Al Masa Holdings, the Dubai-headquartered conglomerate specialising in information technology and real estate, has unveiled a company ‘Omniyat Holdings’ to become the parent organisation for its successful property development arm, Omniyat Properties.
Omniyat Holdings has been created with an authorised capital of US$250 million (918,448 million Dhs), and an initial paid-up capital of US$100 million (367,367 million Dhs). The company will manage Omniyat Properties and future companies, investments and business ventures, and will identify viable opportunities in the region, with emphasis on business development.
“An impressive track record of success for Omniyat Properties, together with favourable market conditions in the property development sector, has prompted the board of directors to expand not only laterally but also vertically. Omniyat Holdings will be the first in a series of companies to be launched in the near future. The first company to be unveiled under the Omniyat Holdings umbrella will be publicly listed, and entered into the international stock market,” said Mehdi Amjad, President and CEO, Omniyat Holdings & Al Masa Holdings.
“The value of developments in Dubai is to reach US$100 billion (367,379 billion Dhs) over the next few years, and we aim to establish Omniyat Properties as a leader in the property sector. Omniyat Holdings will become the umbrella under which Omniyat Properties will continue to grow, whilst also seeking out new business ventures.
“During its first year of operations, Omniyat Properties has successfully managed to launch and sell four commercial and one residential project, with a current development investment of US$ (2.7 billion Dhs). We anticipate that the company will build upon its current momentum, and its value will increase to US$ 2,723,260 billion (10 billion Dhs) by the end of 2007,” Mr Amjad added.
The formation of the new company will contribute to the group’s economic success by generating stand alone income through the future portfolio of investments and companies. Al Masa Holdings will concentrate on the information technology sector, which will allow Omniyat Holdings to focus more closely on the development and real estate sectors. A series of other projects and companies are already in the pipeline, with the launch of the first company coming within the next month.
“We have already assessed various opportunities and ventures for Omniyat Holdings to undertake, which will contribute to our new philosophy of ‘enhancing future living’,” commented Ehab Shouly, Chief Marketing Officer, Omniyat Holdings.
“Omniyat Holdings will provide the necessary support services, management and flexibility to continue driving the success of Omniyat Properties by complimenting its business structure with future projects and services, and also functioning independently so that other avenues in sectors such as investment, hospitality, trade and entertainment can be assessed and incorporated.”
Omniyat Properties has already launched four commercial towers, One Business Bay, Bayswater, The Binary and Gemini – three of which are already under construction – all within the boundaries of the developing Dubai Business Bay. The first residential project, The Square, has already experienced significant sales success with phase-one being sold out within the first three days of launch.Back to Press Room Press Inquiries