Dubai Luxury Developer Targets Dh100-Billion Portfolio in 5 Years

Expansion into Affordable and Mid-Market Segments Planned

On Tuesday, Dubai’s leading luxury real estate developer, Omniyat, announced its goal to more than double its portfolio to over Dh100 billion within the next five years. The developer also plans to establish new companies across various sectors.

According to Mahdi Amjad, founder and executive chairman of Omniyat, the current portfolio stands at Dh40 billion. The company intends to launch two new high-end projects worth Dh10 billion later this year.

Omniyat, known for its prestigious projects in Dubai such as The Opus, One at Palm Jumeirah, ORLA, and The Lana, will also expand into the affordable and mid-market segments. Additionally, it aims to grow its luxury and ultra-luxury portfolio over the next five years. The company will also venture into the commercial and hospitality sectors, employing both organic and inorganic growth strategies.

“We will invest in various brands and companies focusing on different real estate market segments,” Amjad stated.

“We will cover the entire value chain of real estate, including services, building materials, construction, and hospitality. We will also invest in companies that offer unique advantages, those experiencing significant growth, and new companies established to achieve specific goals,” he added.

Amjad mentioned that ultra-luxury will continue to constitute about half of the group’s portfolio upon reaching the Dh100 billion target.

Last year, the group’s balance sheet more than doubled, with assets expected to grow by another 40% in 2024. This growth will be fueled by the announcement of two new ultra-luxury projects valued at Dh10 billion, a niche segment of the market.