Omniyat secures $136m from Ajman Bank for Canal projects

The project will consist of a luxury hotel, residences and retail development and Omniyat will announce the operator shortly

Officials from Omniyat, Ajman Bank, and other project stakeholders.
Officials from Omniyat, Ajman Bank, and other project stakeholders.

Dubai-based developer Omniyat has signed a facility agreement with Ajman Bank for $136m (AED500m).

The financing will be used for the construction of its mixed-use project at Dubai Water Canal in Business Bay.

The project is a cooperative partnership between Omniyat, Saudi Arabia’s Rashed Al Rashed Group and Jenina Real Estate Development Company Ltd.

The total project cost is $365m (AED1.34bn), with a scheduled completion by 2020.

The project will consist of a luxury hotel, residences, and retail development with the official unveil and announcement due in Q1 2018.

Ajman Bank CEO Mohamed Amiri said: “Omniyat is known by its unique and high-end projects and extensive experience in the sectors of housing, hospitality, business and retail.”

Omniyat chairman and CEO Mahdi Amjad said: “We couldn't have asked for better partners than Al Rashed Group and Kanoo Group in this project - this new partnership will prove to be a defining moment for all parties involved.”

Omniyat MD Mark Phoenix, managing director of Omniyat said that construction has begun and that the company will soon announce the hospitality and lifestyle brand that will operate the space.

Omniyat has a development portfolio of more than $6.2bn (AED23bn).


Most popular


CW Awards 2020: All the shortlists for the 17 categories
Introducing the individuals and firms in the running for the industry-leading accolades this year and ...


Leaders UAE 2020: Building a sustainable, 'resilient' infra
AESG’s Phillipa Grant, Burohappold’s Farah Naz, and Samana's Imran Farooq on a sustainable built environment
CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this ...

Latest Issue

Construction Week - Issue 775
May 03, 2021