DUBAI, 31 March 2008 — Omniyat Holdings, Dubai-based real estate conglomerate, yesterday announced the establishment of its newest company, Omniyat Investment Management (OIM), at the Dubai International Financial Center (DIFC), with plans to manage deals worth over AED 2 billion in 2008.
The new company, which is licensed by the Dubai Financial Services Authority, aims to be the pre-eminent funds and asset management company operating in the DIFC. It is the first company of its type affiliated to a freehold property developer, in this case Omniyat Properties.
Speaking at a press conference to announce the launch of OIM, Mehdi Amjad, president and CEO of Omniyat Holdings, said that the new company is part of his companies’ drive to be active in the entire real estate value chain, including being an owner, investor, developer and asset manager.
“With OIM, we are taking another step toward realizing our vision of being active in the entire real estate value chain. OIM will be 100 per cent focused on real estate and will benefit from the synergies created by Omniyat Properties,” added Amjad, who is also chairman and licensed director of OIM.
The new company has been authorized by the DFSA to arrange investment deals, advise on financial products or credit, and manage assets. “We aim to offer a range of property fund products and we have a ready deal flow because of our property development arm, Omniyat Properties,” he explained.
DIFC Governor Dr. Omar ibn Sulaiman said: “In recent times, real estate has become a highly attractive and popular investment vehicle for regional and international investors alike looking to benefit from the impressive returns that the property market can generate.
OIM brings to the DIFC a wealth of knowledge and a deep understanding of the international real estate sector and will add another dimension to the already comprehensive collection of financial services available at the center.”
Amjad said OIM’s vision is to build a funds management business in Dubai incorporating the entire main and sub property fund offerings from a broad range of investment opportunities. OIM aims to manage a range of property fund products in the near future to rival leading onshore fund centers such as London, New York, Singapore and Hong Kong.
Ehsan Abbas, CEO of OIM, also emphasized the synergies generated by OIM, saying affiliation with the Omniyat Group brings about some major points of difference between OIM and other asset managers.
“For one, the affiliation with Omniyat Properties facilitates a never-ending deal-pipeline of assets. Investors placing money with Omniyat Investment Management will enjoy immediate capital deployment and instant return on equity with no lag - mitigating capital deployment risk. Omniyat Properties also ensures that developments are constructed under professional management, thereby mitigating delivery risk,” he said.