Funds will be used to build a signature property on Dubai Water Canal
Dubai-based Omniyat has signed a financing facility with Ajman Bank for Dh500 million, which will be used for the construction of a mixed-use project at Dubai Water Canal in Business Bay. The project is a partnership between Omniyat, Saudi Arabia’s Rashed Al Rashed Group and Jenina Real Estate Development Co. Ltd., a Saud Kanoo’s company.
The facilities are structured in line with Sharia-compliant practices for a five-year tenor.
The project cost is Dh1.34 billion and scheduled for completion by 2020. It will consist of a hotel, residences and retail development. The official announcement is due in 2018 first quarter. Construction on site has already begun.
“Omniyat has separated itself from the competition by focusing on unique projects that resonate with discerning investors and by collaborating with like-minded partners,” said Mahdi Amjad, Chairman and CEO of Omniyat.
The project will cement Omniyat’s move into the lifestyle sector and precedes the opening of ME Dubai at The Opus by Zaha Hadid later in the year. Omniyat currently has a development portfolio valued at more than Dh23 billion.
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