Omniyat plans to issue Sukuk for new projects in Dubai.


Dubai: Omniyat Properties, developer of an iPod-shaped tower in Dubai, plans to launch three major projects in the emirate next year and venture outside its domestic market for the first time.

The Dubai-based real estate developer will build a variety of hotels, residential properties and offices on plots in the Business Bay, Dubai Waterfront and Dubai Lagoons master developments.

Worth a combined Dh6 billion, the three projects will cover four million square feet of land and more than double the company's existing portfolio value to approximately Dh11 billion.

Speaking at a press conference yesterday, Omniyat president and CEO Mehdi Amjad said the company will also announce large scale projects in Abu Dhabi and Saudi Arabia next year, its first overseas ventures.

"We are focusing on developing the next generation of Omniyat projects," he said.

Omniyat's current portfolio includes two residential and five commercial projects in Dubai valued at more than Dh5 billion. It launched five projects worth Dh2.8 billion in 2006 and two projects this year worth Dh2.2 billion, all of which are under various stages of construction.

Omniyat will finance its expansion plans by selling $150-200 million of Islamic bonds. Amjad said the company will consider issuing a sukuk later this year or in early 2008. He added that the company currently has no plans to go public.

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