Thursday, October 11, 2007

Omniyat announces Dh.6bn worth real estate projects in Dubai

Omniyat Properties on Monday announced three real estate projects in Dubai, worth Dh.6 billion, as it tries to build its place as one of the leading developers in the emirate.

The Opus DubaiThe first among three projects is an office complex, worth Dh.1.5billion in Business Bay. The other two are mixed-use developments which would comprise residential units, shopping malls and hotels, with one on Dubai Waterfront worth Dh.2 billion, adjacent to the Palm Jebel Ali, and the other, worth Dh.2.5 billion, in The Lagoons, overlooking the Wildlife Sanctuary.

All the three projects are scheduled for completion by mid-2008. Omniyat expects that the launches will bring in a real estate investment of nearly Dh.10 billion by 2008.

None of the three projects will, however be displayed in the Cityscape real estate expo in Dubai, as Omniyat plans to showcase 'The Opus', a Business Bay development at the expo.

Few other projects that Omniyat is currently working on, includes Bayswater, One Business Bay, The Gemini, The Binary, The Pad and The Square.

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