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Dubai-based Almasa Holdings has launched a new real estate company, Omniyat Property Development Corporation. The company will develop commercial, residential and hospitality properties, all with a retail component. It will have an initial capital of AED 150 million ($40.8 million), which it plans to increase to AED 300 million ($81.7 million) by the beginning of 2006. Ownership of Almasa is split 50:50 between its chief executive officer Mehdi Amjad and Kuwait’s Al-Mirah Group, which will supply equal capital to the new company.