Omniyat, Dubai Luxury Developer Eyes AED 100-Billion Portfolio in 5 Years

July 02, 2024

Amid Dubai's property boom, leading developers are setting their sights on unprecedented growth. Dubai’s luxury real estate leader Omniyat, plans to double its portfolio to $2.7 billion (AED 100 billion) over the next five years. This ambitious expansion underscores the growing demand for high-end real estate in Dubai, driven by a surge in luxury property investments. Find out more about the luxury developer’s expansion plans.

Omniyat’s Ambitious Expansion Strategy

According to Mahdi Amjad, chairman of Omniyat, during a media briefing on June 25, 2024, the developer aims to increase its asset base from the current AED 40 billion, with its portfolio of ultra-luxury properties making up at least half of the AED 100 billion target. The developer’s approach involves launching several high-profile projects catering to wealthy buyers' sophisticated tastes. These projects are expected to set new standards in luxury living, featuring state-of-the-art amenities, innovative design, and prime locations.

In 2024, the company plans to launch two new ultra-luxury projects in Dubai, valued at a combined AED 10 billion.
“I truly believe that there is intrinsic growth potential that will come over the next five to 10 years in the estate value of the ultra-luxury [segment of the market],” Mahdi Amjad chairman of Omniyat said.

“I'm determined and confident … in ultra-luxury because of the track record of the last two years of Dubai.”

Founded in 2005, Omniyat is known for high-profile projects in Dubai, such as The Opus, One at Palm Jumeirah, The Lana Residences, and ORLA. The developer also plans to venture into the affordable and mid-market segments. Moreover, the company will grow in the commercial and hospitality sectors through both organic and inorganic methods.

Omniyat Exploring Capital Market Opportunities

Omniyat's founder mentioned they are considering tapping the capital market next year. "We are working on an opportunity for the group's first bond issuance next year, with various capital sources lined up to support this growth."

However, he ruled out the possibility of the company going public in the near future.

Regarding expansion, he stated that Omniyat plans to grow within the UAE and other GCC countries, particularly Saudi Arabia. "Our focus will remain on Dubai, the UAE, and the GCC. Saudi Arabia is a thriving market with a large population and strong demand for future growth. We are already exploring opportunities in the kingdom. Nevertheless, a significant portion of our portfolio growth will be centered on the UAE."

 Omniyat Aims AED 100 Billion Portfolio in 5 Years | Provident Estate

Dubai Property Boom: Luxury Developers Set Ambitious Growth Targets

Dubai's luxury and ultra-luxury segments have experienced a significant surge over the past two years. The property market is witnessing a remarkable upturn, driven by a substantial influx of foreign investment and an increasing number of high-net-worth individuals seeking to capitalize on the city’s attractive real estate offerings. Factors such as favorable government policies, economic stability, and world-class infrastructure continue to bolster investor confidence.

Dubai luxury real estate developers are leveraging Dubai's status as a global hub for luxury and innovation to attract international buyers. Their expansive growth plans underscore the ongoing transformation of Dubai’s skyline, with a strong focus on sustainability, smart technology, and exceptional architectural design.

Emaar has also disclosed plans to target the expanding luxury and ultra-luxury market segments. In February, Emaar announced two new luxury projects in the emirate: The Heights Country Club and Grand Club Resort, with a combined value of AED 96 billion.

Meanwhile, in January, Sharjah property developer Arada launched sales for its luxury project in Dubai, the Armani Beach Residences at Palm Jumeirah, with five-bedroom units priced from AED 60 million.

Looking ahead, the next five years promise significant growth for Dubai’s luxury real estate market. Developers are set to redefine the city’s property landscape with ambitious projects that cater to the growing demand for opulent, high-quality living spaces.

 Omniyat Aims AED 100 Billion Portfolio in 5 Years | Provident Estate


The owner and founder of Omniyat is Mahdi Amjad, who also serves as the Chairman and Chief Executive Officer.

While Omniyat is exploring opportunities to issue its first bond next year and tap into capital markets, the company has no plans to go public in the foreseeable future.

The most expensive house in Dubai is the 5-bedroom penthouse in Como Residence, which holds the record for the highest-priced property sold in the penthouse category. Other notable luxury developments in Dubai include a villa on Jumeirah Bay Island, a 5-bedroom mansion at Bulgari Resort and Residences, an 8-bedroom villa in MBR City, and a villa in Dubai Hills View. These properties are among the most luxurious and sought-after homes in the city, reflecting Dubai's status as a global hub for luxury real estate.

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