OMNIYAT Properties, The new property development arm of Dubai-based Almasa Holdings has sold a 50 per cent equity stake of its first freehold property to the Islamic Investment Bank.
It is the first property development that Bahrain based bank has become involved in so far and the first project outside of Bahrain. Omniyat was only launched earlier this week with a capital of dhs300 million.
It is committed to developing high tech commercial and residential buildings and properties in Dubai. Omniyat offices and homes will include futuristic features such as voice-activated offices and homes, as well as robots which will vacuum, clean and mop.
The 30-storey building is located at the address of One Business Bay and will be the nearest building to the Business Bay metro station.
"When we heard about the project, we were impressed with the company's vision and its unique product offering," said Saeed Abdul Jalil Al Fahim, the chairman of IIB.
IIB and Omniyat Properties are funding the project equally. The project will cost in the region of dhs103 million in total. construction is due to start in quarter one of 2006 and be completed by 2008.
© 7Days 2005
