Dubai luxury developer Omniyat aims to double its property portfolio to more than Dh200 billion ($54.4 billion) by 2030 and is looking to launch a new “large-scale project” in Abu Dhabi, amid continued economic momentum in the emirate.
The company currently has a portfolio of between Dh100 billion and Dh120 billion, including landbanks and projects under construction worth Dh58 billion, executive chairman Mahdi Amjad, who is also the company's founder, told The National.
“We have all the tools and all the abilities to be able to achieve the target and grow because what we’ve accomplished in two years was really as much as we wanted to do in five years,” he said.
The UAE property market has been growing strongly in the past few years on the back of government initiatives such as residency permits for retired people and remote workers, as well as the expansion of the 10-year golden visa programme.
Demand has been strong across all types of homes, including luxury, ultra-luxury and affordable properties, with developers recording robust sales and boosting their profits. An influx of high-net-worth individuals from around the globe is also supporting the growth of the property market.
Omniyat plans to develop property in the commercial, residential and hospitality segments with its two brands – Omniyat, which focuses on homes valued at more than $5 million, and Beyond, which focuses on homes worth between $1 million and $5 million.
“You will see new brands as well, potentially coming from us in the property sector,” Mr Amjad said, without providing further details.
The company, which recorded total group sales of Dh20 billion last year, is “witnessing short-term reduction in sales", as a result of the Iran war. But that has "no impact to our planning and on our portfolio", with construction in full swing at all of its projects, he added.
It has also refrained from lowering the prices of the units it sells to its customers despite the downturn caused by the conflict, he said.
Omniyat unveiled its Dh4 billion The Yards master plan in the City of Arabia in Dubai, covering 2.3 million square feet of gross floor area. The project comprises 1,560 residential units, from one to three-bedroom apartments. It also launched Arancia Yards, a residential project within the master plan, as it expands its portfolio.
“I am fully aware of the impact this aggression has had on our country. I am fully aware of the potential hesitation that can bring to international investors in their perception of our stability,” Mr Amjad said.
The UAE, however, will overcome the crisis and the property sector will bounce back strongly to return to pre-conflict levels, he said. “I am an individual who lived in this country for 35 years, have seen this country perform and stand up, reflecting its values, reflecting its principles and reflecting its resilience," he added.
“I have no doubt this issue and this current challenge will be resolved. And I have no doubt that the consistent approach of the leadership will bring back our momentum that we had witnessed all the way to Q1 2026.”
In the first quarter of this year, Dubai transactions hit Dh252 billion, a 31 per cent annual increase, the Dubai Media Office reported, quoting data from the Dubai Land Department. A total of 60,303 property transactions were signed, marking a 6 per cent year-on-year rise, the department said.
However, property prices have declined since the start of the war, with villa values falling 1.4 per cent month-on-month in May and a slower annual gain of 5 per cent recorded, ValuStrat data shows. Apartment values, meanwhile, recorded a monthly decline of 0.9 per cent and 1.4 per cent on an annual basis, registering their first decline in six years.
Abu Dhabi project
The company also plans to expand to Abu Dhabi and is "working with our strategic partner to identify unique projects and unique land bank", Mr Amjad said.
"There is a spirit of public-private partnership that the city is demonstrating to the world" and that will encourage more investors to invest in the emirate, he added.
Abu Dhabi’s property market performed strongly in the first quarter of the year, with transaction value and volume doubling year-on-year, despite the conflict. The capital’s property market recorded Dh66 billion in transactions, an annual increase of nearly 161 per cent, the Abu Dhabi Real Estate Centre data showed.
The number of deals reached 13,518 between January and March this year, compared with 6,896 transactions in the same period in 2025. The company has enough liquidity to fund new projects.
"We've issued three sukuks. The last one was issued just before this [war] broke out and that gives us a phenomenal liquidity position," Mr Amjad said. "The group today sits on over $2 billion of liquidity, over $1 billion of lines from institutions, and that gives us the foundation."
In February, Omniyat raised $600 million through sukuk issuance, after raising $500 million and $400 million in May and September of last year, respectively, by selling Sharia-compliant bonds.
Manus Cranny's full video interview with Mahdi Amjad will appear on Tuesday on TheNationalNews.com
