Omniyat partners with banks for Islamic financing
The deal was structured to meet Omniyat’s financing objectives, particularly for its Opus Project, a mixed use development designed by Zaha Hadid
Dubai-based property developer Omniyat has partnered with Abu Dhabi Islamic Bank (ADIB) and Arab African International Bank (AAIB) for an $88m (AED325m) Islamic financing facility.
The deal was structured to meet Omniyat’s financing objectives, particularly for its Opus Project, a mixed use development comprising offices, hotel and luxury serviced residences designed by the late architect, Dame Zaha Hadid.
Mahdi Amjad, CEO of Omniyat, said: “This facility is a key element in our growth plans. We are partnering with strategic banks such as ADIB and AAIB to enhance our offering to customers.
“Omniyat has a diverse development portfolio of residential and hospitality developments, which include The Opus, as well as The Pad, One Palm, ANWA, Langham Place and The Sterling.”
According to Tamer Khalifa, Regional General Manager of Arab African International Bank, The Opus transaction came in line with AAIB’s strategy to expand its regional footprint through partnering with key market players across all industries.
Omniyat has a development portfolio of over $6.2bn.