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Dubai / Emirates Business
Dubai-based developer Omniyat has signed a facility agreement with Ajman Bank for AED 500 million. The financing will be used for the construction of an iconic mixed-use project at Dubai Water Canal in Business Bay. The project is a partnership between Omniyat, Saudi’s Rashed Al Rashed Group and Jenina
Real Estate Development Company Ltd. — one of Saud Kanoo’s companies.
The total project cost is AED 1.34 billion ($365mn) and is scheduled for completion by 2020. The project will consist of a luxury hotel, residences and retail development. The official unveil and announcement is due in Q1 of next year.
Mohamed Amiri, CEO of Ajman Bank commented, “Omniyat is known by its unique and high-end projects and extensive experience in the sectors of housing, hospitality, business and retail.â€