official of the company.

Ehab S Shouly, senior vice-president and marketing director of Omniyat Properties told Khaleej Times, “The total investment of our company in various projects will reach Dh4.5 billion by the end of this year including the two commercial projects worth more than Dh850 million launched in the Business Bay development adjacent to Shaikh Zayed Road."

Shouly told Reuters : “We are planning to launch an IPO(initial public offering) in the next two to three years as lot of investors are interested in taking a stake in the company."

He also said that foreign investors are also interested in commercial such as office towers in Dubai. The market is quite lucrative for them because the returns are much higher than Europe.

He was speaking at the Press conference announcing that Omniyat Properties has signed its first mortgage agreement with Abu Dhabi Commercial Bank (ADCB) to finance the purchase of its freehold properties in Dubai by both nationals and foreigners who are resident in the UAE.

The deal covers Omniyat Properties two commercial office towers spread over an area of 700,000 square feet of freehold office space as well as 25,000 square feet of retail space in Business Bay.

“Abu Dhabi Commercial Bank (ADCB) will offer a maximum of Dh20 million to the value of 75 per cent of the unit in Omniyat Properties' first two office towers. The loan tenure, inclusive of construction period, is 15 years for 100 per cent UAE owned businesses or individuals and 10 years for expatriates," said Hassan Jarrar, Head of Business Banking Group at ADCB.

Tony Manning, chief financial officer of Omniyat, told Khaleej Times, “This memorandum of understanding represents a long term strategic relationship with ADCB. This is one of the innovative products launched by the bank providing finance for residents in the UAE."

He further added: “The mortgage agreement will make the company's products more accessible to a wider cross-section of investors who are interested in buying office units in the two towers, One Business Bay and Bayswater. We look forward to working with ADCB on all our future projects as well."