GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Banking and Investments

 
  Share

Islamic financing facility focused on Omniyat's largest hospitality project to date

Dubai, 18 December, 2017:  Dubai-based developer Omniyat has signed a facility agreement with Ajman Bank for AED 500 million ($136m). The financing will be used for the construction of an iconic mixed-use project at Dubai Water Canal in Business Bay. 

The project is a cooperative partnership between Omniyat, Saudi Arabia's Rashed Al Rashed Group and Jenina Real Estate Development Company Ltd. - one of Saud Kanoo's companies.

The total project cost is AED 1.34 billion ($365m) and is scheduled for completion by 2020. The project will consist of a luxury hotel, residences and retail development. The official unveil and announcement is due in Q1 of next year. 

Mohamed Amiri, CEO of Ajman Bank commented, “Omniyat is known by its unique and high-end projects and extensive experience in the sectors of housing, hospitality, business and retail. We at Ajman Bank are pleased to be a part of Omniyat's continuous contribution in the real estate sector of UAE.” 

Mahdi Amjad, chairman and CEO of Omniyat, said: “Omniyat has separated itself from the competition by focusing on unique projects that resonate with discerning investors and by collaborating with like-minded partners who share our vision. We couldn't have asked for better partners than Al Rashed Group and Kanoo Group in this outstanding project - this new partnership will prove to be a defining moment for all parties involved.” 

Mark Phoenix, managing director of Omniyat, said: “Construction on site has already begun and we are preparing to announce the world-famous hospitality and lifestyle brand that will take up this space in the heart of the new Marasi development on Dubai Canal”.

Akram Khan, Group Head of Wholesale Banking, said: “The facilities are structured in line with Sharia compliant practices for a tenure of five years. Knowing Omniyat's excellent track record we are confident that the project will be successfully delivered on time.”

The project will be one of the biggest hospitality announcements Dubai has seen and will cement Omniyat's move into the lifestyle sector, preceding the opening of ME Dubai at The Opus by Zaha Hadid later in the year - the first ME hotel in the region, part of the Melia hospitality group.

Omniyat, the UAE's leading high-end real estate and property developer, has a development portfolio of more than AED 23 billion ($6.2billion).



Posted by : GoDubai Editorial Team
Viewed 8607 times
Posted on : Monday, December 18, 2017  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Mashreq Bank recognized for global mobile banking excellence
Next Story : Al Ghurair International Exchange unveils PAN Card service
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
COLAB - Dry Shampoo
Timeless Ties
ORANGE & BERGAMOT Awaken the Cult Icon New Additions
FOREO delivers the ultimate festival survival kit for a glow-on-the-go.
The Perfect Gift Mark
New XE 300 Sport Edition Wins Gripping Ice Race
Get Vibrant and lively hair with Rahua's new Color Full Range
Filorga Mesotherapist Derma Roller
Palladio Beauty - a Professional Line of Botanical & Vitamin-Infused Cosmetics
Samsung launches Exciting Smartphone Trade-In Program with Galaxy S9 or S9+
Enhance skin radiance, smoothness and brightness in just 14 days, with the new J...
Summertime Beauty Picks at Glambeaute.com
Spring/Summer 18 Collection
du to Offer New 9.7-inch iPad With Apple Pencil Support
Skyline University College Economics Day 2018: One Step towards Tomorrow
Dubai-based Al Kasir Group launches three Crypto assets backed by diamonds
OPPO unleashes the new Selfie Expert F7 with a 25 MP AI powered selfie camera
New Blow Out Bar and Make-Up Studio SWISH by Immaclife Opens in Abu Dhabi in Apr...
Penny Scallan Design Launches in the Middle East
Pandora Shine Discover A New Way to Shine
Dubai Sports Council Pavilion a big hit at Bangkok SportAccord
A Royal Ramadan Experience by Master Chef Mama in Pullman Dubai Creek City Centre
Stylish Nursing wear at Mums and Bumps
Rolling Cones, a new luxury ice cream concept, launches at the Hyatt Regency Dub...
Pinky Goat Launches BROWME
MINI at Auto China Beijing 2018
The new BMW M2 Competition
Mumzworld Announce Recruitment Drive To Empower Women in the Middle East
Gifts for Ramadan at Hour Choice
Abu Dhabi Ship Building Company Launches Two 64-Meter Landing Ships for the Kuwa...
Toshiba Releases New, Powerful Surveillance and Video Streaming Internal Consume...
Sheikh Sultan bin Ahmed Al Qasimi Leads Sharjah Contingent to Kuwait Arab Media Forum
Exclusive, Limited‐Edition, Swiss‐Made Cryptocurrency Watches
Roger Dubuis Excalibur Aventador S Verde Mantis
10 Kg gold for 100 winners at Malabar Gold & Diamonds
Mido Ramadan Watch Collection
Olivia Burton Marble Florals - Embrace these styles for a new artistic way to wo...
Etihad Aviation Group Launches Four Initiatives To Commemorate The Year Of Zayed
The Beautiful Britain 2018
Pandora Spring Embrace Nature's Beauty
Genesis G70 Luxury Sedan Arrives in Middle East
Understanding what women want Balmain reveals the Madrigal Mini II
Big Time with Graham Chronofighter Grand Vintage
Adamavi - Elegant, Timeles S, and Reliable
Airport Show Attracts Influential Aviation Leaders for Global Airport Leaders Fo...
Huawei Brings the Most Coveted Smartphone - HUAWEI P20 Pro to the UAE
SUC Organized 10-Day Free IELTS Workshop for School Teachers and Students
April Marks Autism Awareness Month at Nursery Chain
Samsung Launches New Washing Machine with Groundbreaking QuickDrive™ Technology ...
Tommy Fleetwood joins OMEGA's line-up of golfing greats