KHALEEJ TIMES, Wed, Jun 26, 2024 | Dhu al-Hijjah 20, 1445
Dubai luxury developer eyes Dh100-billion portfolio in 5 years
Emirates:
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.
“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.
Tapping capital markets
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.”