In December, US Steel sealed a $14.9 billion deal to sell itself to Japan's Nippon Steel
Dubai’s luxury real estate leader Omniyat on Tuesday said it aims to increase its portfolio over the next five years, by more than double, to over Dh100 billion. It will also float new companies across different verticals.
Mahdi Amjad, founder and executive chairman of Omniyat, said the developer’s portfolio currently stands at Dh40 billion and it plans to launch two new high-end projects to the tune of Dh10 billion later this year.
The developer – which owns some high-profile projects in Dubai including The Opus, One at Palm Jumeirah, ORLA and The Lana – will also be foraying into affordable and mid-market segments. In addition, it will expand its luxury and uber-luxury portfolio over the next five years. Omniyat will expand in the commercial and hospitality sector as well in the coming years, through both organic and inorganic methods.
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“We will invest in different brands and companies that will focus on various segments of the real estate market," said Amjad.
"We will invest in a complete value-chain of real estate such as services, building materials, construction and hospitality etc. Also, companies that bring added advantages, existing companies that are growing significantly, and companies that are ground-up to achieve a particular mission, will be invested in,” he added.
He added that ultra-luxury will remain around half of the group’s portfolio when it achieves its objective of Dh100 billion.
Amjad said that the group’s balance sheet increased last year, by more than double. The assets are expected to grow by another 40 per cent in 2024 as it will announce two new projects of Dh10 billion in ultra-luxury, which is a very small segment of the market.
“Nineteen years ago, Omniyat was founded with a clear mission to achieve the unprecedented in Dubai’s real estate sector. The emirate is globally renowned for its remarkable story of progress and achievement, and we wanted to bring iconic projects to Dubai’s skyline that stood apart for their design, innovation, and artistry,” he said.
Omniyat's founder added that they are looking at tapping the capital market next year. “We are working on an opportunity for the first bond to be issued by the group next year. There are different capital sources that have been lined up to achieve this growth.”
However, he ruled out the company going public in the foreseeable future.
While commenting on expansion, he added that Omniyat will grow into the UAE and other GCC countries, especially Saudi Arabia.
“Our focus will remain on Dubai, UAE and GCC. Saudi is a flourishing market; it has a large population and a very good demand for future growth. We are already eyeing opportunities in the kingdom. But a substantial amount of growth in our portfolio will be UAE-focused.”
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