Dubai-based developer, Omniyat, has signed a facility agreement with Ajman Bank for AED500mn for the construction of a mixed-use project at Dubai Water Canal in Business Bay.
The project is a cooperative partnership between Omniyat, Saudi Arabias Rashed Al Rashed Group, and Jenina Real Estate Development Company – one of Saud Kanoos companies.
The total project cost is AED1.34bn and is scheduled for completion by 2020. The project will consist of a luxury hotel, residences, and retail development. The official unveiling and the announcement is due in Q1 of next year.
Mohamed Amiri, CEO of Ajman Bank, commented: Omniyat is known for 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 Omniyats continuous contribution in the real estate sector of the 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 Omniyats 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 Omniyats 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.