Dubai-based developer Omniyat Group will announce an AED5 billion ($1.36 billion) project pipeline over 2017-18, including an ultra-luxury hospitality scheme on the new Dubai Water Canal, according to the company’s founder.
The new projects will swell Omniyat’s already substantial Dubai portfolio, which comprises AED16 billion ($4.3 billion) of schemes either completed, in construction or about to enter construction.
Its portfolio includes the One Palm luxury residential scheme under construction on Palm Jumeirah, as well as several existing schemes in the Dubai Water Canal/Business Bay area, such as the flagship Opus mixed-use building designed by pioneering late architect Zaha Hadid.
The new package of projects is to be announced from the first half of 2017, Mehdi Amjad, executive chairman and founder of Omniyat, told Arabian Business in an interview last week.
It will include an “ultra-prime” hotel-led scheme on the Business Bay section of the newly constructed canal.
The scheme will also comprise serviced residential apartments and high-end food and beverage (F&B) outlets, and is the largest canal-facing project to date, with over 220 metres of waterfront on the widest part of the canal, Amjad said.
He declined to reveal further details such as the name of the hotel operator and how many rooms the scheme contains.
“We are preparing to announce an additional AED5 billion of projects that we will be launching in 2017-2018,” Amjad said. More info
By Sarah Townsend arabianbusiness.com