UAE-based hospitality firm The H Holding has launched its property arm, Omega Real Estate. The newly formed company will specialise in real estate development, asset management and related services across the Middle East.
Hafeez Abdullah, chairman of The H Holding, said the new firm aims to build up a real estate portfolio amounting to $136m by the end of 2015.
We strongly believe real estate will remain the hottest investment in the UAE for the coming decade, and that is why we decided to invest in this new venture, said Abdullah in a statement to the media. Real estate is widely regarded as a sound investment, especially by people with easy liquidity.
The new company will be headed by general manager Nahid Dabirchian.
The year 2014 proved to be a good one for the Dubai real estate market. A slowdown in transactions, caused by capital requirements, has meant banks are better protected and, in turn, growth is more workable.
The UAE real estate market has been stabilising in recent months, with many analysts expecting 2015 to provide a period of sustainable growth.
Looking forward, confidence fuelled by the Expo 2020 win will mean growth will continue, albeit more slowly, as long as off-plan premium resales are limited, capital requirements stay tight and general confidence remains in the emirates economy.