Dubai’s luxury real estate leader, Omniyat, has announced its plans to expand its portfolio over the next five years, more than doubling it to over Dh100 billion. Currently, the developer’s portfolio stands at Dh40 billion, and it aims to launch two new high-end projects worth Dh10 billion later this year. Omniyat, known for projects like The Opus, One at Palm Jumeirah, ORLA, and The Lana, will also be entering the affordable and mid-market segments while expanding its luxury and uber-luxury portfolio. The company plans to enter the commercial and hospitality sectors through both organic and inorganic growth.
The founder and executive chairman of Omniyat, Mahdi Amjad, shared that the company will invest in different brands and companies focusing on various segments of the real estate market. They aim to invest in the complete value chain of real estate, including services, building materials, construction, and hospitality. Amjad emphasized that ultra-luxury will continue to be a significant part of the group’s portfolio as they work towards achieving the Dh100 billion objective. The group’s balance sheet increased significantly last year and is expected to grow by another 40% in 2024.
Omniyat is also exploring the possibility of tapping into the capital markets next year by issuing their first bond. While discussing expansion plans, Amjad mentioned that the company will focus on growth within the UAE and other GCC countries, particularly Saudi Arabia. Saudi Arabia is seen as a flourishing market with a large population and high demand for future growth opportunities. However, the majority of Omniyat’s portfolio growth will remain focused on the UAE.
With a clear mission to bring iconic projects to Dubai’s skyline that stand out for their design, innovation, and artistry, Omniyat has been a key player in the real estate sector for almost two decades. The developer’s ambitious growth plans and investment strategies reflect its commitment to achieving unprecedented success in the industry. By diversifying its portfolio and venturing into new market segments, Omniyat aims to solidify its position as a leading real estate developer in the region.
As Omniyat continues to expand its presence and invest in various sectors of the real estate market, the company remains focused on maintaining its reputation for delivering high-quality and innovative projects. With plans to launch new projects in the ultra-luxury segment and explore opportunities in neighboring countries, Omniyat is poised to enter a new phase of growth and success in the coming years. By leveraging its expertise, resources, and strategic partnerships, the developer is well-positioned to capitalize on the evolving real estate landscape in the region.
