By: Amr Adel
Dubai – Mubasher: Omniyat Properties is planning to increase the number of keys and hotel apartments under its management to 2,000 by 2022, according to its chairman Mahdi Amjad.
Omniyat has expansion plans in the hospitality industry in cooperation with five international hotel brands, including Langham, Amjad added in a comment to Mubasher on Monday.
Earlier today, Omniyat launched the Langham Palace Downtown Dubai, which comprises a hotel and 260 hotel apartments.
The new project costs AED 1 billion, most of which will be funded by banks, Amjad revealed, noting that Omniyat completed the project’s drawings and designs and commenced construction.
Project contractors will be unveiled in January or February 2018, the top official added.
Managed by the British Langham Hospitality Group, the hotel is projected to be inaugurated by the third quarter of 2020, Omniyat stated.
The company’s total investments in the UAE amounted to AED 20 billion, the chairman continued, adding that Omniyat was planning to launch a new real estate project by 2018.
Omniyat’s strategy is clear on the long term, as it will unveil new projects, in addition to opening the new The Opus and One Palm Project, Amjad announced.
The company’s chairman said that Omniyat’s projects in the coming three years were fully funded, which was emphasised after receiving AED 1.4 billion loan to support the company’s projects in 2018, 2019, and 2020.
When asked about the listing of Omniyat’s shares, Amjad stressed that there were no short or medium term plans to do so, but the company may consider this step in the long run.
Translated by: Muhammad Abdulwakeel
