Thursday, February 05, 2009

Omniyat assures completion of Dubai projects

Omniyat Properties, the leading Dubai-based property developer, announced that it is focus this year would be on completing the projects launched, rather than considering an expansion outside the emirate.

The Chief Executive of the Company, Peter Walichnowski, said that although it is the long-term strategy of the company to go international, with the current happenings in the world, this is probably the wrong time to do it.

"At present we intend to focus on the nine projects that we have in Dubai, and in launching our asset management division," he said.

The parent company of the private developer, Omniyat Holdings, has launched the Omniyat Asset Management team this week, to diversify its income and distinguish itself from its competitors during the times of economic turmoil.

Omniyat has nine projects in Dubai, worth Dh.13.5bn, and is progressing as scheduled, towards completion of these projects, during the second quarter of this year. Additional six projects are in the design phase, "for some time to come", said Mehdi Amjad, the Executive Chairman of the firm.

According to the new plan by Omniyat, residents will be given the option to choose between the Omniyat Asset Management or another company for maintenance of the building. Walichnowski assured that Omniyat would be transparent about expenses and make decisions together with Home Owners' Associations.

Dubai has seen the advent of several strata and property management companies, including joint venture with National Bonds Corporation called BCS - Strata Management Services and Horizon Property Management.

Omniyat has a portfolio worth Dh.28bn. The company shed 69 jobs in its sales and marketing division during November last year.

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