Almasa spins off real estate division

06 January 2006
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.

'We will provide futuristic properties, targeting a niche sector at the luxury end. We're trying to take the concept of a 'smart home' to the next level,' says Ominyat marketing director and senior vice-president Ehab Shouly. Properties will include technologically innovative systems, such as voice control response and automated surveillance. The company will focus on projects in Dubai but it is also considering developments in Abu Dhabi, Jordan and Lebanon.

Almasa's real estate division has assets in London and Shiraz, which will remain with the holding company. The group's core business is IT distribution but it plans to add to its real estate portfolio by establishing facilities management, concierge services and hospitality businesses by 2010.

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