DUBAI, 2 November 2006 — Almasa Holdings has unveiled a new company, Omniyat Holdings to become the parent organization for its successful property development arm, Omniyat Properties.
Omniyat Holdings has been created with an authorized capital of $250 million (AED 918 million), and an initial paid-up capital of $100 million (AED367 million). The company will manage Omniyat Properties and future companies, investments and business ventures and will identify viable opportunities in the region with an emphasis on the property sector.
“A series of new property related projects and companies are already in the pipeline, with the launch of the first company coming within the next month,” said Mehdi Amjad, president and CEO, Omniyat Holdings & Almasa Holdings, at a press conference held at Burj Al Arab yesterday,
“An impressive track record of success for Omniyat Properties, together with favorable market conditions in the property development sector, has prompted the board of directors to establish Omniyat Holdings as the vehicle for Omniyat’s horizontal expansion in the property sector. The first company to be unveiled under the Omniyat Holdings umbrella will be a public company that will be listed in one of the main international stock markets,” said Amjad.
The value of developments in Dubai is projected to reach $100 billion (AED 367 billion) over the next few years, and the aim of Omniyat Holdings is not only to continue to expand Omniyat Properties and become one of the leaders in the property development sector, but also to seek out and invest in new business ventures that will benefit directly or indirectly from this major element of the economy.
“During its first year of operations, Omniyat Properties has successfully managed to launch and sell four commercial and one residential project, with a value of $733 million (AED 2.7 billion). We anticipate that the company will build upon its current momentum and the value of projects under development will increase to $2.71 billion (AED 10 billion) by 2007,” Amjad said. “We’re also planning to enter other emirates, like Abu Dhabi,” he said while replying to a question.
The formation of this new company will contribute to the group’s economic success by complimenting and enhancing its existing property development business and generating new income streams through a future portfolio of investments and companies.
“We’ve already assessed various opportunities and ventures for Omniyat Holdings to undertake, which will contribute to our new philosophy of ‘enhancing future living,” Ehab Shouly, chief marketing officer, Omniyat Holdings, said.