Dubai-based developer Omniyat has signed a facility agreement with Ajman Bank for Dh500 million ($136 million) for the construction of an iconic 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, a Saud Kanoo company.

The total project cost is Dh1.34 billion ($365 million) and is scheduled for completion by 2020. The project, to be unveiled in the first quarter of next year, will consist of a luxury hotel, residences and retail development. 

Mohamed Amiri, CEO of Ajman Bank 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.”

Mahdi Amjad, chairman and CEO of Omniyat, 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.”

Mark Phoenix, managing director of Omniyat, 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”.

Akram Khan, group head of Wholesale Banking, 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.”

The project will be one of the biggest hospitality announcements Dubai has seen and will cement Omniyat’s move into the lifestyle sector, preceding the opening of ME Dubai at The Opus by Zaha Hadid later in the year - the first ME hotel in the region, part of the Melia hospitality group.

Omniyat, a leading high-end real estate and property developer in the UAE, has a development portfolio of more than Dh23 billion ($6.2 billion). – TradeArabia News Service