By: Amr Adel
Dubai – Mubasher: Omniyat’s portfolio of accomplished, under-construction and accomplished projects is valued up to AED 15 billion by 2020.
The Dubai-based developer targets to increase the value of its projects to be delivered in 2017 to AED 6 billion and AED 3.5 billion in 2018, the company’s CEO Mahdi Amjad said on the
The company has a 5-year plan to carry out a diverse portfolio of developments, which include One Palm, the Pad, ANWA, Langham Place and the Sterling.
The cost of Palm One, plus the value of the land, is AED 2 billion, Amjad added
The project is completed by 70% till now, with plans to be constructed in mid-2017 and delivered in mid-2018.
Omniyat is currently in talks with a number of local banks to get a loan for the project, he said, adding that ADIB and AAIB helped close a AED 325 million Islamic financing facility for the developer for its Opus project.
The company is currently considering the launch of another project with investments up to AED 2 billion this year in Dubai Creek, the CEO noted.
Translated by: Julian Nabil
