Omniyat Properties, the region's most innovative property development company, yesterday declared that it will quadruple the value of its property portfolio in Dubai to AED 21 billion ($6 billion) in 2008, following an excellent year that saw its sales double and its profits tripled in 2007 compared to the previous year.
Speaking at a press conference held at Emirates Towers to public the company's annual results for 2007 and its plans for 2008, Mehdi Amjad, President and CEO of Omniyat Holdings, stated that the group's flagship company Omniyat Properties achieved sales over AED 3 billion ($817 million) last year compared to AED 1.5 billion ($408 million) in its debut year in 2006. He also revealed that the Omniyat Holdings group's profits tripled in 2007 compared to the previous year but did not uncover the company's profits value. "We are a privately held company and we are not obliged to reveal our figures, but I can tell you that our shareholders are very happy with the tripling of the profits," Amjad said.
He noticed that even though Omniyat launched substantially less projects in 2007 than its debut year, it managed to achieve far better financial results. "This was due to the nature of the two projects we launched last year, which were more sophisticated and more valuable than our previous five projects that were launched in 2006," he specified.
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