Dubai-based Omniyat has signed an AED500m ($136m) agreement with Ajman Bank for the construction of a mixed-use project at Dubai Water Canal in Business Bay.
The project is being taken up as a partnership between Omniyat, Saudi Arabia’s Rashed Al Rashed Group and Kanoo Group’s Jenina Real Estate Development Company.
The total cost of the project is AED1.34bn ($365m) and is scheduled for completion by 2020.
The project comprises a luxury hotel, residences and retail development and will be officially unveiled and announced in Q1 of 2018.
The project is said to be one of the biggest hospitality announcements in Dubai and will facilitate Omniyat’s move into the lifestyle sector prior to the opening of ME Dubai at The Opus by Zaha Hadid later in 2018, which will be the first ME hotel in the region and part of the Melia hospitality group.
Real estate and property developer Omniyat has a development portfolio of more than AED23bn ($6.2bn).
Ajman Bank chief executive officer 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.
“We at Ajman Bank are pleased to be a part of Omniyat’s continuous contribution in the real estate sector of UAE.”
Omniyat chairman and CEO Mahdi Amjad said: “Omniyat has separated itself from the competition by focusing on unique projects that resonate with discerning investors and by collaborating with like-minded partners who share our vision.
“We couldn’t have asked for better partners than Al Rashed Group and Kanoo Group in this outstanding project – this new partnership will prove to be a defining moment for all parties involved.”
Omniyat managing director Mark Phoenix said: “Construction on site has already begun and we are preparing to announce the world-famous hospitality and lifestyle brand that will take up this space in the heart of the new Marasi development on Dubai Canal.”
Ajman Bank group head of wholesale banking Akram Khan said: “The facilities are structured in line with Sharia-compliant practices for a tenure of five years. Knowing Omniyat’s excellent track record, we are confident that the project will be successfully delivered on time.”